VANCOUVER, BC – VICTORY RESOURCES CORP (the "Company") is pleased to announce that it has accepted subscriptions and funds totaling $1,250,000 in relation to the first tranche of a private placement (the “Private Placement”) of units to qualified investors.

 

This first tranche of the Private Placement (aggregating $1,250,000) consists of units at a price of $0.25 per unit.  Each unit consists of one common share in the capital of the Company and one half share purchase warrant. One full warrant entitles the holder thereof to acquire one additional common share in the capital of the Company at a price of $0.40 for 24-months from closing.

 

The second tranche of the Private Placement will be for up to an additional $1,250,000 (aggregate total for both tranches $2,500,000) and is expected to be completed shortly.

Finder’s fees may be paid to qualified parties as allowed by policies of the TSX Venture Exchange.

 

The closing of the Private Placement is subject to the approval of the TSX Venture Exchange.

 

The Company is pleased to announce the initiation of its 2010 exploration program (“Program”) on the Wen prospect of the Toni property (“Property”) located 30 kilometres southeast of Merritt and eight kilometres east of the historic Aspen Grove Mining Camp in south-central B. C.

 

The Program includes diamond drilling to determine the extent of the Adit Mineral Zone which was discovered in a 2008 Victory Resources Corporation diamond drill program. The Adit Mineral Zone is a gold-copper bearing quartz vein which is up to seven metres wide and was delineated by four short diamond drill holes for 20 metres along strike and 50 metres to depth. The mineral zone is open on strike and to depth.

 

In addition, the 2010 drill program goal is to confirm and expand the results of a 1996 diamond drill program completed by George Resource Company in which drill hole W96-1 intersected a 6.55 metre gold-copper bearing quartz vein mineralized zone located 50 metres southeast and paralleling the Adit Mineral Zone. The mineralized intersection reportedly assayed 16.578 gm/t Au, 12.901 gm/t Ag and 0.75% Cu, with a higher grade section averaging 28.426 gm/t Au, 18.185 gm/t Ag and 0.98% Cu over 3.81 metres.

 

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 Corporation to be materially different from the results, performance or expectation implied by these forward looking statements.  Such uncertainties include the completion of the subject private placement and positive exploration results on the 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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