NEW YORK, NEW YORK--(Marketwired - May 5, 2016) - Electrum Strategic Opportunities Fund L.P. ("Electrum") announces that Electrum and Victoria Gold Corp. (the "issuer") have entered into a unit purchase agreement (the "Purchase Agreement"), dated May 4, 2016, pursuant to which Electrum agreed, subject to certain terms and conditions set forth in the Purchase Agreement, to acquire ownership of 60,000,000 units of the issuer (the "Units") for an aggregate subscription price of CAD$18,000,000 (the "Financing"). Each Unit is comprised of one common share in the capital of the issuer (a "Common Share") and one-half of one common share purchase warrant. Each whole common share purchase warrant (a "Warrant") shall entitle the holder thereof to purchase one common share of the issuer at a price of CAD$0.40 for a period of three years after the closing of the Financing.

Upon closing of the Financing, Electrum would own 60,000,000 common shares of the issuer and 30,000,000 Warrants representing 13.60% of the issued and outstanding common shares of the issuer or 19.10% upon exercise of the Warrants (assuming the exercise of all of the Warrants owned by Electrum and that no other securities, including those convertible into or exercisable for the issuer's securities, are issued, converted or exercised).

The Units, would be acquired for investment purposes and Electrum or one or more of its affiliates, or both may, depending on market and other conditions, increase or decrease their beneficial ownership of common shares of the issuer or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.

Electrum is an "accredited investor" (as such term is defined in National Instrument 45-106 - Prospectus Exemptions adopted by the Canadian Securities Administrators ("NI 45-106")) because Electrum is a "person" (as such term is defined in NI 45-106) in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are "accredited investors".

Electrum is located at 700 Madison Avenue, 5th Floor, New York, NY 10065, USA. A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of the issuer at www.sedar.com.