Victoria Gold San Diego Presentation Notes:

Cautionary Note

Keep in mind that these are my notes. All investors should do their own due diligence and try and confirm with VIT’s management that these notes are accurate. You should note that any statements made here are not guaranteed – management could certainly decide to alter the plans that were outlined at this meeting.

Cash Flow/Burn Rate

Actual cash holdings for this company, after the private placement, will not be released until after the first of year. FQ3 financials as of Nov 30 have to be released by the end of January. Chad informed us at the meeting that their cash resources should be sufficient to fund all of their expenses for the next 18 months. It is further anticipated that VIT will be generating some positive cash flow within 2 years – Chad’s goal is earlier.

Marketing

Victoria Gold continues to find new ways to better market their stock to potential new investors. Now Victoria is using a marketing firm, “Torry Hills Capital” to promote stockholder ownership in its stock. Today’s San Diego luncheon meeting is the first installment in that endeavor, and you can continue to expect that additional meeting will be held at various locations. Chad informed me that his focus is to market to US retail investors over the next year.

Private Placement

If you are interested in participating in Victoria’s “Private Placement” which enables to buy Victoria’s stock at .20 cents Canadian (.16 cents US) – with attached warrants, contact Bill Washington @ (416) 642-3805. IMO, this is a great opportunity to take a sizable position in this company without affecting the current market price of Victoria’s stock. Of course the warrants will give you much more opportunity to benefit from any potential rise in the stock than just going out and buying Victoria’s stock on the open market.

Victoria’s Top Five Core Properties

Cove McCoy

Big Springs

Santa Fee

Mill Canyon

Summit

Cove McCoy

· No rigs are operating at the present time. Drilling has stopped for the holidays and drill maintenance. VIT is presently re-negotiating with drillers to reduce their drilling rates.

· Drilling will resume in January – At that time VIT will start drilling hole 14, hole 15, and it may also re-drill some of the other holes previously drilled to a deeper depth - depending on the assay reports from hole 13a, which should be available before year-end.

· After the holes above have been drilled (probably before the end of February 2009) – assuming that VIT drills at the same rapid rate as NW-13a was drilled and assay reports have been received, VIT will complete a comprehensive analysis of all the drilling results that have occurred at Cove McCoy and then make a determination whether or not to start a third drilling phase. In order to assist VIT in making a decision to proceed with this new drilling phase, VIT will soon hire a seasoned mining engineer – at least that is their plan; the seasoned engineer hasn’t been hired yet. The potential cost of analysis and engineering an adit for this drilling phase could cost between 3 to 5 million dollars; however, this money will only be spent after VIT gets permits to drive the adit. This whole process could take six to twelve months before VIT could actually start drilling again – but this time around, the drilling will be from underground. It is estimated that the cost of drilling these holes will be approximately 1/10th the cost of drilling holes that have been drilled thus far, and the amount of time to drill each hole is also estimated to take significantly less time to drill because the drilling we be starting approximately 1000 feet below where past holes started drilling. Successful drilling in this phase is expected to generate some cash flow.

Big Springs & Santa Fe Properties

VIT geologist will be spending the first few months mapping both Big Springs & Santa Fe properties using their proprietary structural analysis. Probably, by Spring time, VIT will have formulated what targets that they have identified that they want to drill. It is at this time we can expect VIT rigs to start drilling again. It is also important to note that Big Springs is an area that gets a high quantity of snow so it’s impractical to drill it until the snow melts.

Mill Canyon

VIT plans on doing some more drilling there, but it is unclear as to its timing at this point, but drilling there will be one of their top five priorities. VIT’s enthusiasm for this property hasn’t wavered; it’s just that we can’t drill all of our properties in this economic environment.

Summit Property

Still awaiting permits, this property continues to represent one of the top five core properties that VIT has identified. VIT has indicated that they are disappointed with the permitting delays, they have been told that the project has no significant permitting hurdles and that it’s just a matter of time.

Other Properties

They are still very important to VIT but they do not represent their top core properties.

Newmont Mining Back-In Rights

I was told that Newmont Mining could exercise their back-in rights at Cove McCoy at anytime – that’s always been the case; but keep in mind that for them to back-in, they would have to spend 2.5 times what VIT has spent (recall that we have spent now over $8.5 million) which is more than our market capitalization.

Future Acquisition Prospects

Company continues to keep an open mind relative to future acquisitions in today’s “buyer’s market”. Chad has indicated that they may have an interest in acquiring/ merging with a small producing junior gold company that is producing positive cash flow. Chad indicated that VIT is very selective and that they have looked at over fifty opportunities but only transacted on Gateway.

Create a Producing Mine or Sell Out Before Production?

I get the general impression that VIT has no intention of getting into the production phase of gold other than generating modest amounts of cash flow from gold they have unearthed during their drilling phase. So far, the cost of finding gold or the cost VIT paid for gold via the Gateway Gold acquisition has been approximately $4 to $5 per ounce. Based on industry standards, it not uncommon for large companies to pay $40 or more per once in an acquisition per once for gold that is ready for production. If that proves to be reality, then simple mathematics tells us that Victoria should be able to realize 10 times current costs of creating reserves. That is in essence of VIT’s business model: take $5/ox and turn it into $50/oz or more.

Kinross Gold and Its Support for Junior Gold Companies

Chad had indicated to me that Kinross has invested 20 junior gold companies and VIT is the only company that Kinross has continued to finance. He further indicated that Kinross had over $700 million in cash. Given the fact that Kinross is providing 60% of the private placement, it appears to me that Kinross will continue to provide capital to advance VIT’s drilling prospects despite the credit freeze in the US. Chad believes that 90% of the other junior exploration companies will go under unless the financing window opens up quickly – so Kinross’s support is a huge competitive advantage at the current time.