NR: 10-01

Virginia Energy Resources Inc. (TSX.V: VAE) and Mega Uranium Ltd. (TSX: MGA) are pleased to announce results from a small exploration program completed in summer 2009 on the Bruce River property in the Central Mineral Belt of Labrador, Canada. Bruce River is part of the Mega (66%) - Virginia (34%) Joint Venture, which also includes the Mustang Lake uranium property to the east. Mega Uranium is the operator.

Geological mapping focused on advancing two areas within the Bruce River property, the Noseman showing and the Anderneill boulder field.

At the Noseman showing a program of mapping and prospecting increased the size of the mineralized zone to approximately 200 m long by 75 m width situated in the core of a 300 m long by 100 m wide alteration zone. A total of 16 grab samples of altered granite were collected during the 2009 prospecting program with assay results ranging from 0.001% to 0.095% U₃O₈. Three channel samples were taken from the areas of the best scintillometer response on the Noseman showing with a best result of 0.092% U₃O₈ over 2.0 m. Mineralization is within a cataclastic fault zone and consists of granite clasts in a fine grained black to green matrix dominated by hematite and chlorite. The mineralized zone and alteration are open to the southeast. A map is posted on the Bruce River Project page on Virginia's website.

The Anderneill boulder field is a glacially dispersed train containing uranium mineralized boulders and is located on the Bruce River property, 2.5 km to southeast of Crosshair Exploration and Mining Corp. C-Zone deposit. Combined assay results from 2008 and 2009 of 17 grab samples of the radioactive boulders ranged from 0.01% to 2.47% U₃O₈ with 10 samples yielding results above 0.1% U₃O₈.

Sampling And Analytical Procedures

Sampling was conducted by Mega Uranium in accordance with NI 43-101 as well as the Mineral Exploration Standards implemented by the Nunatsiavut Government of Labrador where applicable. Mega includes regular uranium standards, and locally obtained blanks in its sample submissions. All samples were analyzed by Actlabs of Ancaster, Ontario. Actlabs is an ISO/IEC17025 and CAN-P-1579 accredited laboratory. Samples were analyzed for uranium using the Delayed Neutron Count method. Comprehensive procedures are in place to ensure that no contamination of the environment occurs and strict protocols have been established to maintain the health and safety of all program participants.

The technical information in this news release has been reviewed by Michael S. Cathro, P.Geo., Virginia's Vice-President of Exploration and a Qualified Person as defined in National Instrument 43-101.

On Behalf of the Board of Directors
VIRGINIA ENERGY RESOURCES INC.

"Norman Reynolds"
Norman Reynolds, President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

For further information contact:
Norman Reynolds, 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

You can also view this News Release on our website at:
http://www.santoy.ca/s/NewsReleases.asp?ReportID=379846