Their Eagle gold project up in the Yukon has 2P reserves. That's good; they've made progress on this project even though the 0.78 g/t Au grade isn't stellar. Their estimated operating cost is just below the long-term average historical price of gold, so the project should remain viable as long as the cost doesn't rise. They estimate an initial capital cost of C$382.8M. Remember that figure. I won't evaluate their other Yukon properties because they're still in the exploration stage with no 43-101 reports.
Their Nevada project is the only one remaining from several they were exploring in the state back in 2010. This site used to be a productive open pit mine for gold and silver but I need to see a 43-101 report that covers more than just a few initial drill holes.
Now, back to that initial capital cost I mentioned above. I looked at their financial statement for the quarter ending August 31, 2013, the most recent one available. They had over C$14M in cash on hand and their burn rate is over C$300K/month. They'll have to raise another C$368M to start operations at Eagle. Photos of the site show a road network and mining camp, so some of the infrastructure is in place.
It's too early for me to invest in Victoria Gold but I am pleased that they have made progress on their most promising project. I'll revisit this one later once they have secured sufficient financing.
Full disclosure: No position in Victoria Gold at this time.