Victoria Gold Corp. Announces Completion of $30 Million Bought Deal Public Offering of Common Shares and Flow-Through Common ...

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SERVICES. 


Victoria Gold Corp. (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased
to announce that it has completed its previously announced bought deal public
offering of 46,783,718 common shares (the "Common Shares") at a price of $0.46
per Common Share and 15,553,618 flow-through common shares (the "Flow-Through
Shares") at a price of $0.55 per Flow-Through Share (the "Offering"). BMO
Capital Markets acted as lead underwriter in connection with the Offering for a
syndicate of underwriters that included National Bank Financial Inc., Cormark
Securities Inc., Paradigm Capital Inc., GMP Securities L.P., Raymond James Ltd.
and Scotia Capital Inc. 


John McConnell, President & CEO commented, "Completing this financing during
these difficult market conditions speaks to the quality of Victoria's assets and
strength of our team. We expect the proceeds from this offering to see us
through to a project financing decision and the start of construction of the
Eagle Gold Mine". 


The net proceeds from the sale of the Common Shares will be used for development
of the Eagle Gold Deposit, exploration and general corporate purposes. The gross
proceeds from the sale of the Flow- Through Shares will be used for Canadian
Exploration Expenses (within the meaning of the Income Tax Act (Canada)), and
the Company will use its best efforts to ensure that such Canadian Exploration
Expenses qualify as a "flow-through mining expenditure", for purposes of the
Income Tax Act (Canada), related to the exploration of the Company's Yukon
projects. The Company will renounce such Canadian Exploration Expenses with an
effective date of no later than December 31, 2011. 


The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent 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. 


About Victoria 

Victoria is a high-growth gold company with a focus on adding value per share
through efficient exploration, project development, and accretive acquisitions.
Maintaining a low risk profile through project diversification, sound financial
management, and operating in secure jurisdictions are key priorities for
Victoria's management team.


Cautionary Language and Forward-Looking Statements 

This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this discussion, other than
statements of historical facts, that address future exploration drilling,
exploration activities, anticipated metal production, commencement of production
estimates and projected exploration and capital expenditures (including costs
and other estimates upon which such projections are based), use of proceeds, and
events or developments that the Company expects, are forward-looking statements.
Although the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking statements
include metal prices, exploration successes, continued availability of capital
and financing, and general economic, market or business conditions, or changes
to the Income Tax Act (Canada). Accordingly, readers should not place undue
reliance on forward-looking statements.