Victoria Gold Corp. (TSX-VGCX) announces that it has completed its previously announced offering of Canadian Development Expense Flow-Through Common Shares. A total of 801,822 CDE FT Common Shares were issued at a price of C$8.73 per CDE FT Common Share to raise gross proceeds to the Company of approximately C$6,999,900.

The gross proceeds from the sale of the CDE FT Common Shares will be used for expenditures which qualify as Canadian Development Expenses within the meaning of the Income Tax Act (Canada). The Company will renounce such CDE expenditures with an effective date of no later than December 31, 2020.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The CDE FT Common Shares issued pursuant to the Financing are subject to a statutory four-month hold period expiring June 28, 2020. The Financing remains subject to final acceptance by the Toronto Stock Exchange.

About the Dublin Gulch Property

Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in 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 Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon’s newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.

Qualified Person

The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo., as the Qualified Person under NI 43-101. For additional information relating to the Property, refer to the technical report entitled “Technical Report for the Eagle Gold Mine, Yukon Territory, Canada”, with an effective date of November 15, 2019, which is available on the Company’s profile at www.sedar.com.