Conditional Approval of Reforma Mine Acquisition - Advisory Board Appointment

 

VANCOUVER, BC – VICTORY RESOURCES CORP (the "Company") is pleased to announce that it has received conditional approval from the TSX-V to proceed with final closing matters respecting the previously announced acquisition of an option to acquire a 70% undivided interest in the Reforma Mine property, Sinaloa, Mexico.

 

The Reforma property is a 6,987 hectare land package which extends through the eastern portion of Sinaloa State, Mexico in the Choix Mining District. Industrias Peñoles S.A.B. de C.V. (Peñoles), the former owner and operator, reported that during the 1968 to 1980 production period a total of 1,800,000 tonnes of ore was mined and processed at an average grade of 91.62 g/t Ag, 1.90% Pb, 7.44% Zn, and 0.63% Cu. At the time of the mine closure in 1980 Peñoles reported a remaining mineral reserve of 52,565 tonnes grading 104.91g/t Ag, 1.87% Pb, 5.73% Zn, and 0.58% Cu. No other production is recorded after that date as the mine was shut down due to labor unrest coupled with deteriorating metal prices.

 

The Reforma property area borders two significant mineral deposits (the Bahuerachi and the Santo Tomas). The Bahuerachi property (which was formally owned by Tyler Resources) was purchased in 2008 by Jinchuan Group China for approximately USD$216 million. The Santo Tomas is a porphyry mineral deposit south of the Reforma property which as been reported to contain a mineral resource of some 600 million tonnes grading 0.363 % Cu (plus gold and silver credits) in the north zone and some 350 million tonnes grading 0.309 % Cu (plus gold and silver credits) in the south zone.

 

The Company is pleased to announce the appointment of Mr. R.W. (Bob) Cunningham to its Board of Advisors.  Mr. Cunningham is Chairman of the Board, President/Chief Executive Officer of Century Properties Inc., a Multi-million dollar property development and investment company based in Winnipeg, Manitoba since 1972. He is also President and Chief Executive Officer of Cunningham Business Interiors Ltd., an office furniture and interior design company which is among the largest and most successful in the Prairie Provinces since its formation in August, 1964. The Company looks forward to its association with Mr. Cunningham and welcomes his extensive business background.

 

Laurence Sookochoff, P. Eng., a Qualified Person (QP) as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this News Release.

 

 

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 Corp. to be materially different from the results, performance or expectation implied by these forward looking statements.  Such uncertainties include the completion of the acquisition of the Reforma property and the ability of Victory to finance its participation and earn a resulting interest in the Reforma property. 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.
 

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