TORONTO, ONTARIO -- (MARKET WIRE) -- 12/03/07 -- Victoria Resource Corporation (TSX VENTURE: VIT.V) ("Victoria" or the "Company") is pleased to announce that it has entirely repaid in cash the note payable of US$1,291,953 due to EastWest Gold Corporation ("East West Gold").

This demand loan resulted from earlier cash advances and carried an interest rate of US prime plus 2%. As a result of the repayment of this note, Victoria is now debt free.

The recently re-organized Board of Directors of the Company views this is an important step for Victoria because of its belief that junior exploration companies should have no material outstanding debt obligations. "We repaid this obligation to lower Victoria's financial risk", said Chad Williams, CEO, President & Director. Mr. Williams further stated, "We believe that gold companies command higher relative valuations if they have lower risk profiles."

EastWest Gold, a subsidiary of Kinross Gold Corporation, continues to be the Company's largest shareholder, holding an approximately 27% interest in the Company.

Drilling in Progress

Victoria has one core drill rig in operation at the NW-Cove Target at its Cove-McCoy project and another core drill rig targeting the Intersection Zone at the Black Canyon project. Both projects are located in north-central Nevada. Further information on all of Victoria's projects can be found at www.victoriaresourcecorp.com.

Drilling of Hole NW-5 at Cove-McCoy has been completed. Hole NW-6 will be started shortly. The Company plans to complete up to 7 holes at Cove-McCoy in this phase of drilling.

Victoria plans to drill three reconnaissance holes at Black Canyon in Phase 1 prior to the on-set of winter conditions that have the potential to hamper drilling at this higher elevation project.

New Address

Victoria has a new principal office address in Toronto located at 80 Richmond Street West, Suite 303, Toronto, Ontario, M5H 2A4.