Victoria Announces the Sale of the Clear Creek
Exploration Property to Golden Predator
TORONTO, ON, November 2, 2009 - Victoria Gold Corp. (VIT.TSX-V)
(�Victoria� or the �Company�) is pleased to announce as part of its ongoing non-core gold asset
value optimization program, the sale of its Clear Creek exploration
property in the Yukon Territory, Canada to Golden Predator Royalty &
Development Corp. (GPD.TSX-V) (�Golden Predator�) for a total
consideration of up to $1,050,000 cash,,1050,000 shares of Golden
Predator stock, plus a work commitment of $3 million and a retained
royalty.
�The sale of Clear Creek is positive for Victoria�, said Chad Williams,
President, CEO, and Director. �The property has exploration
promise, but our focus in the Yukon is on the large, advanced Eagle Gold
Project. The sale of Clear Creek to Golden Predator, an
entrepreneurial company already active in gold elsewhere in the Yukon,
allows Victoria to retain a sizeable economic interest in the property.�
William M. Sheriff, Chairman and CEO of Golden Predator stated: �The
acquisition of Clear Creek presents us with an important advanced
exploration project in the emerging Tintina Gold Belt, as well as the opportunity
to work with Victoria Gold, one of the leading companies in the Yukon. We
look forward to taking this established Project and advancing it through
an aggressive drill program to commence in the second quarter of 2010.�
The Clear Creek Property
Clear Creek is composed of 77 Quartz claims in the Dawson Mining District
and is 100% owned by Victoria. Clear Creek is located 110km east of
Dawson between the Little South Klondike River and Clear Creek. The
property was acquired in conjunction with Victoria�s acquisition of
StrataGold Corporation that closed on June 4, 2009.
Terms of the deal
Victoria will grant to Golden Predator the exclusive option to acquire a
100% interest in the Clear Creek Project. In exchange, Victoria
will receive an initial payment of $50,000 and 300,000 common shares of
Golden Predator. Additionally, Victoria will receive a further $1.0 million
cash and 750,000 shares of Golden Predator stock over a period of 5
years. Plus, Golden Predator must spend in aggregate $3 million in
work on the property on or before December 31, 2013.
Of the total consideration, $125,000 in cash payments, 300,000 shares and
$500,000 in exploration expenditures are firm commitments by Golden
Predator.
Victoria will retain a 3% NSR on the property which can be reduced to 2%
by Golden Predator upon pay ment of $1 million to Victoria.
About Victoria
Victoria Gold Corp. is a high
growth gold company with a focus on adding value per share through
efficient exploration, project development, accretive acquisitions and
effective marketing. Maintaining a low risk profile through project
diversification, sound financial management, and operating in secure
jurisdictions are key priorities for Victoria�s management team.
On Behalf of Victoria Gold Corp.
Chad Williams, P. Eng, CEO,
President & Director
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Cautionary Language and Forward-Looking Statements
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.
This news release and the information
contained herein does not constitute an offer of securities for sale in
the United States and securities may not be offered or sold in the
United States absent registration or exemption from registration.
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