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Feb. 13, 2013 /PRNewswire/ -
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
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
"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.
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
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.