Symbol: TSX-V:VR
OTCQX:VRCFF
VANCOUVER, June 19, 2012 /PRNewswire/ - Victory
Resources Corp. (the "Company") is pleased to
announce that it has reached an agreement with Minera Copper Canyon
S.A. de C.V. ("Minera"), a private Mexican corporation, which will
allow the Company to acquire up to a 100% interest in a property
known as 'el Boleo'. El Boleo is located adjacent to the historic
Reforma Mine, the Santo Tomas Copper-Gold deposit, and in close
proximity to the Bahuerachi Copper Deposit.
The Company has paid $10,000 to Minera (which will be credited to any
subsequent cash payments) and been granted a twenty (21) day due
diligence (the "Due Diligence Period") period during which the
Company will be free to review all pre-existing data in the
possession of Minera, as well as conduct sight inspections and
remove ground and rock samples.
If the Company determines that it wishes to
proceed at the end of the Due Diligence Period, subject to the
definitive agreement, it may acquire 80% of Boleo by paying cash of
$200,000 in stages, issuing
15,000,000 shares (10,000,000 of the shares subject to pooling
prior to a feasibility study), and by performing $2,000,000 in work programs over three years.
The Boleo property is situated on the western
foothills of the Sierra Madre Occidental mountain range, at the
common boundary of the northeastern Mexican States of Sinaloa and Chihuahua. This area is
characterized by a northerly prolific mineralized belt hosting the
multi-million-tonne porphyry copper and gold deposits of
Santo Tomas and Bahuerachi. El
Boleo, comprising a total of 13,234.65 hectares (spread over four
mining concessions), is almost 25 km long in a northerly direction
and up to 8.75 km wide. It is mainly underlain by granodiorite of
Upper Cretaceous age intruding a sedimentary sequence of
metasediments and limestone. Skarn development occurs near the area
of contact between the granodiorite and the sediments where massive
magnetite and lesser hematite and specularite and sometimes
significant amounts of copper mineralization occur. Hydrothermal
breccias occur at the central portion of the property where recent
soil and rock chip sampling defined coincident geochemical
anomalies of copper, silver and zinc covering an area 1000 m long
and 600 m wide.
"The acquisition of el Boleo will significantly
expand the resource potential of Victory and give us 20,460
hectares of contiguous property," said Wally Boguski, president and CEO. "We look
forward to completing our due diligence and to close the
transaction in the next 60 days."
About Victory Resources Corporation
The company's main focus is on the Reforma property located at the common
boundary of Sinaloa and Chihuahua
States in west central Mexico. The
concessions cover a total area of 7,226 hectares. Victory Resources
will earn a 70% undivided interest in the Reforma property as part of an option
agreement. Formally owned by Penoles in Mexico, documentation showed that between the
years 1968 to 1980, the Reforma
mine processed 1.8 million tonnes grading an average of 91.62 grams
per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent
Cu.
The company has also begun exploration work on
the Au-Wen property in British Columbia,
Canada. The Au-Wen property is 100 % owned by Victory
Resources and is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic
Aspen Grove mining camp in
south-central British Columbia,
Canada. The property is comprised of 91 mineral claims
covering an area of 34,200 hectares. The area covered is up to 39
kilometres long and up to 21 kilometres wide.
On behalf of The Board of Directors of
Victory Resources Corporation.
Paul Lee,
Director
This news release contains certain forward
looking statements which involve known and unknown risks, delays,
and uncertainties not under the control of Victory Resources Corp.
which may cause actual results, performance or achievements of
Victory Resources Corporation to be materially different from the
results, performance or expectation implied by these forward
looking statements. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release, which has been prepared by
management.
SOURCE Victory Resources Corporation
