Victoria Gold Announces Appointment of Receiver over Victoria Gold Corp.
August 14 2024 - 8:22PM
Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”)
announces today that, further to the Company's news release dated
August 14, 2024, the Ontario Superior Court of Justice (Commercial
List) has granted an order appointing PricewaterhouseCoopers Inc.
as the receiver and manager of Victoria Gold Corp. including,
without limitation, all property, assets and undertakings in which
the Respondent has an interest, including the real property which
includes but is not limited to the Eagle Gold Mine located in
Dublin Gulch, Yukon, Canada.
The Company expects that the TSX will
immediately suspend the common shares of the Company from trading
and initiate and expedite a delisting review.
About the
Dublin Gulch
PropertyVictoria Gold's 100%-owned Dublin Gulch
gold property (the “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 Gold Mine.
Cautionary
Language and
Forward-Looking StatementsThis
press release includes certain statements that may be deemed
"forward-looking statements". Except for statements of historical
fact relating to Victoria, information contained herein constitutes
forward-looking information, including any information related to
the HLF incident and the Company's response to the Application.
Forward-looking information is characterized by words such as
“plan”, “expect”, “budget”, “target”, “project”, “intend”,
“believe”, “anticipate”, “estimate” and other similar words, or
statements that certain events or conditions “may”, “will”, “could”
or “should” occur, and includes any guidance and forecasts set out
herein (including, but not limited to, production and operational
guidance of the Corporation). In order to give such forward-looking
information, the Corporation has made certain assumptions about its
business, operations, the economy and the mineral exploration
industry in general. In this respect, the Corporation has assumed
that production levels will remain consistent with management’s
expectations, contracted parties provide goods and services on
agreed timeframes, equipment works as anticipated, required
regulatory approvals are received, no unusual geological or
technical problems occur, no material adverse change in the price
of gold occurs and no significant events occur outside of the
Corporation's normal course of business. Forward-looking
information is based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made, and are inherently subject to a variety of risks and
uncertainties and other known and unknown factors that could cause
actual events or results to differ materially from those described
in, or implied by, the forward-looking information. These factors
include the impact of the HLF incident on the Corporation’s
business and financial condition, risks related to liquidity and
credit availability resulting from the indefinite suspension of
production at the Eagle Gold Mine, the outcome of the Application,
the values of assets and liabilities based on projected future
conditions, potential resumption of metals production, fluctuating
metal prices, currency exchange rates, estimated ore grades,
possible variations in ore grade or recovery rates, changes in
economic model as a result of unanticipated costs associated with
the HLF incident, changes in accounting policies, changes in
Victoria's corporate resources, changes in project parameters as
plans continue to be refined, changes in development and production
time frames, the possibility of cost overruns or further
unanticipated costs and expenses, uncertainty of mineral reserve
and mineral resource estimates, higher prices for fuel, steel,
power, labour and other consumables contributing to higher costs
and general risks of the mining industry, further failures of
plant, equipment or processes to operate as anticipated, final
pricing for metal sales, unanticipated results of future studies,
seasonality and unanticipated weather changes, costs and timing of
the development of new deposits, success of exploration activities,
requirements for additional capital, permitting time lines,
government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims,
limitations on insurance coverage and timing and possible outcomes
of pending litigation and labour disputes, risks related to remote
operations and the availability of adequate infrastructure,
fluctuations in price and availability of energy and other inputs
necessary for mining operations. Although Victoria has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in, or implied
by, the forward-looking information, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The reader is cautioned not to
place undue reliance on forward-looking information. The
forward-looking information contained herein is presented for the
purpose of assisting investors in understanding Victoria's expected
financial and operational performance and Victoria's plans and
objectives and may not be appropriate for other purposes. All
forward-looking information contained herein is given as of the
date hereof, as the case may be, and is based upon the opinions and
estimates of management and information available to management of
the Corporation as at the date hereof. The Corporation undertakes
no obligation to update or revise the forward-looking information
contained herein and the documents incorporated by reference
herein, whether as a result of new information, future events or
otherwise, except as required by applicable laws.
For Further
Information Contact:John
McConnell President & CEO Victoria Gold Corp Tel:
604-696-6605ceo@vgcx.com
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