Virginia Mines Inc.
("Virginia") (TSX:VGQ
- News) is pleased to
announce that it has entered into a joint-venture agreement with SOQUEM Inc.
("SOQUEM"), a wholly-owned subsidiary of Societe generale de
financement du Quebec ("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 Quebec 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
Quebec.
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.
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 filed with the security commissions of
British Columbia, Alberta, Ontario and Quebec, and in 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.
Contact:
Andre Gaumond
Virginia Mines Inc.
President
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
Paul Archer
Virginia Mines Inc.
V-P Exploration
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
www.virginia.qc.ca
mines@virginia.qc.ca |