![](../style/all/img/drapeau/grand/Canada.gif) | | Published : September 16th, 2009 | Virginia Completes Uranium Program and Acquires More Land |
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Wednesday,
September 16, 2009
Virginia Completes Uranium Program and Acquires More Land
NR: 09-18
Virginia Energy Resources Inc. (TSX.V: VAE) is pleased to announce
it has completed a 7-week, $800,000 exploration program on its Otish Basin
properties in north-central Qu�bec, and signed an agreement to acquire the
nearby Strategis property from Big Red Diamond Corporation.
With the acquisition of the Strategis property, Virginia now controls
interests in ten claim blocks within and on the margins of the Proterozoic
Otish basin (see property map on Virginia website). These
properties are prospective for high-grade uranium deposits similar to the Matoush deposit
of Strateco Resources Inc., the Seru
L zone deposit of Abitex Resources Inc., the South Otish
project of Cameco Corporation and the Mistassini
property of Strateco Resources Inc / Majescor Resources Inc.
2009 Exploration Program
The majority of Virginia's 2009 work was directed towards defining drill
targets on four properties under option from Xemplar Energy Corporation.
Work accomplished included the recovery and re-sampling of 115 metres of
well-preserved core from 14 drill holes drilled in the 1980s by Seru
Nucl�aire Canada Lt�e and COGEMA Canada Ltd. (predecessors of AREVA
Resources Canada Inc.), stripping and channel sampling of several
prospects, 90 line-kilometres of detailed ground magnetic surveys over
seven targets, 769 soil samples on nine grids and approximately 850
kilometres of prospecting traverses including the collection of several
hundred rock and water samples. Several promising prospects have been
identified, and assay results will be released as soon as they are
available.
Strategis Property Acquisition
The company has signed of an option agreement with Big Red Diamond
Corporation (TSX.V: DIA) for the Strategis Property, comprising 5100
hectares of map designated claims in 97 cells, located between Virginia's
wholly owned Otish West property and the Lorenz property under option from
Xemplar. The property straddles the Otish Basin unconformity and is located
directly west of the Lorenz Gully uranium prospect on the Lorenz property.
Uranerz Exploration and Mining Ltd. drilled two drill holes on what is now
the Strategis property in 1979. Hole LG-34 is reported to have intersected
2.0 metres grading 1260.7 ppm U3O8, including 0.5 m grading 3440 ppm U3O8
(Quebec assessment report GM36332). Big Red completed an airborne
radiometric-magnetic survey in 2007, which identified several promising
anomalies for follow-up.
Under the terms of the agreement, Virginia can acquire a 100% interest in
the Strategis property subject to a 2% Net Smelter Royalty interest in
favour of Big Red and certain underlying vendors, of which 1.5% can be
bought back at any time by payment of $1.5 million. To earn its interest,
Virginia must pay $50,000 on signing and issue $180,000 in shares within
four months after signing. Big Red agrees to finance an approved work
program of prospecting, soil sampling and ground geophysics on the
property, which will commence immediately.
Shares Issued to Xemplar
As part of its agreement with Xemplar, Virginia issued 600,000
post-consolidation shares in July 2009. To complete the acquisition of a
60% interest in the properties, Virginia must expend $1.5 million on
exploration prior to the second anniversary of the agreement (July, 2010).
Approximately $1.3 million has been spent to date. Once that work
commitment is met, Virginia has the choice of initiating a 60% Virginia-40%
Xemplar joint venture in which Xemplar will be carried for the first $1
million in expenditures, or delivering 1.2 million post-consolidation
shares to obtain a 100% interest in the property, subject to a 3% NSR, of
which 1.5% can be purchased.
Otish Mountains Access Road
In its 2009 budget, the Government of Quebec announced the allocation of
$130 million for completion of an all-weather road extending north to the
Otish Mountains. The Quebec Ministry of Transport is targeting early 2010
for the start of construction on this important road, which would pass
within 5 kilometres of Virginia's Otish West and Beaver properties,
providing excellent access for future exploration and development.
The technical information in this news release has been reviewed and
prepared by Michael S. Cathro, P.Geo., Virginia's Vice President of
Exploration and a Qualified Person as defined in National Instrument
43-101.
On Behalf of the Board of Directors
Virginia Energy Resources Inc.
"Norman Reynolds"
Norman Reynolds, President & CEO
Neither
the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy
of this release.
For further information contact: Norman Reynolds, President or
Tony Perri - Investor Relations, Manager
Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B
1N2
Tel: (604) 669-4799 Website: www.virginiaenergyresources.com
You can also view this News Release on our website at:
http://www.santoy.ca/s/NewsReleases.asp?ReportID=363549
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Virginia Energy Resources Inc.
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DEVELOPMENT STAGE |
CODE : VAE.V |
ISIN : CA9278051011 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Virginia Energy is a gold and cobalt exploration company based in Canada. Virginia Energy develops gold, cobalt and uranium in USA, and holds various exploration projects in Canada. Its main asset in development is COLES HILL PROPERTY in USA and its main exploration properties are ALIMAK/DECADE, RKN/GOLDEN HEART AREA, ATHABASCA WESCAN SANTOY JV, OTISH, HATCHET LAKE, HAWK RIDGE, BLIZZARD, DOWLER LAKE, KARPINKA LAKE, THE BOW RIVER, KASMERE LAKE, HAZEMPA LAKE, FIR ISLAND, PATTYSON LAKE, BINGO and MUSTANG LAKE in Canada. Virginia Energy is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 8.0 millions as of today (US$ 7.2 millions, € 5.2 millions). Its stock quote reached its highest recent level on February 23, 2007 at CA$ 8.00, and its lowest recent point on April 17, 2009 at CA$ 0.07. Virginia Energy has 57 230 614 shares outstanding. |
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