Eagle Gold Mine Q3 2022 Production and Guidance Update, The Canadian Business Journal

WHITEHORSE, YUKON, OCTOBER 4, 2022 (GLOBE NEWSWIRE) — Victoria Gold Corporation (TSX-VGCX) (“Victoria” or the “Company”) will Produced 50,028 ounces of gold. Third Quarter of 2022 (“Quarter 3”). YTD 2022 Eagle Gold Production is 106,441 ounces of gold.

Eagle Gold Mine Q3 2022 Production Results

driving data		3rd quarter 2022	3rd quarter 2021	9 Months 2022	9 Months 2021
ore mining	millions of tons	2.1	3.1	5.6	7.0
waste mining	millions of tons	3.0	3.8	7.5	11.8
total mining	millions of tons	5.1	6.9	13.1	18.8
strip rate	From waste to ore	1.5	1.2	1.3	1.7
mining rate	1,000 tons/day	56	76	48	69
ore piled up in pads	millions of tons	2.1	3.3	5.3	6.6
ore stack grade	grams/ton Au	0.89	0.90	0.84	0.86
gold produced	ounce	50,028	55,827	106,441	114,726

Statistics for Q3 2022 may be subject to minor adjustment variances.

The decrease in third quarter production compared to last year was due to the elimination of mine tonnes of ore being transported directly from the open pit to the Heap Reach Facility (“HLF”). In the third quarter of 2021, a total of 1.1 million tonnes of mined ore were delivered directly from the open pit to his HLF. The Company has decided not to conduct mining during 2022. This is due to higher unit costs and lower gold recovery rates. Waste tonnage mined in Q3 2022 was lower than in the same period in 2021 due to mine sequencing, longer waste haulage and regular part replacements for key mine production equipment .

Suspension due to land conveyor failure

On September 29, a splice failure occurred in the main belt, which has been in operation since the start of operations in 2019, on a 1.5km land conveyor that connects and transports ore from the crushing plant to the HLF. Rather than repairing the belt, it was decided that replacing the belt was the best option. A new belt is on site and additional resources have been mobilized on site to support belt workers. Depending on the length of the belt and the number of sections to be spliced, the crushing, conveying and stacking operation can be expected to take 2-3 weeks. During this temporary outage, proper maintenance of the fracturing circuit will be performed. Mining and ADR plant operations are unaffected and will continue to function as normal.

Revised 2022 Guidance

The company had previously expected full-year 2022 production to approach the lower end of its guidance range of 165,000 oz. Barring a belt conveyor failure, the mine was on track to meet guidance. Due to the estimated length of time required to replace onshore conveyor belts, the Company does not expect to meet production or cost guidance. As a result, the 2022 production and cost guidance has been withdrawn. Updated guidance will be addressed once Eagle operations are fully resumed.

qualified person
The technical content of this news release has been reviewed and approved by Paul D. Gray of P.Geo as a “Qualified Person” as defined by National Instrument 43-101. Disclosure standards for mineral projects.

About Dublin Gulch Properties
The Dublin Gulch Gold Property (the “Property”), wholly owned by Victoria Gold, is located in central Yukon Territory, Canada, approximately 375 kilometers north of the capital Whitehorse and approximately 85 kilometers from the town of Mayo. The property is accessible by road year-round and is located within Yukon Energy’s electrical grid.

The property covers an area of ​​approximately 555 square kilometers and is the site of the company’s Eagle and Olive gold deposits. The Company published the National Instrument 43-101 Technical Report for the Eagle Gold Mine on December 3, 2019 (“2019 Eagle Technical Report”). We have been producing gold from the Eagle Mine since the date of the 2019 Eagle Technical Report. Based on the 2019 Eagle Technical Report, after adjusting for depletion through December 31, 2021, the Eagle and Olive deposits have proven reserves of 2.7 million ounces of gold from 133 million tonnes of ore and Includes probable reserves. Based on the 2019 Eagle Technical Report, after adjusting for depletion by December 31, 2021, the Mineral Resources of the Eagle and Olive deposits are 207 million tonnes containing an average of 0.63 grams of gold per tonne. is estimated to account for A further 28 million tonnes containing an average of 0.61 grams of gold per tonne, including 600,000 ounces of gold in the ‘Measured and Indicated’ category, which includes proven and probable reserves, and 600,000 ounces of gold in the ‘Probable’ category.

