Victoria Resource Corporation
TSX VENTURE : VIT

Victoria Resource Corporation

July 14, 2008 08:30 ET

Victoria Resource Corporation: Drill Hole NW-10 at Cove-McCoy Intersects 6.1 m (20 ft) Grading 6.33 g/t (0.185 oz/ton) Gold Within 162 m (535 ft) Mineralized Interval

TORONTO, ONTARIO--(Marketwire - July 14, 2008) - Victoria Resource Corporation (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to provide assay results from core drill hole NW-10 from the Helen Zone of the Cove-McCoy Project located in North-Central Nevada. The results are set out in the tables below:

Selected Intervals From Core Hole NW-10 Assay Results, Helen Zone, Cove McCoy Project, Nevada



Table A. Metric Units Table B. Imperial Units

-------------------------------- ------------------------------------------
From To Interval Grade From To Interval Grade
-------------------------------- ------------------------------------------
(m) (m) (m) (g/t) (ft) (ft) (ft) (oz/ton)
-------------------------------- ------------------------------------------
388.9 425.5 36.6 1.18 1,276.0 1,396.0 120.0 0.034
-------------------------------- ------------------------------------------
Includes Includes

-------------------------------- ------------------------------------------
413.3 425 11.7 4.55 1,356.0 1,396.0 40.0 0.133
-------------------------------- ------------------------------------------
And And
Includes Includes
-------------------------------- ------------------------------------------
414.8 420.9 6.1 6.33 1,361.0 1,381.0 20.0 0.185
-------------------------------- ------------------------------------------
443.3 477.3 34.0 1.17 1,454.4 1,566.0 111.6 0.034
-------------------------------- ------------------------------------------
Includes Includes

-------------------------------- ------------------------------------------
443.3 452.0 8.7 2.63 1,454.4 1,483.0 28.6 0.077
-------------------------------- ------------------------------------------
492.2 526.1 33.9 1.35 1,615.0 1,726.0 111.0 0.039
-------------------------------- ------------------------------------------
Includes Includes

-------------------------------- ------------------------------------------
509.3 526.1 16.8 1.77 1,671.0 1,726.0 55.0 0.052
-------------------------------- ------------------------------------------


Diagrams showing the location of this drill hole in plan and 3D are located at: WWW.VICTORIARESOURCECORP.COM. The company's future press releases will show only metric measurements for simplicity. Imperial measurements will be shown on the Company's website for reference.

Core drill hole NW-10 reached a total depth of 809.7 m (2,656.5 ft). Drilling was done using HQ and NQ-sized core and the assays were mostly taken at 1.5 m (5 ft) intervals. The above intercepts occur in the postulated eastern limb of the Helen Zone and thus widen its known limits by approximately 60 m (200 ft) to the southeast. NW-10 further supports this new discovery with encouraging grades and widths in an area closer to the existing Cove open pit.

NW-10 targeted zones defined by previously drilled holes NW-5 and NW-6A (intercepts reproduced in Tables C and D below), which occur about 60 m (200 ft) to 90 m (300 ft) to the west, respectively. Although, NW-10 intercepted less of the targeted host rock formation, known as the Home Station Member (which is part of the Augusta Mountain Group), than anticipated, it still provided indications of gold mineralization for 162m (525 feet). This may indicate local minor faulting as has been seen elsewhere on the Cove property.

"NW-10 contained gold values from trace to over 13.78 g/t (0.40 oz/ton) gold over a large interval of 162 m (535 ft), with an average grade of 1.12 g/t (0.033 oz/ton), which once again shows that the Helen Zone contains an unusually wide zone of gold mineralization. The holes we have reported so far, including NW-10, represent results that have exceeded expectations of the Company at this early stage in the exploration process. The remaining holes in this planned 15-hole campaign will continue to improve our understanding of the potential size and grade of this deposit," said Chad Williams, President and CEO of Victoria Resource Corporation.

Summary of the significant past results from the Company's Helen Zone drilling.



Table C. Metric Units Table D. Imperial Units

-------------------------------- ---------------------
DRILL HOLE INTERVAL GOLD GRADE INTERVAL GOLD GRADE
(M) (g/t) (ft) (oz/t)
-------------------------------- ---------------------
NW-1 38.4 10.95 126.0 0.320
---------------------- ---------------------
Includes 10.4 21.98 34.0 0.640
---------------------- ---------------------
And 20.7 9.15 68.0 0.270
-------------------------------------------------------
NW-2A Outside the Helen Zone
-------------------------------------------------------
NW-3 12.2 4.96 40.0 0.140
---------------------- ---------------------
Includes 3.0 8.98 10.0 0.260
-------------------------------- ---------------------
NW-4 20.5 6.16 67.5 0.180
---------------------- ---------------------
Includes 14.0 8.16 46.0 0.240
-------------------------------- ---------------------
NW-5 61.9 12.57 203.0 0.367
---------------------- ---------------------
Includes 13.9 37.21 45.5 1.087
-------------------------------- ---------------------
NW-6A 39.6 11.8 130.0 0.343
---------------------- ---------------------
Includes 4.6 24.10 15.0 0.705
---------------------- ---------------------
And 19.8 15.70 65.0 0.457
-------------------------------- ---------------------
NW-7 31.1 8.46 102.0 0.247
---------------------- ---------------------
Includes 15.2 16.28 50.0 0.475
-------------------------------- ---------------------
NW-8 53.3 3.84 175.0 0.112
---------------------- ---------------------
Includes 9.1 13.89 30.0 0.403
-------------------------------- ---------------------


