Virginia
Mines Inc. ("Virginia")
(TSX:VGQ) is pleased to announce that it has entered
into a joint-venture agreement with SOQUEM Inc. ("SOQUEM"), a
wholly-owned subsidiary of Soci?t? g?n?rale de financement du
Qu?bec ("SGF"), Aurizon
Mines Ltd. ("Aurizon")
and Stornoway Diamond Corporation ("Stornoway")
on the property LG-4, located in the James Bay region, Province of Quebec.
The property comprises 27 blocks of claims for a total of 236 claims. The
property is a result of a modelling exercise
conducted by the Mineral Exploration Research Consortium ("Consorem").
Partners to this agreement are all members of Consorem.
Under this agreement, Virginia, SOQUEM, Aurizon
and Stornoway have jointly acquired, in 2010, by
map designation of claims with Quebec Ministry of Natural Resources and
Wildlife, all mining claims forming the LG-4 property. Partners to the
agreement contributed equally to the joint venture giving each of them a 25% participation. Virginia will be the manager of the
joint venture.
The 2010 summer field work, with a total budget of $300,000, consisted
of prospecting and till sampling over the entire block of claims.
About SOQUEM
SOQUEM is a wholly-owned subsidiary of SGF, which is the Qu?bec government's main
industrial and financial development corporation. Its mission is to undertake
economic development projects in the industrial sector in cooperation with
partners and in compliance with the economic development policies of the
Government of Qu?bec.
About Aurizon
Aurizon is a gold
producer with a growth strategy focused on developing its existing projects
in the Abitibi region of north-western Quebec, one of the world's most favourable mining jurisdictions and prolific gold and
base metal regions, and by increasing its asset base through accretive
transactions. Aurizon shares trade on the Toronto
Stock Exchange (TSX) under the symbol "ARZ" and on the NYSE Amex
under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at www.aurizon.com.
About Stornoway
Stornoway is one of
Canada's leading diamond exploration and development companies, involved in
the discovery of over 200 kimberlites in seven
Canadian diamond districts. The Company benefits from a diversified diamond
property portfolio, a strong financial platform and management and technical
teams with experience in each segment of the diamond "pipeline"
from exploration to marketing.
About Virginia
Virginia is among the most active mining exploration companies in
Quebec with a working capital of $42.9 M as at August 31, 2010, and
30,455,442 shares issued and outstanding as at October 31, 2010. 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.
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