In March 2011, Victoria announced a new NI 43-101 mineral resource estimate containing 222 million tonnes of Indicated resource grading 0.68 g/t of gold (4.8 million ounces) and 77 million tonnes of Inferred Resources grading 0.59 g/t(1.5 million ounces).

An NI 43-101 Feasibility Study was announced Feb 2012, which demonstrated a Probable Reserve of 91.6 million tonnes, grading 0.78 g/t of gold (2.3 million ounces). The initial capital cost of $383 million would produce 192,000 ounces gold per year over life of mine at an estimated operating cost of $USD 614 per ounce.

The project would have IRR of 24% at $USD 1,325 per ounce gold.

Victoria Gold has completed this year, drilling of 17,878 m, in 59 holes as of July 30, 2012.
McConnell points out the largest shareholder, Kinross Gold with 16% of Victoria shares, has provided access to operating data from Fort Knox, a very large low grade heap leach operation in Alaska that would have similar operating conditions.

Rothschild, a leading global financial advisor acting for Victoria, have determined that of the total $430 million funding required to build Eagle Gold , conventional project finance could be obtained for about $225 million with a possibility of obtaining more.

An additional $40 million financing for mobile equipment could be available. With approximately $60 million in working capital and and receivables, the remaining $105 million will have to be provided by royalty financing, forward gold sales, alternative debt or a joint venture partner.

McConnell hopes to have financing in place shortly, with permits in place in the spring of 2013. Victoria Gold has made an unusual decision for a junior mine developer by hiring its own environmental team with specialized experience working with a well-known consulting firm. This is expected to result in a smoother and faster permitting process. Construction is expected to take about 18 months, with full production possible starting in 2015.