Victoria Resource Corporation
TSX VENTURE : VIT.V

Victoria Resource Corporation

December 03, 2007 11:15 ET

Victoria Resource Corporation Repays Note Payable

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2007) - Victoria Resource Corporation (TSX VENTURE:VIT.V) ("Victoria" or the "Company") is pleased to announce that it has entirely repaid in cash the note payable of US$1,291,953 due to EastWest Gold Corporation ("East West Gold").

This demand loan resulted from earlier cash advances and carried an interest rate of US prime plus 2%. As a result of the repayment of this note, Victoria is now debt free.

The recently re-organized Board of Directors of the Company views this is an important step for Victoria because of its belief that junior exploration companies should have no material outstanding debt obligations. "We repaid this obligation to lower Victoria's financial risk", said Chad Williams, CEO, President & Director. Mr. Williams further stated, "We believe that gold companies command higher relative valuations if they have lower risk profiles."

EastWest Gold, a subsidiary of Kinross Gold Corporation, continues to be the Company's largest shareholder, holding an approximately 27% interest in the Company.

Drilling in Progress

Victoria has one core drill rig in operation at the NW-Cove Target at its Cove-McCoy project and another core drill rig targeting the Intersection Zone at the Black Canyon project. Both projects are located in north-central Nevada. Further information on all of Victoria's projects can be found at www.victoriaresourcecorp.com.

Drilling of Hole NW-5 at Cove-McCoy has been completed. Hole NW-6 will be started shortly. The Company plans to complete up to 7 holes at Cove-McCoy in this phase of drilling.

Victoria plans to drill three reconnaissance holes at Black Canyon in Phase 1 prior to the on-set of winter conditions that have the potential to hamper drilling at this higher elevation project.

New Address

Victoria has a new principal office address in Toronto located at 80 Richmond Street West, Suite 303, Toronto, Ontario, M5H 2A4.

About Victoria

Victoria is a high-growth, lower-risk company focused on gold. The Company endeavours to add value per share through efficient exploration and the completion of accretive acquisitions. In addition, Victoria's management remains vigilant in its efforts to lower the Company's risk profile through (i) project diversification, (ii) the prudent management of its financial resources, and (ii) its election to operate in lower-risk jurisdictions. Victoria currently has stakes in eight promising gold exploration projects covering an area of more than 100,000 acres in Nevada. The Company's strengths lie in its exceptional property portfolio and its experienced and dedicated exploration team. Near-term catalysts related to exploration results, the constant evaluation of accretive corporate transactions, and other factors, such as a higher gold price environment, should assist the Company in adding value per share.

ON BEHALF OF VICTORIA RESOURCE CORPORATION

Chad Williams, CEO, President & Director

This discussion includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

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