Cautionary Statements and Forward-Looking Statements
This press release contains certain statements that may be considered “forward-looking statements.” Except for statements of historical fact about Victoria, the information contained herein constitutes forward-looking information, including information relating to Victoria’s strategies, plans or future financial or operating results. Forward-looking information is characterized by words such as “plan,” “expect,” “budget,” “goal,” “project,” “intent,” “believe,” “expect,” and “estimate.” increase. or statements that certain events or conditions “could”, “will occur”, “could” or “should” and any guidance and projections contained herein; (including but not limited to company production and operational guidance). In order to provide information about these forward-looking statements, we have made certain assumptions about our business, operations, the economy and the mineral exploration industry generally, particularly in light of the impact of the novel coronavirus and COVID-19 disease. (“COVID-19”) for each of the above. In this regard, the Corporation ensures that production levels remain consistent with management expectations, that the contracting parties deliver goods and services in the agreed timeframes, that equipment performs as expected, and that the required regulatory It is assumed that approval will be obtained, that no unusual geological or technical problems will occur, and that there will be no material adverse effects. Fluctuations in the price of gold will occur and no material events will occur outside the normal course of business of the Company. Forward-looking information is based on management’s opinions, assumptions and estimates that were believed to be reasonable at the time the statements were made and is inherently subject to various risks and uncertainties and actual events. and other known and unknown factors that may cause consequences. It differs materially from what is stated or implied in the forward-looking information. These factors include the impact of general business and economic conditions, the risks to the company related to COVID-19, the availability of global liquidity and credit to the timing of cash flows, and projected future value of assets and liabilities under circumstances, projected metals production, fluctuating metals prices, exchange rates, estimated ore grades, possible fluctuations in ore grades or recovery rates, changes in accounting policies, changes in Victorian corporate resources; , changes in project parameters due to continued refinement of the plan, changes in development and production timeframes, potential cost overruns or unexpected costs and expenditures, uncertainties in estimates of mineral reserves and mineral resources, fuels , rising prices for steel, power, labor, and other consumables contribute to rising costs and general risks in the mining industry, leading to plant failures, equipment or processes not performing as expected, and metal sales future research, seasonality and unforeseen weather changes, cost and timing of new deposit development, success of exploration activities, additional capital requirements, permitting schedules, governments for mining operations regulations, environmental risks, unforeseen development costs, title disputes or claims, insurance coverage and timing limitations, potential consequences of pending lawsuits and labor disputes, availability of remote operations and appropriate infrastructure risks, price volatility, availability of energy and other inputs required for mining operations. Although Victoria has attempted to identify important factors that could cause its actual actions, events or results to differ materially from those stated or implied in the forward-looking information, it is not possible to predict the actions, events or results. There may be other factors that cause this to not be the case. expected, presumed, or intended. There can be no assurance that any forward-looking information will prove to be accurate, as actual results or future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Victoria’s expected financial and operating performance, as well as Victoria’s plans and objectives, and is not suitable for any other purpose. may not be. All forward-looking information contained herein, as applicable, is provided as of the date hereof and is based on management’s opinions and estimates and information available to our management as of the date hereof. . We may update the forward-looking information contained in this document and the documents incorporated by reference as a result of new information, future events or otherwise, except as required by applicable law. shall not be obliged to revise or revise.

For more information contact:
John McConnell President and CEO
Victoria Gold Corporation
Phone: 604-696-6605
[email protected]

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