Virginia Mines Inc.

Published : February 24th, 2009

ELEONORE GOLD DEPOSIT ROYALTY

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Virginia Mines Inc. (Virginia) would like to update shareholders on the resource calculation of the Eleonore project held by Goldcorp Inc.

 

On February 19, 2009, Goldcorp published a new grade and resource calculation on the Eleonore gold deposit, of which Virginia owns a 2% production royalty.  Advance payments of US$100,000 per month are to begin in April 2009.

 

As of December 31, 2008, the deposit contained 2.3 million ounces of measured and indicated gold resources at an average grade of 10.05 grams per tonne and 3.0 million ounces of inferred gold resources at an average grade of 12.75 grams per tonne.

 

The royalty is highly enhanced with the current gold price and the new resource calculation suggests that Virginia?s royalty could reach a value of over 3% NSR.

 

 

Goldcorp mineral resource calculation on El?onore gold deposit:

 

GOLDCORP MINERAL RESOURCES

As of December 31, 2008

MEASURED & INDICATED

INFERRED

Tonnage

Grade

Contained

Tonnage

Grade

Contained

GOLD

mt

g/t Au

m oz

mt

g/t Au

m oz

Eleonore

7.05

10.05

2.28

7.39

12.75

3.03

*Source: Goldcorp Inc.

 

 

Virginia’s Royalty on Eleonore deposit

 

Royalty Percentage

Price of Gold

-10%

if price of gold less or equal to US$350 / oz

-5%

if price of gold greater than US$350 / oz but less or equal to US$400 / oz

-

if price of gold greater than US$400 / oz but less or equal to US$450 / oz

+5%

if price of gold greater than US$450 / oz but less or equal to US$500 / oz

+10%

if price of gold greater than US$500 / oz

 

 

 

Royalty Percentage

Ounces Produced from the Property

2%

on the first 3 million oz

+ 0.25%

on the cumulative ounces produced between 3 million oz and 4 million oz

+ 0.25%

for every additional million ounces of gold produced

 

UPDATE ON ELEONORE GOLD DEPOSIT ROYALTY

February 24.  2009


 

Virginia Mines Inc. (Virginia) would like to update shareholders on the resource calculation of the Eleonore project held by Goldcorp Inc.

 

On February 19, 2009, Goldcorp published a new grade and resource calculation on the Eleonore gold deposit, of which Virginia owns a 2% production royalty.  Advance payments of US$100,000 per month are to begin in April 2009.

 

As of December 31, 2008, the deposit contained 2.3 million ounces of measured and indicated gold resources at an average grade of 10.05 grams per tonne and 3.0 million ounces of inferred gold resources at an average grade of 12.75 grams per tonne.

 

The royalty is highly enhanced with the current gold price and the new resource calculation suggests that Virginia?s royalty could reach a value of over 3% NSR.

 

 

Goldcorp mineral resource calculation on Eleonore gold deposit:

 

GOLDCORP MINERAL RESOURCES

As of December 31, 2008

MEASURED & INDICATED

INFERRED

Tonnage

Grade

Contained

Tonnage

Grade

Contained

GOLD

mt

g/t Au

m oz

mt

g/t Au

m oz

Eleonore

7.05

10.05

2.28

7.39

12.75

3.03

*Source: Goldcorp Inc.

 

Virginia’s Royalty on Eleonore deposit

 

Royalty Percentage

Price of Gold

-10%

if price of gold less or equal to US$350 / oz

-5%

if price of gold greater than US$350 / oz but less or equal to US$400 / oz

-

if price of gold greater than US$400 / oz but less or equal to US$450 / oz

+5%

if price of gold greater than US$450 / oz but less or equal to US$500 / oz

+10%

if price of gold greater than US$500 / oz

 

 

 

Royalty Percentage

Ounces Produced from the Property

2%

on the first 3 million oz

+ 0.25%

on the cumulative ounces produced between 3 million oz and 4 million oz

+ 0.25%

for every additional million ounces of gold produced

 About Virginia

Virginia is among the most active mining exploration companies in Quebec with a working capital of $38.6 million as at November 30, 2008, and 29,201,776 shares issued and outstanding as at January 15, 2009. Virginia trades on the Toronto Stock Exchange (TSX) under the ticker symbol VGQ. Virginia concentrates its activities on its numerous properties that are spread over the vast unexplored regions of northern Quebec.

 

 

FOR MORE INFORMATION, PLEASE CONTACT: Amelie Laliberte, Investor Relations, Paul Archer, V-P Exploration and Qualified Person, or Andre Gaumond, President.

 

 

 

200-116 St-Pierre                                     www.virginia.qc.ca                                     Tel. 800-476-1853

Quebec, QC G1K 4A7                             mines@virginia.qc.ca                                   Tel. 418-694-9832

Canada                                                                                                                      Fax. 418-694-9120

 

 

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Virginia's periodic reports including the annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. Virginia undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events

< 

Virginia Mines Inc.

DEVELOPMENT STAGE
CODE : VGQ.TO
ISIN : CA9278641084
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Virginia Mines is a gold development stage company based in Canada.

Virginia Mines holds various exploration projects in Canada.

Its main asset in development is ELEONORE in Canada and its main exploration properties are COULON JV, LA GRANDE NORD, ASHUANIPI, ASSINICA, BAY PAINE, DUQUET, LAC FAGNANT, LAC GAYOT PROJECT, LAC PAU, LA GRANDE SUD, NOËLLA, TRIESTE, WABAMISK - ANATACAU, AUCLAIR, CHUTE-DES-PASSES, CORVET EST, FCI, DIEPPE, OPINACA, POSTE LEMOYNE, LAC H, LG-4 and CARAT in Canada.

Virginia Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 541.4 millions as of today (US$ 429.7 millions, € 376.4 millions).

Its stock quote reached its lowest recent point on January 25, 2013 at CA$ 10.00, and its highest recent level on February 18, 2015 at CA$ 14.99.

Virginia Mines has 36 120 000 shares outstanding.

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