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 property.
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 responsibility.
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 by management.
SOURCE: Victory Resources Corporation
For further information:
For more information contact Corey Safran, Strategic Development at 609-228-0595, or by email at [email protected].