Mr. John McConnell reports

VICTORIA GOLD ANNOUNCES $30 MILLION BOUGHT DEAL FINANCING

Victoria Gold Corp. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the Underwriters have agreed to purchase, on a bought deal basis, a combination of common shares (the "Common Shares") and flow-through common shares (the "Flow-Through Common Shares") to provide the Company with gross proceeds of at least C$30,075,000 (the "Offering"). The Common Shares will be offered at a price of $0.46 per Common Share, with minimum gross proceeds of C$20,884,000 and maximum gross proceeds of C$25,070,000. The Flow-Through Common Shares will be offered at a price of $0.55 per Flow-Through Common Share, with minimum gross proceeds of C$5,005,000 and maximum gross proceeds of C$10,010,000. Under the agreement, the Underwriters have an option to purchase up to an additional 15% of the Common Shares to cover over-allotments, if any.

The net proceeds from the sale of the Common Shares will be used for development of the Eagle Gold Deposit, exploration and general corporate purposes. The gross proceeds from the sale of the Flow-Through Common Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)), and the Company will use its best efforts to ensure that such Canadian Exploration Expenses qualify as a "flow-through mining expenditure", for purposes of the Income Tax Act (Canada), related to the exploration of the Company's exploration projects. The Company will renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2011.

The Offering is scheduled to close on November 9, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and other applicable securities regulatory authorities.

We seek Safe Harbor.