John McConnell, President & CEO of Victoria Gold (VIT:TSX.V), shares the future for the company in the current markets.
We have a large project in the Yukon called Eagle, currently 6.3 million ounce resource complete feasibility study based on 2.3 million ounce reserve. In production we’ll produce over 200,000 ounces of gold per year at a cash cost of about 615 per ounce.
One of the unique things about Eagle is it’s now fully permitted. In production we’ll employ close to 400 people on an annual basis adding 4000 jobs to the Yukon, so big impact on the overall economy.
We do have 12 million dollars in cash so we can wait out these markets. Just before the end of 2015 we raised 3.5 million of flow through money. So we intend to be drilling here in April and we’re going to focus on an area called Olive, higher grade, its right on surface we think will be very accretive to overall Eagle economics.
I think the important things that investors need to know about Victoria, permitted project, we’ve got cash, we’ve got good exploration potential. With Victoria you get a team that’s met every milestone they said they’d meet and we have the ability to put Eagle into production.