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Virginia Energy Resources Inc.

Publié le 16 août 2013

Announces Clarification of Technical Disclosure and Revision of Coles Hill 43-101 Technical Report

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Mots clés associés :   Canada | Report | Uranium |
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Friday, August 16, 2013

Virginia Energy Announces Clarification of Technical Disclosure and Revision of Coles Hill 43-101 Technical Report

NR:13-07

Virginia Energy Resources Inc. (TSX.V: VUI; OTCQX: VEGYF) ("Virginia Energy" or the "Company") announces that as a result of a review by the British Columbia Securities Commission, Virginia Energy is issuing the following news release to clarify the technical disclosure on its website. In addition, problems were identified in the most recent Coles Hill 43-101 Technical Report, which has been revised and will be re-posted shortly.

The Company filed a technical report dated September 6, 2012 titled "NI 43-101 Preliminary Economic Assessment Update, Coles Hill Uranium Property, Pittsylvania County, Virginia, United States of America"by Lyntek Inc. and BRS Engineering" in support of a listing application dated August 31, 2012. The technical report did not comply with the requirements of NI 43-101 and Form 43-101F1 because it incorrectly included wording that "the preliminary economic assessment...indicates that the portion of the [indicated] mineral resource...is economic under current conditions". This wording is misleading as it contradicts the definition of a PEA and the cautionary language required by NI 43-101. Furthermore, including this statement under the "Mineral Reserves" section appears to imply that the indicated resource estimate has economic viability and treats the quantities as reserves. In addition, the Technical Report uses the word "ore" in several instances, which implies technical feasibility and economic viability that should only be attributed to mineral reserves.

The report was revised by Lyntek Inc. and BRS Engineering on August 19, 2013 in accordance with NI 43-101, including the cautionary statement that mineral resources are not mineral reserves and do not have demonstrated economic viability. A revised and re-stated version will be posted to the Company's website and SEDAR profile within 5 days.

With respect to the Company's disclosure of the Coles Hill PEA on its website and corporate presentations, the economic analysis appears unbalanced because the Company discloses upside uranium price sensitivity without providing equal downside sensitivity. These references have been removed from the website and replaced with the following wording:

"a change of US$5 per pound in uranium selling prices causes the project NPV to rise or fall by US$110 M"

The Company's website, fact sheets and presentations had described the Company's Coles Hill project using terms other than applicable resource categories. Furthermore, the Company discloses a measured & indicated resource of 133 million pounds, which is misleading because the Company does not have any measured resources.

Accordingly, the Company has removed various statements and clarified its mineral resources disclosure on its website. The uranium resource estimate on its Coles Hill Property is as follows:

TOTAL INDICATED MINERAL RESOURCES

Total North and South Coles Hill
Category
Cutoff
Long Tons (million)*
wt %eU3O8
lbs (million)
Indicated
0.025
119.59
0.056
132.93

TOTAL INFERRED MINERAL RESOURCES (LONG TONS)

Total North and South Coles Hill
Category
Cutoff
Long Tons (million)*
wt %eU3O8
lbs (million)
Inferred
0.025
36.28
0.042
30.41
Reference: NI 43-101 Preliminary Economic Assessment Update of Coles Hill Uranium Property, effective June 30, 2012, revised and re-issued on or about August 19, 2013 by Lyntek Inc. and BRS Engineering.

In each reference to the mineral resources, the Company has included the following cautionary statement required under NI 43-101: "mineral resources are not mineral reserves and do not have demonstrated economic viability."

Finally, on the Company's website, the Company discloses resources of properties adjacent to its Otish Properties, Quebec solely in the form of metal content. Those references have now been removed from the Company's website, and replaced with the following wording:

"Virginia Energy Resources Inc. has an exploration program in the emerging Proterozoic Otish Basin located in central Quebec. The Virginia properties have numerous high-grade uranium prospects similar to the nearby Matoush deposit of Strateco Resources Inc., the Seru L zone (or Lavoie) deposit of SOQUEM/AREVA, and Cameco's South Otish (Camie River) property."

All scientific or technical information in this release has been reviewed and approved by Michael Cathro, MSc, PGeo, Vice-President of Exploration for the Company, who is a "Qualified Person" as defined in NI 43-101.

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 release

For 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

 



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Virginia Energy Resources Inc.

