“Sandfire Securities Inc.”, recently completed a report that compared the Enterprise Value (EV) of selected junior gold exploration companies with Victoria Gold. At C$.70, Victoria Gold’s EV = $36 (based on measure & indicated resources + inferred resources). The weighted average EV for comparable junior exploration companies that are comparable in location is currently $100. The weighted average EV for comparable junior exploration companies that are comparable in resources is currently $74.

Regardless of what metric you use to compare Enterprise Values (comparable in location, or comparable in resources), Victoria Gold remains significantly undervalued. For VIT to achieve a valuation comparable to its competitor’s weighted average Enterprise Values, VIT stock price would have to rise to C$1.93 (comparable in location); or C$1.43 (comparable in resources).

Keep in mind that this evaluation is based on Victoria Gold's present resources. By year-end, Victoria will be reporting NI 43-101 compliant resources for its Cove and Eagle properties. Present EV valuation for VIT does not include any resources for its Cove property or any potential increase in resource estimates for its Eagle property. Given a potential increase in resource estimates for VIT by year-end, it is clear that VIT is even more undervalued than what it is today.