VGO Vogogo Inc

Victory Gold Mines Inc. ("Victory Gold") (CNSX:VGO) is pleased to announce a
non- brokered private placement (the "Offering") of up to $4,000,000. The
Offering will be made pursuant to exemptions from the prospectus requirements of
the applicable securities laws. The Offering will consist of up to 4,545,455
Units (the " Units") at a price of $0.22 per Unit and up to 13,636,363 common
shares issued on a "flow-through" basis (the "Flow-Through Shares") at a price
of $0.22 per Flow-Through Share. 


Each Unit is comprised of one common share in the capital of Victory Gold and
one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant
will entitle the holder to acquire an additional common share at an exercise
price of $0.35 per share for a period of 18 months.


A cash finders fee equal to 7% of the gross proceeds raised in the Offering will
be paid to qualified registrants who participate in the Offering. As additional
compensation qualified registrants will be issued agent warrants equal to 10% of
the number of securities sold under this Offering. Each agent warrant will
entitle the holder to subscribe for one common share at the exercise price of
$0.35 for a period of 18 months. Completion of the Offering is subject to
regulatory approval. All securities issued in the Offering will be subject to a
hold period of four months and one day.


Pursuant to the Offering, Victory Gold has received subscriptions for an initial
tranche of $1,207,500 consisting of 1,136,364 Units for gross proceeds of
$250,000 and 4,352,273 Flow- Through Shares for gross proceeds of $957,500.


The net proceeds from the sale of the Units will be used for general corporate
purposes. The gross proceeds from the Flow-Through Shares will be used by
Victory Gold to continue exploration and development of the Gold Pike Mine
Property located in East Timmins, Ontario. Please refer to the Victory Gold
website at www.victorygoldmines.com for the news release dated September 14,
2011 detailing the results of the summer 2011 drill program as well as other
detailed information on the Gold Pike Mine Property.


Victory Gold Mines Inc. is exploring and expanding a former producing gold
deposit situated between two producing gold mines in the Timmins Gold District.


Please visit www.victorygoldmines.com for additional information. 

Certain statements contained in this news release constitute "forward looking
statements". These statements are based on current expectations of management,
however are subject to known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from the forward-looking
statements in this news release. Readers are cautioned not to place undue
reliance on these statements. The Company does not undertake any obligation to
revise or update any forward-looking statements as a result of new information,
future events or otherwise after the date hereof, except as required by
securities laws.


Shares Outstanding: 34,876,612

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