Symbol:-TSX-V:VR
OTCQX:VRCFF
VANCOUVER,
Feb. 13, 2013 /PRNewswire/ -
Victory Resources Corp. (the "Company")
is pleased to announce that the company has satisfied all of the
conditions to earn an undivided interest of 70% of the Reforma property.
The agreement was entered into on March 3rd, 2010 between the Company's
Mexican subsidiary, VicRes Mining Mexico S.A. de C.V., and
collectively, Aztec Zinc de Mexico S.A. de C.V. and Copper Canyon
S.A. de C.V. The terms of the Agreement included a schedule of
payments and work programs to earn its 70% interest. The Company
successfully completed the terms by paying to the Owners
$300,000 and issuing a total of
14,000,000 common shares. The Company was also required to conduct
work programs aggregating $2,500,000.
As part of the terms of the agreement, the company will now proceed
to enter into a joint venture agreement reflecting the 70%
undivided interest of the Reforma
property.
"The completion of the terms of the earn-in
agreement and becoming a 70% joint venture partner of the
Reforma property is an important
milestone for the Company," stated Wally
Boguski, President and CEO. "The drill program at the
Reforma property has yielded very
encouraging results and we look forward to continuing to execute
our corporate strategy and to report our company's progress in
2013."
Recent results from a work program on the
Reforma were announced on
August 7, 2012 where the company
reported the results of 29 samples taken along a drift over a
length of 80 metres that showed a weighted average of 231.48 g/t
silver, 0.84% copper, 6.00% lead and 14.12% zinc. Each sample
weighed between 5kg and 10kg and the average interval between
samples was approximately 3 meters.
Mr. Ruben
Verzosa, P. Eng., a Qualified Person (QP) as defined by NI
43-101 has approved the geological content of this Press
Release.
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
has earned 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.
Corporate Responsibility
Victory Resources Corp has a stated commitment
of supporting the properties' neighbouring communities through
dedicated programs with a goal to improve the quality of life for
all of its local citizens. Supported by our corporate values, our
corporate philosophy promotes the creation of a positive work
environment, which is crucial to the success of our company. We
uphold our values through policies and environmental programs that
foster employee commitment to sustainable development. We endeavour
to protect human dignity and individual beliefs, and strive to
create an environment that promotes mutual respect for our
employees, subcontractors, neighbouring communities, host
governments and the general population. In keeping with our
commitment to promote the development of the communities
neighbouring our properties, our recruitment initiatives focus on
hiring local employees. We believe in the importance of providing
training to local employees so they can eventually benefit from
positions of greater responsibility.
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