Mining News: Northern Neighbors: Victoria buys local camp, saves cash for Eagle Gold

Victoria Gold Corp. July 5 said it has agreed to purchase a used all-season camp complete with 110 dorm rooms, industrial kitchen, recreational and mud room, and arctic corridors for C$275,000. The company says the camp is in excellent condition and only minor refurbishment is required for full occupancy. In addition to the low price, the camp is located less than 100 kilometers (60 miles) from Victoria’s Eagle Gold project ensuring the cost and logistics of moving the camp to site is relatively modest. Victoria will add the newly acquired camp to the existing 100-person all-season camp at the Eagle project site. With more than 200 dorm rooms, full kitchen, recreation and mud room now acquired, Victoria expects to realize nearly C$6 million in upfront capital camp savings for the updated feasibility study for Eagle currently underway. Victoria Gold President and CEO John McConnell said, “The camp looks great and we are pleased that our strong balance sheet and treasury place us in a position to take advantage of exceptional opportunities such as this one. In addition to realizing significant upfront capital savings, the camp enables a more aggressive execution schedule once construction begins as we can immediately mobilize over 200 construction personnel directly to site.”

-Shane Lasley