Victoria Gold: Cash and Gold in the Yukon

Junior gold explorers have had a rough couple of years. Gold prices were down and the market seemed skeptical that gold would ever rise again. Which meant many junior explorers, despite very prospective properties and 43-101 resources, found themselves running out of money. Hunkering down and hoping for a gold turnaround was practically all they might do.

Which is the reason why Victoria Gold (V.VIT) a standout company in the junior exploration sector. Working in the mining friendly Yukon, Victoria’s Eagle Gold Project is an extremely prospective property and it is a “shovel ready” 43-101 compliant gold resource running to 4.8 M indicated oz Au (including Reserves). It’s additional, very attractive, drill targets on its property. But, most significantly, it has 13 million dollars in the treasury.

“The nice thing about using a full treasury is the fact that we don’t have a gun to the head.” said CEO John McConnell.

While McConnell notes that the junior resource market has been firming up recently, Victoria Gold is in no rush to boost money. “There are signs the equity marketplace is improving” said McConnell. “There is a billion dollars raised within the last few weeks. Although this is encouraging, we aim to protect shareholder value from dilution. Victoria has a bankable feasibility study which has been signed off by a syndicate of banks. “It really is bankable. Banks submitted their very own engineers” explained McConnell. The feasibility study suggested the CAPEX for that flagship Eagle Gold project is approximately 400 million dollars. This could include the pre-strip costs and a conventional open pit operation having a three-stage crushing plant, in-valley heap leach and gold recovery plant to create dor