VANCOUVER, July 12, 2012 /CNW/ - Victory Resources Corp. (the "Company") is pleased to announce that it has completed the acquisition of the El Boleo property from Minera Copper Canyon S.A. de C.V. ("Minera") a private Mexican corporation. The transaction will allow the Company to acquire up to a 100% interest in El Boleo which is located adjacent to the historic Reforma Mine, the Santo Tomas Copper-Gold deposit, and in close proximity to the Bahuerachi Copper Deposit.
The Boleo property is comprised of a total of 13,234.65 hectares (spread over four mining concessions), is almost 25 km long in a northerly direction and up to 8.75 km wide. Recent soil and rock chip sampling defined coincident geochemical anomalies of copper, silver and zinc covering an area 1000 m long and 600 m wide.
The plans for an active work program have already begun including mapping and sampling of the known prospective resource areas of El Boleo property. With the closing of this transaction, the company now has option agreements for the El Boleo property and the adjacent Reforma property that combined is 20,460 hectares of contiguous property.
"The completion of the acquisition of the El Boleo property greatly expands the resource potential for the company and, also, of proving a significant resource for an economically viable mine," said Wally Boguski, president and CEO. "We look forward to the advancement of both the El Boleo and the Reforma properties in Mexico with a near term goal of a resource definition."
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 will earn 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.
The Company has also begun exploration work on the Au-Wen property in British Columbia, Canada. The Au-Wen property is 100 % owned by Victory Resources and is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic Aspen Grove mining camp in south-central British Columbia, Canada. The property is comprised of 91 mineral claims covering an area of 34,200 hectares. The area covered is up to 39 kilometres long and up to 21 kilometres wide.
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.
For further information:
contact Corey Safran, investor Relation, at 609-228-0595, or by email at: [email protected]