Victoria Gold Corp. (TSX-V: VIT-V) is pleased to provide an update with respect to the previously announced sales of the Cove McCoy, Mill Canyon and Relief Canyon properties in Nevada.
On April 10, 2012, Victoria announced that it had accepted an offer from Premier Gold Mines (“Premier”) to purchase Victoria’s interest in the Cove McCoy Property. On June 4, 2012, Victoria and Premier executed a definitive asset purchase agreement in conjunction with the sale. Closing of the transaction is expected to occur in June 2012.
On May 25, 2012, Victoria announced that it had entered into a definitive purchase and sale agreement with a wholly owned subsidiary of Barrick Gold Corporation (“Barrick”) to sell Victoria’s interest in the Mill Canyon Property. As consideration for the Mill Canyon Property, Victoria received all of Barrick’s right, title and interest in the Santa Fe Property, located in Mineral County, Nevada along with a cash payment. Additionally, Victoria became entitled to receive a contingent cash payment based on the occurrence of certain future events. The transaction closed on June 1, 2012.
On March 27, 2012, Victoria announced that it had accepted an offer from Pershing Gold Corp. (“Pershing”) to purchase Victoria’s interest in the Relief Canyon Property. The definitive purchase agreement was executed on March 23, 2012 and the transaction closed on April 5, 2012.