Shown below are my notes from a field trip that I made to several of Victoria's properties. In addition to visiting some of Victoria's properties, I had the opportunity to listen to a management presentation that was designed to give myself and several junior gold stock analysts a comprehensive update on both the current development of properties as well as their future drilling plans. All of us had many opportunities to talk individually with management, many of their geologists, and other support personal. As a result of this field trip, I am more confident than I have ever been over the past four years that we truly have a magnificent investment opportunity to make a great deal of money in Victoria's stock.

VICTORIA RESOURCE’S MANAGEMENT TEAM, GEOLOGIC TEAM, AND SUPPORT PERSONALE

Unequivocally, I give the management team at Victoria a “Thumbs Up”. They are all professionals that are giving a 100% effort to make this a successful exploration company. Dr. Raul Madrid, “Vice President of Exploration”, is a “Class Act”. How many geologists do you know that have been successful in identifying 13 major producing ore bodies? Most geologists will be lucky to have one major gold discovery in their lifetime. His methodology of identifying structures that are most likely to yield high grade resources is unique in the industry. Not only has he been successful in identifying high grade ore bodies, but he has been able to accomplish this task at a cost well below his competitors because of his drilling success. Most other major gold exploration teams have had to drill many more holes to prove up equivalent resource that Raul has been able to uncover with far fewer holes drilled. Chad Williams, “CEO and President of Victoria” -what can I say – he also has a proven tract record, and has a history of being successful in whatever he does. He has a work ethic that would be the envy of most people. He has unbridled confidence in his abilities in making Victoria Resources a true success – confidence which is backed up by his substantial personal investment in Victoria’s stock, and his willingness to take a substantial pay cut to take over the helm of this company. With his contacts and established credibility in the gold community, you will find it difficult to find anyone more suitable for his job with this company. Naturally, this company can’t have success without the expertise of all the other geologists employed with this company and their support personal. The whole company works as a team and they are all enthusiastic in sharing the corporate vision of this company being a successful gold exploration company. There are no guarantees in this high risk business, but I believe that this company has all the ingredients necessary in stacking the odds in their favor of being successful.

PUBLIC RELATIONS, MARKETING, PRESS RELEASES, DRILLING COSTS

1) Management is presently pursuing an aggressive marketing plan designed to make the investment public more aware of the investment opportunities that this company has to offer. Exposing their company to the junior gold stock analysts via presentations and field trips to their properties has been one of their top priorities. In the past few days management has had several junior gold analysts attend their presentations and visit several of their properties. As a result of these meetings, we can expect some of these analysts to pick up coverage on Victoria and publish research reports. Currently there are three research reports that have been made on Victoria and I am sure that there are more to come. I suggested to management that their web site include a list of analysts that have published research reports on this company. The more exposure this company gets, the more investors will recognize the investment opportunity, and in the end, this should support a higher price for Victoria’s stock price.

2) Management recognizes investor’s desire for regular updates on drilling activity and corporate plans. They ultimately would like to have press releases made on a monthly basis. This should be very helpful in supporting the price of their stock.

3) Management is also looking into methods of substantially reducing drilling costs and increasing productivity in drilling operations. The company now has a drilling manager that overseas all of the drilling operations making sure that the drilling crews are well qualified and performing up to expectations. Drilling crews are now being compensated on the number of feet drilled per day rather that being compensated on an hourly basis like they have been in the past. Future drilling costs may also be reduced by combining reverse drilling with core drilling techniques as well as doing below surface drilling from underground tunnels.

CORPORATE LIQUIDITY AND CAPITAL REQUIREMENTS

1) Cash on hand is presently near $10,000,000. That is approximately the same level is was in February despite a burn rate of $150,000 per month for corporate overhead plus the drilling costs of two drilling rigs operating at Cove McCoy during this period of time. The reason for no material reduction in cash resources is do to the fact that some of the warrants issued in prior private placements have been exercised before their expiration dates.

2) At the present time, Victoria’s burn rate for corporate overhead and drilling cost at Cove McCoy is running at approximately $700,000 per month. That burn rate will fluctuate in the coming months when Victoria pulls off one or more rigs from Cove McCoy to do additional drilling at Hilltop and Mill Canyon. It appears to me that Victoria’s cash resources will be sufficient to continue their exploration activities for at least another year or more.

1. Victoria is currently exploring various means of generating additional cash resources for future needs without having to dilute shareholder’s equity. As of to- date no decisions have been made, but general discussions have included the promotion of early exercise of warrants and the possibility of joint ventures. Keep in mind that no decisions have been made, but one should note that Victoria is very sensitive to stockholder dilution.
   

COVE McCOY AND OTHER PROPERTY UPDATES

1) Up until recently, there were three rigs operating. One of the three rigs was pulled off the drilling pad do to some problems with the rigs inability to complete the deep drilling. Victoria is in the process of replacing that rig with another rig that will be better suited for the deep drilling.

2) Drilling results from holes #8, 9, and 10 should be complete and assay reports received by mid to late May and June. Each hole drilled at Cove McCoy takes approximately one month to drill and the assay results are generally received within a two to six week period depending on whether or not a rush job is requested. The cost of each hole drilled at Cove McCoy is approximately $300,000 - $150 a foot.

3) In this drilling phase at Cove McCoy, the company intends on drilling 15 holes. One of the three rigs between now and July will be reallocated to Hilltop, leaving two rigs to complete hole #11 through #15 which should be drilled and assay reports received in stages starting in late July through September. Newmont Mining requires Victoria to spend approximately $430,000 on the Hilltop property before August 15th in order for Victoria to maintain their property lease. The drilling at Hilltop may initially require two holes to be drilled.

4) Once the 15 holes have been drilled at Cove McCoy, Victoria will make a determination whether or not they intend to complete another round of drilling that could be in the neighborhood of 40 holes. If that decision is made in favor of the additional drilling, they may end up drilling a tunnel from the top of the Cove Open Pit down to a level where high grade mineralization is evident. From that level they will insert a rig or rigs to complete the 40 holes. It is important to note that underground drilling cost is approximately 1/10th of the cost of above ground drilling. Not only is the cost substantially reduced, but the time to drill the holes is substantially less – they simply don’t have to drill as much footage. This phase of drilling could take up a year to complete. At that point the next step would be Scoping and finally a feasibility study. Upon completion of a feasibility study, Newmont Mining has 60 day to exercise a back for a 51% interest or take back a royalty income. Conversations with management suggest to me that Newmont Mining won’t exercise a back in unless the feasibility indicates that there are at least 2 million mineable ounces of gold.

5) In my opinion, if Victoria continues to show high grade mineralization at Cove McCoy, it is likely that they will also be successful in negotiating additional leased property surrounding the Cove Open Pit from Newmont Mining.

6) Once the initial 15 hold drilling phase is complete at Cove McCoy, some of the drilling rigs will be reallocated to Mill Canyon.