RE:RE:Latest Cormark Securities Analyst's ReportThe analyst viewed the material operations of Victoria Gold Corporation. The analyst, associate or any individual responsible for the preparation of this research, or a member of that person's household, has a long position in the shares or derivatives of Victoria Gold Corporation. This report has been prepared by Cormark Securities Inc., which is regulated by the Investment Industry Regulatory Organization of Canada ("IIROC"). Cormark Securities Inc. and, its wholly owned affiliate, Cormark Securities (USA) Limited (collectively ":CSI") are in compliance with IIROC and the Financial Industry Regulatory Authority research report rules and regulations where they apply. The firm does not receive compensation for any non-securities or non-investment banking related services. Neither the analyst nor the associate (if any), or any member of his/her household, serve as an officer, director or employee or serve in any advisory capacity of the subject company(ies) under their coverage.