VANCOUVER, Feb. 13, 2013 /CNW/ - Victory Resources Corp. (the "Company") is pleased to announce that the company has satisfied all of the
conditions to earn an undivided interest of 70% of the Reforma
The agreement was entered into on March 3rd, 2010 between the Company's Mexican subsidiary, VicRes Mining Mexico
S.A. de C.V., and collectively, Aztec Zinc de Mexico S.A. de C.V. and
Copper Canyon S.A. de C.V. The terms of the Agreement included a
schedule of payments and work programs to earn its 70% interest. The
Company successfully completed the terms by paying to the Owners
$300,000 and issuing a total of 14,000,000 common shares. The Company
was also required to conduct work programs aggregating $2,500,000. As
part of the terms of the agreement, the company will now proceed to
enter into a joint venture agreement reflecting the 70% undivided
interest of the Reforma property.
"The completion of the terms of the earn-in agreement and becoming a 70%
joint venture partner of the Reforma property is an important milestone
for the Company," stated Wally Boguski, President and CEO. "The drill
program at the Reforma property has yielded very encouraging results
and we look forward to continuing to execute our corporate strategy and
to report our company's progress in 2013."
Recent results from a work program on the Reforma were announced on
August 7, 2012 where the company reported the results of 29 samples
taken along a drift over a length of 80 metres that showed a weighted
average of 231.48 g/t silver, 0.84% copper, 6.00% lead and 14.12% zinc.
Each sample weighed between 5kg and 10kg and the average interval
between samples was approximately 3 meters.
Mr. Ruben Verzosa, P. Eng., a Qualified Person (QP) as defined by NI
43-101 has approved the geological content of this Press Release.
About Victory Resources Corporation
The company's main focus is on the Reforma property located at the
common boundary of Sinaloa and Chihuahua States in west central Mexico.
The concessions cover a total area of 7,226 hectares. Victory Resources
has earned a 70% undivided interest in the Reforma property as part of
an option agreement. Formerly owned by Penoles in Mexico, documentation
showed that between the years 1968 to 1980, the Reforma mine processed
1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90
per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
The recently optioned Boleo property is situated on the western
foothills of the Sierra Madre Occidental mountain range, at the common
boundary of the northeastern Mexican States of Sinaloa and Chihuahua
and expands the resource potential of Victory with 20,460 hectares of
contiguous property. This area is characterized by a northerly prolific
mineralized belt hosting the multi-million-tonne porphyry copper and
gold deposits of Santo Tomas and Bahuerachi.
Victory Resources Corp has a stated commitment of supporting the
properties' neighbouring communities through dedicated programs with a
goal to improve the quality of life for all of its local citizens.
Supported by our corporate values, our corporate philosophy promotes
the creation of a positive work environment, which is crucial to the
success of our company. We uphold our values through policies and
environmental programs that foster employee commitment to sustainable
development. We endeavour to protect human dignity and individual
beliefs, and strive to create an environment that promotes mutual
respect for our employees, subcontractors, neighbouring communities,
host governments and the general population. In keeping with our
commitment to promote the development of the communities neighbouring
our properties, our recruitment initiatives focus on hiring local
employees. We believe in the importance of providing training to local
employees so they can eventually benefit from positions of greater
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not under
the control of Victory Resources Corp. which may cause actual results,
performance or achievements of Victory Resources Corporation to be
materially different from the results, performance or expectation
implied by these forward looking statements. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release, which has been prepared
SOURCE: Victory Resources Corporation
For further information:
For more information contact Corey Safran, Strategic Development at 609-228-0595, or by email at firstname.lastname@example.org.