CLOSING OF A $3 M BOUGHT DEAL FLOW-THROUGH PRIVATE PLACEMENT

Virginia Mines Inc. (?Virginia?) announces that it has completed the $3.0 million bought-deal private placement announced on September 9, 2011. The placement consists of 200,000 flow-through common shares at a price of $15.00 per share, which represents 74% premium to the last 10 days volume weighted average trading price for gross proceeds of CA$3,000,000.

Oberon Capital Corporation (?Oberon?) acted as lead agent on the offering and received a finder?s fee equal to 6% of the gross proceeds of the financing and non-transferable broker warrants entitling Oberon to subscribe for such number of common shares of Virginia equal to 6% of the number of flow-through common share issued. The warrants may be exercised at $10.50 per share and have a term of 12 months from closing.

Proceeds from the offering will be used to fund exploration work on Virginia?s numerous projects.