VIRGINIA SELLS ITS APPLE PROPERTY TO STRATECO
FOR 3.25 MILLION SHARES
Virginia Mines Inc. (?Virginia?) announces
that it entered into agreement with Strateco
Resources Inc. (?Strateco?) pursuant to which Strateco acquires a 100% interest in 88 claims located in
the James Bay region of Quebec, in exchange
for the issuance to Virginia
of 3,250,000 common shares of Strateco.� The agreement is subject to a 2% net
smelter return (NSR) in favour of Virginia.� Strateco may buy
back 1% of the royalty for $1 million.�
Furthermore, a staking request for 104 claims was recently filed, thus
bringing the property to 192 claims.
This agreement is subject to the approval of
The Apple property hosts gold showings and a uraniferous deposit discovered by Inco in the 70?s.� Inco reports a
resource (that does not meet the National Instrument 43-101 standards) of
approximately 9 million pounds of uranium at a grade of 0.054%U3O8.
is pleased to see the Apple property, which remained unexplored for uranium
for over 30 years, be revived by Strateco.�
Strateco proved, notably at Matoush, that it is a leader in the exploration for
uranium in Quebec.?
Virginia is among the most active mining exploration companies in Quebec
with a working capital of $48,042,904
as of May 31, 2007 and 26,443,198 shares issued and
outstanding as of July 31, 2007. �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.
St-Pierre��������������������������������������� www.virginia.qc.ca����������������� Tel. 800-476-1853
Quebec, QC G1K 4A7������������������������������ firstname.lastname@example.org��������������� 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