NR: 13-08Virginia Energy Resources Inc. (TSX.V:
VUI; OTCQX:
VEGYF) ("
Virginia Energy" or the "
Company") wishes to update shareholders on the most recent political developments in the state of Virginia. The company suffered a setback following the election of the Democratic candidate Terry McAuliffe as the Commonwealth's next Governor. McAuliffe's post-election statements of opposition to our project are disheartening to say the least. As a result, the company has decided to temporarily suspend some of its activities so that the Board can evaluate the best course of action to advance the longer term potential of Coles Hill uranium project.
The Company has significantly scaled back its government affairs program for the 2014 Virginia Legislative session and will likewise scale back some of the technical work on the project, at least for the interim period. Over the past 6 years, the tireless efforts of company staff and consultants have contributed significantly toward advancing the project.
Most notably:
- Completing an updated Preliminary Economic Assessment on the project in June of 2012
- A positive 11-2 vote by the Virginia Coal and Energy Commission in December 2012 recommending that the Virginia legislature move forward with establishing regulations to allow uranium mining in the Commonwealth
- Resolutions from the Pittsylvania County Farm Bureau in 2013 in support of developing uranium mining regulations
- Ongoing baseline technical data collection that has prepared the project to begin the federal licensing phase
- Dramatic growth to over 4,000 members of the People for Economic Prosperity, a local advocacy group consisting of small business owners, farmers and citizens living in Pittsylvania County
While Governor-elect McAuliffe's comments are discouraging, the Company remains as determined as ever to see this project through to completion and help to bring about the economic revitalization of Southside Virginia. The company believes that it will find a viable path forward and shall pursue it with steadfast determination.
In other business, the Company's Annual General and Special Meeting of the shareholders was held in Chatham, Virginia, USA, on Monday, October 7, 2013. The number of directors, appointment of auditors and the company's stock option plan were approved as proposed by management.
The shareholders re-elected Walter Coles, Sr., Norman Reynolds, Ronald F. Hochstein, Neal Keesee and Graham Moylan to the Board of Directors ("Board").
Former director Peter Grosskopf did not stand for re-election and the Board would like to thank Mr. Grosskopf for his services to the Company.
About Virginia Energy Resources Inc.Virginia Energy Resources Inc. is a uranium development and exploration company. The company holds a 100% controlling interest in the advanced stage Coles Hill uranium project located in south central Virginia, USA. Additionally, the company owns mineral exploration properties in the Otish Basin of Quebec, Canada.
On Behalf of the Board of Directors of
VIRGINIA ENERGY RESOURCES INC. Walter Coles, Sr.
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 releaseFor further information contact: Walter Coles, Jr., Executive Vice 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