nkob1974
5年前
CVE:VIT - VITFF / OPERATIONS RAMP-UP, DORÉ SHIPMENT AND AGM RESULTS
https://www.vitgoldcorp.com/news/victoria-gold-operations-ramp-up-dore-shipment-and-agm-results/
October 9, 2019
View in PDF format
Toronto, ON / October 09, 2019 / Victoria Gold Corp. (TSX.V-VIT) (“Victoria” or the “Company”) is pleased to provide the results of the Company’s Annual General Meeting (“AGM”) along with an update on recent milestones and Eagle Gold Mine operational ramp-up.
Ramp-up of operations at the Eagle Gold Mine continues to meet budget parameters. As at the end of September 2019, approximately 5.4 million tonnes of material had been mined, including 1.7 million tonnes of ore and 3.7 million tonnes of waste. 1.1 million tonnes of ore had been crushed, conveyed and stacked on the heap leach pad. Ore gold grade to the pad is achieving expectations and early grade reconciliations are in-line with the mine plan. As at the end of September, the mine had worked 217,836 Lost Time Incident (“LTI”) free hours since operations were handed over to Victoria on July 1, 2019; and nearly 1.75 million hours since the only LTI in early 2018.
On October 8, 2019, the Company made its first shipment of doré from the Eagle Gold Mine to be delivered to the Royal Canadian Mint for refining. The shipment contained 2,450 ounces (76.2 kilograms) of doré comprising 83.3% gold and 8.7% silver. The approximate, current value of the shipment is over US$3 million (CDN$4 million). Pouring, and shipment, of doré bars is expected to continue on a weekly basis.
“I take this opportunity to thank our operations team. They have worked, and continue to work, safely, passionately and tirelessly to ensure a rapid and smooth ramp-up of the Eagle Gold Mine.”, remarked John McConnell, President & CEO. “This inaugural gold shipment is testament to that hard work, and there is so much more to come!”
All matters submitted to shareholders for approval, as set out in the Company’s Management Information Circular dated August 28, 2019, were approved by the majority of votes at its AGM held in Toronto on October 8, 2019, including resolutions:
re-electing the Company’s incumbent board of directors including: Sean Harvey, John McConnell, Michael McInnis, Christopher Hill, Sean Roosen, Jacques Perron and Letha MacLachlan, Q.C.;
re-appointing PricewaterhouseCoopers LLP as auditors of the Company for the ensuing year;
renewing the Company’s 10% Rolling Stock Option Plan;
amending the Company’s Articles to specify that 2/3 of votes are needed for special resolutions of shareholders, rather than 3/4 previously; and,
allowing for the consolidating of the Company’s shares on the 15 for 1 basis.
About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold property is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of 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 Gold Deposit. The Eagle Gold Mine is under construction and is expected to be Yukon's next operating gold mine. The Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study entitled Report for the Eagle Gold Project and dated October 26, 2016. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated, as at December 5, 2018, to host 208 million tonnes averaging 0.66 grams of gold per tonne, containing 4.4 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 20 million tonnes averaging 0.64 grams of gold per tonne, containing 0.4 million ounces of gold in the "Inferred" category.
Qualified Person
The technical content of this news release has been reviewed and approved by Anthony (Tony) George, P.Eng., as the Qualified Person. For additional information relating to the Property, refer to the technical report entitled “NI 43-101 Feasibility Study Technical Report for the Eagle Gold Project, Yukon Territory, Canada”, with an effective date of September 12, 2016, which is available on the Company’s profile at www.sedar.com.
Cautionary Language and Forward-Looking Statements
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release 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, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) 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. Accordingly, readers should not place undue reliance on forward-looking statements.
For Further Information Contact:
John McConnell
President & CEO
Victoria Gold Corp
Tel: 416-866-8800
Fax: 416-866-8801
Gatsby
6年前
Nice January performance... share price catching up with mine construction, this one being 70% completed as per below article.
http://www.miningandenergy.ca/mininginsider/article/victoria_gold_eagle_mine_construction_is_60_complete/
Victoria Gold Corp. (TSX.V-VIT) (“Victoria” or the “Company”) is pleased to provide an update on the construction of the Eagle Gold Mine. The mine is 70% complete and remains on track for delivery of first gold in H2 2019. Earthworks are substantively complete. Concrete works are complete, structural steel is 45% complete and progressing well at all areas. Mechanical contractors have mobilized to site and equipment is currently being installed in the gold recovery plant and the secondary & tertiary crushing facility.
The site community of approximately 450 people has established a strong health, safety and environmental culture. 950,000 construction hours have been spent with over 600,000 hours and counting since a lost time incident.
