Victoria Gold Corp T.VGCX

H2 production forecast DF

[powerman]

Victoria Gold Provides Inaugural Guidance for the

Eagle Gold Mine, Yukon Territory

2nd Half 2020 Gold Production expected to be

85,000-100,000 ounces 

 

 

Whitehorse, YT / July 14, 2020 / Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”), is pleased to provide production guidance for H2 2020. 

Guidance – H2 2020 (July through December)
The Company expects to produce between 85,000 and 100,000 ounces of gold during the 6 month period from July through December 2020 at an all in sustaining cost (“AISC”) of US$950 – US$1,100 per ounce. 

The range of the production and cost guidance provided herein takes into consideration both the continued  material uncertainties caused by the COVID-19 pandemic as well as the final ramp up from commencement of Commercial Production through to full capacity production.

“Achieving Commercial Production was a great accomplishment for the entire Victoria team of employees and contractors.”, stated John McConnell, President & CEO, “Going forward, the team will now focus on optimizing the operation and driving down all in sustaining costs.”

The Company achieved Commercial Production at the Eagle Gold Mine on July 1, 2020 (see press release dated July 1, 2020) and provided actual June 2020 production numbers (see press release dated July 7, 2020). The Company expects gold production to continue to ramp-up to full capacity over the 3rd and 4th quarters of 2020 and unit costs to decrease in line with increasing gold production. Therefore, it is anticipated that AISC will be closer to the top end of the guidance range in the 3rd quarter before falling toward the lower end of guidance in the 4th quarter, with further improvements expected in 2021.