Victoria Gold Acquires Cat Mining Fleet for Eagle Gold Project, Canada

Published: March 30, 2017 |

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Victoria Gold Corp. has entered into an exclusive agreement with Finning (Canada), a division of Finning International Inc., to supply the mining fleet for its Eagle Gold Project.

The mining fleet will include two 6040FS hydraulic shovels, eleven 150 ton, 785D off-highway trucks and various auxiliary Caterpillar mining equipment.

“We are incredibly pleased to have entered into this deal with Finning Canada to supply a fleet of Caterpillar equipment for the Eagle Gold Project. Through this agreement, we were able to secure more favorable pricing and terms than estimated in our recent feasibility study and we have managed to further derisk the Eagle Gold Project without compromising our strong balance sheet,” said John McConnell, president and CEO of Victoria Gold.

The total cost of the new fleet is approximately US$50 million. A deposit will be made upon signing with further payments due upon delivery. Delivery of the fleet is expected between late 2017 and Q3 2018.

Victoria and Finning (Canada) have further agreed to identify opportunities for used auxiliary Caterpillar equipment as well as delivery date guarantees.

“We are delighted to be a significant partner with Victoria in developing this mining project. This exclusive agreement is a testament to Caterpillar’s industry leading equipment and our strong product support capabilities,” said Juan Carlos Villegas, president of Finning Canada and chief operating officer of Finning International.

Victoria Gold’s 100 percent-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.

About Victoria Gold
Victoria Gold Corp. is a leading gold exploration and development company. The company’s Eagle Gold Project in Yukon Canada hosts a National Instrument 43-101 compliant reserve of 2.7 million ounces of gold. The Eagle Gold Project is shovel-ready and when in production will produce ~200,000 ounces of gold annually at an operation cost of approximately $550 per ounce. The project is permitted for construction and operations. Victoria’s shareholders are well positioned to participate in a highly leveraged gold play and construction of the largest gold mine in Yukon History.

To stop by Victoria Gold’s website, CLICK HERE

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