"There is a tremendous team of people on site with over 25 contractors fully engaged to transform the Eagle Gold Project into the Eagle Gold Mine.” stated John McConnell, President & CEO. “The progress to date is impressive and we have the construction and operations teams in place to deliver Canada’s next gold mine.”
Current activities on site are focused around the crushing, heap leach and gold recovery facilities. Photographs and videos of all these facilities can be viewed on the Company’s website (www.vitgoldcorp.com).
Site Infrastructure, including Grid Power
Site infrastructure – including a 440 person camp, offices, laydown areas, warehouses, workshops, water control pond and incinerator are now commissioned and in use. The construction of the power infrastructure, which includes two sub-stations and a 45km 69kV powerline from the Yukon electrical grid to site, are all on schedule to deliver power in Q2 2019. The on-site 5MW power plant will be assembled and commissioned in Q1 2019.
Crushing & Conveying
At the primary crusher building, structural concrete is now complete and the facility has been handed over to the structural steel team. The secondary & tertiary crushing facility internal steel is over 40% complete and the mechanical team have installed the secondary & tertiary crusher frames. The right-of-way for the overland conveyor, which takes the crushed ore 1.4km across the valley to the heap leach facility (“HLF”), is prepared for conveyor construction to commence in Q1 2019.
Heap Leach Pad & Gold Recovery Plant
The four-layer liner system and solution piping for the sump of the heap leach pad is substantively completed. Earthworks on the event pond is approaching completion and liner will be installed in the spring of 2019. The gold recovery plant is well ahead of schedule and is now fully enclosed with all 10 carbon columns in place with the overhead crane, commissioned and in use, actively placing internal steel and plant equipment.
Pre-Production Mining
Development of the main haul road into the open pit commenced in Q1 2019. Production benches and access to ore will be ready in Q2 2019, in advance of commissioning of the crushing and conveying systems. The Company’s primary mining fleet of hydraulic shovels, production drills and 150 tonne haul trucks have been assembled and commissioned on site and are ready for mine operations.
Operations Team
Victoria continues to rapidly advance recruitment of the operations team, with the management team now in place and key supervisors and operators currently being on boarded. Additionally, the commissioning team has been fully established and are now integrating with the construction team to prepare for commissioning of key facilities starting in Q2 2019.
About the Dublin Gulch Property
Victoria Gold's 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of 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 Gold Deposit. The Eagle Gold Mine is under construction and is expected to be Yukon's next operating gold mine. The Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated, as at December 5, 2018, to host 208 million tonnes averaging 0.66 grams of gold per tonne, containing 4.4 million ounces of gold in the "Measured and Indicated" category, inclusive of Proven and Probable Reserves, and a further 20 million tonnes averaging 0.64 grams of gold per tonne, containing 0.4 million ounces of gold in the "Inferred" category.
Qualified Person
The technical content of this news release has been reviewed and approved by Anthony (Tony) George, P.Eng., as the Qualified Person. For additional information relating to the Property, refer to the technical report entitled “NI 43-101 Feasibility Study Technical Report for the Eagle Gold Project, Yukon Territory, Canada”, with an effective date of September 12, 2016, which is available on the Company’s profile at www.sedar.com.
Gatsby
7年前
a nice little read. See you in 2019.
link to article
http://motherlodetv.net/index.php/2018/03/18/turning-money-into-gold-victoria-gold/
Link to presenttion
https://www.vitgoldcorp.com/site/assets/files/2657/180315_march_corp_presentation.pdf
article:
Turning Money into Gold | Victoria Gold
March 18, 2018 JayCurrie
Victoria Gold, V.VIT, gold, Yukon, John McConnell
Mining Victoria Gold’s (V.VIT) Eagle Gold Project at Dublin Gulch in Yukon literally means taking off the side of a small mountain. That mountain hosts a National Instrument 43-101 compliant Reserve of 2.7 million ounces of gold at .67 gpt. Operating costs are estimated at US$550 per ounce and the mine is designed to produce approximately 200,000 ounces of gold per year in full operation.
Big numbers, but the critical number was the CAPEX to get the mine built. On March 8, 2018 Victoria announced that it had secured a Comprehensive C$505 Million Financing Package for the Eagle Gold Project. It is a package which includes a C$125 million common share private placement, a C$98 million royalty financing piece, an equipment financing facility for up to C$63 million, and two credit facilities totalling approximately C$219 million. Plus, a separate C$20 million bridge loan, allowing the company to ramp up construction as the company closes the financings.
Victoria CEO John McConnell was, of course, delighted to secure the funds. But he was even more pleased with his new partners, Orion Mine Finance and Osisko Gold Royalties. “Orion has been very honourable throughout the process,” said McConnell. “Osisko are first rate guys. And this deal gives us access to the Osisko technical group.”
