Victory Mountain Ventures Signs Binding Letter of Intent to Option a Portion of the Silver Slocan Mining Camp, British Columbia

Victory Mountain Ventures Ltd. (TSX VENTURE:VMV) ("Victory") is pleased to
announce that it has executed a binding Letter of Intent (LOI) with Klondike
Silver Corp. (TSX VENTURE:KS) ("Klondike") to option a portion of the Silver
Slocan Mining Camp located in south eastern British Columbia. The parties agree
to use their best efforts to execute a definitive Option Agreement within 15
days.


The Agreement will allow Victory to acquire an initial 50% interest in the
Silvana West and the Cody Creek claims by making payments to Klondike and
incurring exploration expenditures over a three year period. At the sole
discretion of Klondike, Victory will be able to earn an additional 25% of the
project by making a lump sum payment of cash and shares to Klondike


Under the Agreement, Victory will also be entitled to a royalty payment equal to
50% of the net profit received from the sale of any newly discovered resources
should exploration prove successful before the three year option has been
satisfied. All agreements will be subject to TSX Venture Exchange approval.


The primary exploration focus will be on the silver-lead-zinc expansion
potential to the west of the Silvana Mine located centrally in the Silver Slocan
Mining Camp. As part of the Option Agreement, Victory and Klondike will form a
management committee to oversee all the exploration activities on the property,
with Klondike being the operator.


The map provided at this link
(http://www.klondikesilver.com/i/maps/longitude.jpg) illustrates the exploration
potential between Klondike's Silvana Mine and the Mammoth Mine which is along
strike to the west. The area labeled as the "Prospective Horizon" is where
exploration will be focused as the existing underground mine structure will
allow for underground drilling to explore the western extension potential.


The second land package offered in the option agreement are the Cody Creek
claims located to the northeast and is believed to be along the same strike as
the Silvana Mine. Cody Creek has excellent access and exploration potential
containing several past producing mines. (Please refer to the Assessment Report
at the following link: http://aris.empr.gov.bc.ca/ArisReports/31556.PDF).


With the advantage of modern exploration techniques in this historically
productive mining camp, the parties are hoping to discover new deposits and
develop past producing mines in the Slocan Mining Camp.


Option Agreement Terms:

For Victory to acquire a 50% right, title and interest on the Silvana West and
Cody Creek claims, it must make an initial cash payment of $75,000 upon signing
and then pay 2,000,000 shares to Klondike and incur $3,750,000 dollars in
exploration costs over a three year period broken down as follows:




----------------------------------------------------------------------------
Date/          Expenditures   Shares issued   Cash issued    Victory's Total
Anniversary    Incurred by    to Klondike     to Klondike    Project        
               Victory                                       Interest       
----------------------------------------------------------------------------
Signing                                       $75,000                       
----------------------------------------------------------------------------
Approval                      500,000                                       
----------------------------------------------------------------------------
Year 1         $1,000,000     500,000                                       
----------------------------------------------------------------------------
Year 2         $1,250,000     500,000                                       
----------------------------------------------------------------------------
Year 3         $1,500,000     500,000                        50%            
----------------------------------------------------------------------------
Total          $3,750,000     2,000,000       $75,000        50%            
----------------------------------------------------------------------------



At the sole discretion of Klondike, Victory will be able to earn an additional
25% of the project by making a lump sum payment of $5,000,000 and issuing
5,000,000 common shares of Victory to Klondike.


Victory Mountain Ventures Ltd. (TSX VENTURE:VMV) is a Junior Exploration Company
based in Western Canada. The Company has interests in Copper, Gold, Silver,
Molybdenum and other base metals in Canada.


For additional information please contact Charles Desjardins - [e-mail]

On Behalf of the Board of Directors

VICTORY MOUNTAIN VENTURES LTD.

Charles Desjardins, President and Director

Cautionary note:

This report contains forward-looking statements. Resource estimates, unless
specifically noted, are considered speculative. Any and all other resource or
reserve estimates are historical in nature, and should not be relied upon. The
production rate and mine-life projections have been made without support of a
feasibility study, there is no certainty the proposed operations will be
economically viable. By their nature, forward-looking statements involve risk
and uncertainties because they relate to events and depend on factors that will
or may occur in the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing, currency exchange
rates, and, but not limited to, general economic factors. Cautionary Note to US
investors: The U.S. Securities and Exchange Commission specifically prohibits
the use of certain terms, such as "reserves" unless such figures are based upon
actual production or formation tests and can be shown to be economically and
legally producible under existing economic and operating conditions.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Victory Mountain Ventures Ltd.
Charles Desjardins
President and Director
604-683-5445
604-687-9631 (FAX)
[e-mail] or [e-mail]
www.victorymv.com