Drilling recently re-started on hole NW-9 and its depth is now approximately 418 m (1,372 ft). A wedge was inserted to reset the drill hole angle to ensure that NW-9 did not track too closely to NW-5's path. Drilling of hole NW-9 is currently in unaltered dolomitic sandstone and it is anticipated that alteration should increase at approximately 457m (1,500 ft).

Drill hole NW-11 is currently at a depth of 580 m (1,904 ft) in strongly to moderately decalcified Favret Formation rocks.

"Despite the challenges facing the equities market at present, particularly in the junior gold exploration sector, Victoria's management is very energised and focused on generating value from our quality gold exploration projects. With 3 high-calibre drill rigs now available and a cash balance of approximately $8 million, we intend to step up the pace of drilling on our properties," said Chad Williams, President and CEO of Victoria Resource Corporation.

Cove-McCoy Background

The Helen Zone is one of eight postulated significant structural intersection zones located within the "NW-Cove" target. In turn, the NW-Cove target is just the first of fourteen larger target areas on the Cove-McCoy property to be drilled by Victoria.

Victoria is earning up to a 100% interest in the Cove-McCoy project through annual work commitments, such interest being subject to (i) a back-in right in favour of Newmont Mining Corporation for a 51% interest, or (ii) alternatively US$1.5 million cash payment to Newmont and a maximum royalty of up to 5% (3.5 % to 5% including previous royalties) upon the delivery of a positive feasibility study completed by Victoria.

Progress at Hilltop

The Company recently secured a third drill rig which is at the Hilltop property targeting a deep intersection zone within lower plate carbonate rocks in the southern part of the property.

Hilltop Background

Victoria has a mining lease and sub-lease agreement with Newmont for the Hilltop-Slaven property in terms of which the Company is earning up to a 100% interest in the property by completing annual work commitments. The Company has until August 15, 2008 to complete the work commitments required for the current year. Newmont has a back-in right that it may exercise within 90 days after the delivery of a positive feasibility study. Should Newmont exercise this right the property will revert to a 51% Newmont/49% Victoria joint venture. To earn such a joint venture Newmont is required to fund the joint venture expenditures to an amount equal to 250% spent on the property from the inception of the agreement. Should Newmont not exercise the joint venture option, the Company will deliver to Newmont a 3.5% net smelter return royalty.

Annual and Special Meeting (AGM)

The Annual and Special Meeting of the Shareholders of the Company will be held on Thursday July 17, 2008 at the Pantages Hotel 200 Victoria Street, Toronto, Ontario, M5B 1V8 at 8:30 am. The Board of Directors and Management look forward to meeting those shareholders who are able to attend.

About Victoria

Victoria Resource Corporation aims to be a high growth, lower risk company focused on gold. The Company's strategy is to add value per share through efficient exploration, accretive acquisitions and effective marketing. Maintaining a low risk profile through project diversification, sound financial management, and operating in secure jurisdictions are key priorities for Victoria's management team.

Quality Assurance/Quality Control

Victoria's core is transported from the drill site to the core logging/splitting area by a Company geologist. The core is logged, photographed and sawed in half. One-half of the core is shipped to Inspectorate Laboratory in Reno, Nevada. Each sample is analyzed for gold by fire assay with atomic absorption analysis finish. Every sample with greater than 3.0 grams per ton gold is re-assayed by fire assay with gravimetric analysis finish. The Company uses certified control standards, duplicates and coarse field blanks are randomly inserted into the sample stream to monitor the laboratory performance. Dr. Raul Madrid, Vice President, Exploration of the Company, directs the drilling and logging procedures at the Cove-McCoy Project and is responsible for the geologic interpretation.

The contents of this press release were reviewed by Nancy J. Wolverson, Independent Consulting Geologist and C.P. Geo. In addition to a recent site visit, she reviewed the analytical results and the QA/QC procedures in place at the facilities of the Company and the analytical laboratory. Ms. Wolverson is a Certified Professional Geologist (C.P. Geo.) through the American Institute of Professional Geologists (AIPG) and is a Qualified Person as defined in National Instrument 43-101.

ON BEHALF OF VICTORIA RESOURCE CORPORATION

Chad Williams, P. Eng, CEO, President & Director

Cautionary Language and Forward Looking Statements - This press release contains "forward-looking statements" and "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performances of Victoria Resource Corporation, its subsidiaries and their respective projects, the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, capital, operating and exploration expenditures, costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Often, but not always, forward looking information can be identified by the use of words such as "plans", "expects", "is expected", "is expecting", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans for the Company. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Victoria and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Although Victoria has attempted to identify statements containing important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

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