Sean Roosen, Osisko’s Chair and CEO commented, “We are very pleased to partner with Victoria Gold to develop Canada’s next premier gold mine, and to generate important benefits for all project stakeholders. Having been to the project and met with many of the stakeholders, we are looking forward to investing in and working with Victoria in the Yukon to bring this project to fruition. With the gold price currently over C$1,700 per ounce, this is a great time to be building a gold project in Canada as there is availability both from suppliers and in the workforce.”
Victoria has been working on the Eagle Gold Project since 2009. Provided everything goes as planned, it will have been ten years from the acquiring the project to the first gold pour. In that time Victoria doubled its 43-101 compliant resource, completed a feasibility study, completed the Environmental Assessment process, received all permits for construction and operations, signed a comprehensive Cooperation Benefits Agreement (CBA) with the local First Nation of Na-cho Nyak Dun, and pre-constructed areas of the site including a 250-person camp, the heap leach embankment area, the gold recovery plant area, and secured the financing necessary to bring the mine into production.
In 2017, Victoria began Phase 1 construction. “Phase 1 removed much of the risk,” said McConnell. “We increased the camp size prepared the leach embankment area down to bedrock, and upgraded bridges.”
“We’ve been working on the financing for a year,” said McConnell. “We were down the road with BNP Paribus with approvals from three royalty companies.”
“Then Orion approached us with a term sheet,” said McConnell. “We decided to only proceed with a full financing package. I was away for three and a half weeks working on the financing details.”
It was crucial that the financing package take account of the escalation in costs since the Feasibility Study done in 2016 plus a contingency, and the first 18 months of sustaining costs.
“We thought it was prudent to raise 18 months of sustaining capital,” said McConnell. “The risk for single asset companies is running out of money at the very end. We now have the full amount to advance this mine into production.”
“We started the day after the financing was announced,” said McConnell speaking two days after announcing the financing. “We’ve opened up the road and have been up and running since Monday. By mid-April we’ll have 250 people in camp.”
“We’ll be spending three-quarters of a million dollars a day,” said McConnell. “By mid-summer the concrete for the crusher will be poured, there will be some steel erected and there will be mining trucks and shovels on site.”
“We plan a modest exploration program this year,” said McConnell. “Our aim is to focus on construction.”
“We are building the mine outlined in the feasibility study,” said McConnell. “We are pretty confident with the timelines and the projections.”
Looking at that 2016 feasibility study there are two things which stand out. First, the Eagle Gold Project is projected to have a 29.5% after-tax internal rate of return based on USD $1250 an ounce gold. Gold has been trading significantly above $1300 an ounce and may go higher. Second, the feasibility study indicates a mine life of 11 years “with expansion potential”. Even the modest exploration program contemplated for 2018 is quite likely to add ounces. Perhaps many ounces.
The next 18 months will transform Victoria Gold from a developer to a significant gold producer. The private placements to Osisko and Orion are at a share price of $0.50 while the shares of the company were trading around $0.40 to $0.42. Osisko and Orion are sophisticated, long-term, investors. They were willing to pay a premium to join the Victoria story. It is reasonable to expect the market will follow as the first pour approaches.
While John McConnell was in Toronto for PDAC he never made it onto the floor of the conference. He was ironing out the final, financial details which will transform the Eagle Gold Project into the Eagle Gold Mine.
+++
Gatsby
8年前
http://www.vitgoldcorp.com/s/news_releases.asp?ReportID=764092
some copy-paste :
September 12, 2016
Victoria Gold: Fully Permitted Eagle Gold Project Feasibility Study Demonstrates Post Tax NPV of $508M and IRR of 29.5%
•Annual Gold Production of Approximately 200,000 ozs
•Operating Cost of US$539/oz & All-in Sustaining Cost of US$638/oz
•Post tax Net Present Value @ (5%) = C$508 million
•Post tax Internal Rate of Return = 29.5%
•Gold price = US$1,250/oz & Exchange Rate = 0.78 C$/US$
Gold Price Sensitivity Table
....
Toronto, Ontario (September 12, 2016) -Victoria Gold Corp. (TSX-V: VIT) ("Victoria" or the "Company") is pleased to announce the results of a National Instrument 43-101 feasibility study for its 100% owned Eagle Gold Project located on the Dublin Gulch property, Yukon. An audio/video web conference call will be held this morning at 8:00 am Eastern Time (see details below).
"The results from this Feasibility Study highlight the exceptional quality of the Eagle Gold Project." stated John McConnell, President & CEO. "Our team, working with an experienced group of consultants have optimized several key areas of the project, in particular, the heap design and incorporation of run of mine leaching of low grade material. These improvements have resulted in significant capital savings and enhanced overall project economics. Eagle is a fully permitted project in a premier jurisdiction that can produce 200,000 ounces annually with high margins and a very attractive valuation. We also believe the current and future Olive-Shamrock drilling will continue to add to this valuation."
