I.   US$15,000,000 on closing of the transaction; 
II.  all of the right, title, and interest of Barrick in the Santa Fe      
Property(1), located in Mineral County, Nevada, with an ascribed valued      
at US$4,000,000; and III. an additional US$5,000,000 should the right of Newmont 
to back into a joint venture in respect of the Property expire or otherwise be      
eliminated.  
(1)Victoria is currently earning into a 60% interest of the Santa Fe Property as 
per an Exploration, Development and Mine Operating Agreement dated May 21st, 
2008. Upon closing of the sale of the Property, the Exploration, Development 
and Mine Operating Agreement will terminate and Victoria will hold a 100% 
interest in the Santa Fe Property.  

--  Revenues increased 6% to 11.6 million in Q1, 2012 from 10.9 million in
    Q1, 2011. 
--  186% increase in net income, $2.0 million in Q1, 2012 compared to $0.7
    million in Q1, 2011. 
--  21% increase in operating cash flow before movements in working capital,
    to $5.7 million in Q1, 2012 compared to $4.7 million in Q1, 2011. 
--  Earnings from mining operations increased 2% in Q1, 2012, $5.5 million
    compared to $5.4 million in Q1, 2011.  
--  20% increase in silver production of 287,486 ounces (258,767 ounces
    sold) in Q1 2012 compared to 240,275 ounces in Q1, 2011 (218,701 ounces
    sold). 
--  The upgrade of the La Negra mill was completed on March 31, 2012,
    increasing production from 1,500 tpd to 2,000 tpd, a 33% increase in
    production capacity.

 

--  La Negra completed its second consecutive mine expansion from 1,500 tpd
    to 2,000 tpd production capacity on time and on budget for a cost of
    $4.5 Million. 
--  130,570 mill feed tonnes of ore processed during the current quarter,
    15% (18,948) from NI 43-101 Measured and Indicated Resources and 85%
    (111,622) from new discoveries or non-compliant resources. All new
    mineralized zones will be NI 43-101 compliant. 
--  15% increase in Copper, Zinc and Lead concentrate produced during
    current quarter, 5,356 tonnes (2011: 4,684). 
--  2% increase in ore mined to 132,438 tonnes in Q1 2012 from 129,612
    tonnes in Q1 2011. 
--  La Negra's production increase was supported by a continuous in-house
    diamond drilling program.

 

--  Construction at the Shafter silver mine in Texas has been successfully
    completed two months ahead of schedule and under budget. Commissioning
    and testing of the processing plant began on April 1, 2012. The ramp up
    to reach the 1,500 tpd production is expected by early Q3. Power was
    initially supplied by generators, but now the mill is operating on
    existing power from the grid. 
--  Drilling has defined another 150 feet to the resource of the 1st block. 
--  The warehouse building, cyanide mixing plant and potable water system
    are now complete.

 

--  Values of up to 4.96 g/t Au in grab samples from the Hog showing 
--  2 diamond drill rigs currently in operation completing in-fill drilling
    at Sleeping Giant zone (Ntaka Hill) with a third diamond drill rig
    expected to be on site by the end of May 
--  20,000 - 25,000 meters of drilling currently planned from May through
    December 2012 
--  VTEM survey planned to cover prospective regional areas 

 

--  carry out 15,000m of in-fill and step-out diamond drilling at Sleeping
    Giant to upgrade current estimated mineral resource categories and to
    test for the potential down-plunge extension of the high grade core of
    the zone; 
--  drill test high priority exploration targets associated with the nickel-
    bearing Ntaka and Lionja ultramafic intrusions (approx. 4,500m); and 
--  continue to explore our extensive regional land position to identify
    copper, gold and nickel sulphide deposits.