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TORONTO, ONTARIO--(Marketwire - Jan. 25, 2011) - Victoria Gold Corp. (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to announce that Wardrop, A Tetra Tech Company, ("Wardrop") has been engaged by Victoria to complete a NI 43-101 compliant Feasibility Study ("Feasibility Study") for the Eagle Gold Mine project ("Eagle").



Feasibility Study Now Underway



On March 9, 2010, Victoria announced the results of a Preliminary Feasibility Study which highlighted the development of a mine at Eagle with production to start in 2013 and to average approximately 170,000 ounces of gold per year with cash operating costs to be below US$500/oz.


Wardrop will coordinate the preparation of the Eagle Feasibility Study and incorporate previous work from the Preliminary Feasibility Study. Wardrop will be responsible for defining elements such as resource and reserve estimation, principal mine design, planning and financial modeling and engineering. Wardrop will also further examine mine optimization scenarios. Completion of the Feasibility Study is the final step in proving up Eagle in advance of production.


Wardrop is an internationally recognized engineering firm with considerable northern mining project experience and brings a wealth of knowledge to the advancement of Eagle. Wardrop will lead the development team of BGC Engineering, Kappes Cassiday & Associates and Stantec, each of which was involved in the Pre-Feasibility Study, which allow for strong continuity and accelerated delivery of the Feasibility Study. The Feasibility Study is expected to be completed by Q4 2011 at a cost to Victoria of $4 million.


"This is another important milestone for the Eagle Gold Mine project and for Victoria. Wardrop has assembled a top team of mining professionals and has a proven ability to advance northern mining projects such as Eagle" said Chad Williams, President and CEO of Victoria. "We continue to advance Eagle toward development in a timely manner following the submission by Victoria of the Eagle Project Proposal to the Yukon Environmental & Socio-Economic Assessment Board (see news release dated December 20, 2010) and the initiation of this Feasibility Study."



About Dublin Gulch - Eagle Gold Project



The Dublin Gulch property covers a large area of 28 kilometres by 15 kilometres and contains the Eagle Gold Deposit which hosts a National Instrument 43-101 compliant Probable Reserve of 1,751,000 ounces of gold contained in 66,141,000 tonnes of ore grading 0.823 g/t calculated at a gold price of $900/oz. The Dublin Gulch property is road accessible year-round and is situated in the Mayo Mining District of Yukon Territory, Canada. Dublin Gulch is 100% owned by Victoria.



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.


The technical content of this news release has been reviewed as accurate by Dr William Keats, P.Geo, Manager, Exploration Yukon, Victoria Gold Corp., as the Qualified Person.