The all-share deal with Karmin Exploration (TSX-V:KAR) is worth US$27.5 million and will be covered by a 5.7-million-share issue.
The Cushuro project includes three concessions and two more with registration pending.
VI CEO David Sumner said the new licences would add to the Minaspampa operation.
"This acquisition of Cushuro will enable VI Mining to further consolidate its position in La Libertad, one of the most prospective mineral regions in Peru for precious metals," he said.
"The Cushuro gold project is an asset with outstanding resource potential, which will create synergies across our portfolio by consolidating and developing them as a district, given their close proximity."
VI initially pitched itself to investors as a brownfield developer that would be funded by toll mining operations, although has moved more towards the traditional approach since announcing its listing intent last year.
VI listed at £5.50 (US$7.20) per share in March and now sits at £3.80/share, with a low of £3 in June.
The company announced last month it would take the seller of the Ximenita de Casma project to court for not handing over concessions as well as the plant.
