Mr. John McConnell reports

VICTORIA GOLD CORP. ANNOUNCES COMPLETION OF $30 MILLION BOUGHT DEAL PUBLIC OFFERING OF COMMON SHARES AND FLOW-THROUGH COMMON SHARES

Victoria Gold Corp. has completed its previously announced bought-deal public offering of 46,783,718 common shares at a price of 46 cents per common share and 15,553,618 flow-through common shares at a price of 55 cents per flow-through share.

BMO Capital Markets acted as lead underwriter in connection with the offering for a syndicate of underwriters that included National Bank Financial Inc., Cormark Securities Inc., Paradigm Capital Inc., GMP Securities L.P., Raymond James Ltd. and Scotia Capital Inc.

John McConnell, president and chief executive officer, commented: "Completing this financing during these difficult market conditions speaks to the quality of Victoria's assets and strength of our team. We expect the proceeds from this offering to see us through to a project financing decision and the start of construction of the Eagle gold mine".

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 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 Yukon projects. The company will renounce such Canadian exploration expenses with an effective date of no later than Dec. 31, 2011.

We seek Safe Harbor.