Virginia Energy Resources Inc. (TSX.V: VAE) is pleased to report that drilling will begin within the next week on two of its uranium projects in Saskatchewan and Labrador. Planning is also underway for a summer drilling project on the Otish Basin project in Quebec.

At Hatchet Lake in the northeastern Athabasca Basin of Saskatchewan, the Company's 50% JV partner and project operator Denison Mines Corp. (TSX: DML) has advised that a drill has been mobilized to the Richardson-Crooked Lake target, located 40 kilometres north of the McLean Lake mill. The joint venture has authorized a 14-hole, 2300 metre drill program to test geophysical targets in an area where the unconformity is relatively close to surface (less than 120 m). Total JV expenditures for 2011 are budgeted at $850,000. A complete description of the property and the planned drilling is available in the Company's news release dated December 21, 2010.

At the Mustang Lake property north of Goose Bay in Labrador, a drill has been mobilized for a $1 million, 7-hole, 1800 metre program designed to test a structural target beneath Mustang Lake. The project is part of a joint venture operated by Mega Uranium Ltd. (TSX.V: MGA), with Virginia holding a 33.31% interest and Mega holding the remainder. The target is within a structural zone containing Aillik Group volcanic stratigraphy interpreted to trend from Paladin's Michelin uranium deposit, located 8 km to the southwest, through the Mustang Lake property. The target lies within the core of a SW-plunging synform and is at the centre of a regional magnetic high which is considered prospective because known mineralized zones typically contain hematite and magnetite alteration. The target has known mineralization on either side with previous holes SP-06-10 intersecting 9.11 m of 0.11% U3O8 on the NW side of the target and ML-08-07 intersecting 4.3 m of 0.044% U3O8 on the SE side. Virginia has elected to not contribute to this drill program and will take an estimated 6% dilution in its JV ownership.

At the Otish Basin project in central Quebec, wholly owned by Virginia Energy, planning is underway for a Summer 2011 drill program. The work is slated to begin in mid-June.

The technical information in this news release has been reviewed by Michael S. Cathro, P.Geo., Virginia's Vice President of Exploration and a Qualified Person as defined by National Instrument 43-101.

About Virginia Energy Resources Inc.

Virginia Energy Resources Inc. is a uranium development and exploration company. The Company holds a 30% stake in the advanced stage Coles Hill uranium project in Virginia. Additionally, the Company is pursuing active exploration programs in the Athabasca Basin on its Murphy Lake and Hatchet Lake uranium properties, which are held in a 50-50 Joint Venture with Denison Mines Ltd., and its 100% owned uranium properties in the Otish Basin of Quebec. The Company is also a 37% shareholder of Boss Power Corporation. Virginia Energy Resources Inc. trades on the TSX Venture Exchange under the symbol VAE.

On Behalf of the Board of Directors of
VIRGINIA ENERGY RESOURCES INC.
Walter Coles Jr.
President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:
Walter Coles, Jr., President/CEO 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