By Melissa Pistilli - Exclusive to Uranium Investing News

Proposed legislation that would end Virginia's 31-year moratorium on uranium mining permits is set to be finalized this week. The Virginia General Assembly will take up the issue in its 2013 session in what is expected to be a tight vote. If passed, the legislation will be a monumental step toward production at the Coles Hill uranium project, which is wholly owned by Virginia Energy Resources (TSXV:VUI,OTCQX:VEGYF).

Last week, Virginia's Coal and Energy Commission voted 11 to 2 to recommend lifting the ban, with Senator John Watkins (R-Powhatan) and Delegate Jackson Miller (R-Manassas) announcing that they will introduce legislation to establish regulatory and licensing requirements. Watkins has also proposed legislation that would impose a 3-percent tax on companies mining uranium in the state.

Senate Democratic Leader Richard Saslaw of Fairfax also announced his support for ending the ban at a news conference in Richmond that was attended by Watkins, Miller and Southside Virginia residents.

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