.....
Opportunities
There are numerous initiatives currently underway which the Company suspects may further enhance project
economics, including:
•year-round stacking as is currently practiced at other northern heap leach operations;
•continued near mine exploration with a focus on the Potato Hills Trend which hosts the Olive, Shamrock and other targets;
•conversion of Inferred Mineral Resources to Indicated Mineral Resources, particularly at depth, to increase reserve potential and decrease waste; and
•further refinement of water management and water treatment to reduce potential closure costs.
Audio/Video Webcast Details (Monday, September 12 at 8:00am Eastern):
The audio/video web conference will include a presentation by John McConnell, Director and CEO and can be accessed at: momentumstreaming.com/index.php?id=121075
For those unable to attend the web conference or unable to hear the audio portion of the web conference, an audio teleconference can be accessed by calling:
Local / International: 416-849-3996
North American Toll- Free: 1-866-323-9095
Participant Passcode: 181625
John McConnell can also be seen on BNN, The Commodities Report with Andrew Bell discussing the Feasibility Study at 11:30am Eastern on Monday, September 12, 2016.
Gatsby
8年前
NEWS RELEASES
August 31, 2016
VICTORIA GOLD COMPLETES $28,778,750 BOUGHT DEAL FINANCING
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VICTORIA GOLD COMPLETES $28,778,750 BOUGHT DEAL FINANCING
Toronto, Ontario (August 31, 2016) -- Victoria Gold Corp. (VIT.TSX-V) ("Victoria" or the "Company") is pleased to announce that it has closed its previously announced short form prospectus offering, including the exercise in full of the underwriters' over-allotment option. A total of 44,275,000 common shares were issued pursuant to the offering at a price of $0.65 per share, for aggregate gross proceeds of $28,778,750. The Offering was underwritten by a syndicate of underwriters led by Raymond James Ltd. and included National Bank Financial Inc., Cormark Securities Inc., Echelon Wealth Partners Inc., Paradigm Capital Inc. and BMO Nesbitt Burns Inc.
The common shares were offered by way of a short form prospectus in each of the provinces and territories of Canada other than Quebec and in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended.
The net proceeds of the Offering are intended to be used for development expenditures at Victoria's Eagle Gold project as well as for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States, absent such registration or an applicable exemption from such registration requirements.
About Victoria
Victoria Gold's 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of 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 Company has constructed and maintains a 100 person all-season camp at the project site.
The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle Gold Deposit. The Eagle Gold Deposit is expected to be Yukon's next operating gold mine and includes Probable Reserves of 2.3 million ounces of gold from 92 million tonnes of ore with a grade of 0.78 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study.
Cautionary Language and Forward‐Looking Statements
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release 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. Accordingly, readers should not place undue reliance on forward‐looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
John McConnell
President & Chief Executive Officer
Victoria Gold Corp
Tel: 416‐866‐8800
Fax: 416-866-8801
Gatsby
8年前
hopefully a short term consolidation.
Note the last news :
a) closing of the offering is in two days... We will have news shortly after
b) options to the Directors at a price bigger than current market price... Good imho
Both news indicate that there is clearly hope for a bigger value... Keeping the position is the way to play it for me.
Obviously gold price is the external factor we do not control... so let's check USD currency and XAU price in the next weeks/months.
(and CAD currency so OIL price as well )
Toronto, Ontario (August 8, 2016) -- Victoria Gold Corp. (VIT.TSX-V) ("Victoria" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Raymond James Ltd. (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 38,500,000 common shares of the Company (the "Shares") at a price of $0.65 per Share, for gross proceeds of approximately $25,025,000 (the "Offering"). The Company will also grant to the Underwriters an over-allotment option (the "Over-Allotment Option") to increase the size of the Offering by up to an additional 15%, such option being exercisable in whole or in part at any time prior to 30 days after the closing of the Offering.
The net proceeds are intended to be used for development expenditures at Victoria Gold's Eagle Gold Project, as well as for working capital and general corporate purposes.
Toronto, Ontario -- August 10, 2016- Victoria Gold Corp. (TSX-V: VIT...
The Offering is scheduled to close on August 26, 2016 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and other applicable securities regulatory authorities.
The Board of Directors of Victoria Gold Corp. has granted 600,000 options to directors of the Company, in each case under the stock option plan of the Company which was approved by shareholders on August 8, 2016. The options will vest over an 18-month period, have an exercise price of $0.70 and are exercisable for a period of five years from the date of the grant thereof.
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