Symbol:-TSX-V:VR
OTCQX:VRCFF
VANCOUVER,
July 12, 2012 /PRNewswire/ -
Victory Resources Corp. (the "Company")
is pleased to announce that it has completed the acquisition of the
El Boleo property from Minera Copper Canyon S.A. de C.V. ("Minera")
a private Mexican corporation. The transaction will allow the
Company to acquire up to a 100% interest in El Boleo which is
located adjacent to the historic Reforma Mine, the Santo Tomas
Copper-Gold deposit, and in close proximity to the Bahuerachi
Copper Deposit.
The Boleo property is comprised of 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. 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 plans for an active work program have
already begun including mapping and sampling of the known
prospective resource areas of El Boleo property. With the closing
of this transaction, the company now has option agreements for the
El Boleo property and the adjacent Reforma property that combined is 20,460
hectares of contiguous property.
"The completion of the acquisition of the El
Boleo property greatly expands the resource potential for the
company and, also, of proving a significant resource for an
economically viable mine," said Wally
Boguski, president and CEO. "We look forward to the
advancement of both the El Boleo and the Reforma properties in Mexico with a near term goal of a resource
definition."
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. Formerly 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 recently optioned 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 and expands
the resource potential of Victory with 20,460 hectares of
contiguous property. 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.
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