EN DÉVELOPPEMENT
CODE : VAE.V
ISIN : CA9278051011
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Virginia Energy est une société d’exploration minière d'or et de cobalt basée au Canada.

Virginia Energy est en développement de projets d'or, de cobalt et d'uranium en USA, et détient divers projets d'exploration au Canada.

Son principal projet en développement est COLES HILL PROPERTY en USA et ses principaux projets en exploration sont ALIMAK/DECADE, RKN/GOLDEN HEART AREA, KASMERE LAKE, HAZEMPA LAKE, FIR ISLAND, PATTYSON LAKE, DOWLER LAKE, KARPINKA LAKE, THE BOW RIVER, ATHABASCA WESCAN SANTOY JV, OTISH, HAWK RIDGE, BLIZZARD, HATCHET LAKE, MUSTANG LAKE et BINGO au Canada.

Virginia Energy est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 8,0 millions CA$ (7,2 millions US$, 5,2 millions €).

La valeur de son action a atteint son plus haut niveau récent le 23 février 2007 à 8,00 CA$, et son plus bas niveau récent le 17 avril 2009 à 0,07 CA$.

Virginia Energy possède 57 230 614 actions en circulation.

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Rapports annuels de Virginia Energy Resources Inc.
2008 Annual report
2007 Annual Report
Financements de Virginia Energy Resources Inc.
28/01/2013Completes Expanded Financing
25/01/2013Expands Financing
18/07/2009Closes First Tranche of Private Placement Financing
17/07/2009Amends Private Placement Financing Terms
18/12/2007 Oversubscribes Private Placement Financing
30/11/2007 Proposes $5 Million Private Placement
16/10/2007Acquires 1,000,000 Shares of Boss Power Corp. and Closes $1,...
27/08/2007Adjusts Previously Announced $1.0 Million Private Placement
11/08/2007 Announces $1.0 Million Private Placement
01/03/2007Increases Proposed Private Placement Financing
Attributions d'options de Virginia Energy Resources Inc.
16/02/2011Grants Incentive Stock Options
Nominations de Virginia Energy Resources Inc.
14/06/2013Announces Appointment of Investor Relations Consultant
Projets de Virginia Energy Resources Inc.
16/08/2013Announces Clarification of Technical Disclosure and Revision...
28/05/2012(Fir Island)Identifies Resistivity Lows along Black Lake Fault at Fir Is...
16/04/2012Named in Lawsuit by Sparton Resources
14/03/2011(Otish)Commences Two Drilling Programs
26/05/2009(Bingo)Announces Updated Resource Estimate on Saskatchewan Gold Pro...
26/03/2008(Burbidge)Commences Drilling at Burbidge Lake Uranium Project, SK
26/02/2008(Anomaly 7)Announces Results of Phase 2 Drilling on the Anomaly 7 Prope...
01/11/2007(Anomaly 7)Santoy Reports New Uranium Discoveries from Prospecting in t...
25/09/2007(Mustang Lake)and Mega Commence Drilling at Mustang Lake, CMB, Labrador
05/06/2007(Otish)Santoy-Melkior Announce Resumption of Drilling and Explorati...
Communiqués de Presse de Virginia Energy Resources Inc.
20/12/2013Provides Update
28/03/2013Comments on Quebec Uranium Study
15/02/2013Provides Legislative Update
27/09/2012and Anthem Resources Complete Plan of Arrangement
24/09/2012Provides Update on Plan of Arrangement
12/07/2012Signs Arrangement Agreement for Spin Out and Merger Transact...
11/06/2012Signs Letter Agreement for Spin Out and Merger Transaction
10/05/2012(Hawk Ridge)Commences Airborne VTEM Survey at Hawk Ridge
10/04/2012(Hawk Ridge)Signs Definitive Agreement to Option Hawk Ridge
07/02/2012(Hawk Ridge)to Monetize the Hawk Ridge Assets
16/06/2011s Drill Program in Labrador
30/05/2011(Otish)to Proceed with Drill Program for Otish Basin, QC
03/05/2011Metallurgical Studies Initiated on Coles Hill
12/01/2010and Mega Uranium announce prospecting results from Bruce Riv...
16/09/2009Virginia Completes Uranium Program and Acquires More Land
21/07/2009and Virginia Uranium Complete Business Combination
26/11/2008Provides Saskatchewan Gold Exploration Update
06/08/2008Expands Scope of Exploration Efforts in Saskatchewan
12/06/2008Completes Drill Program on Central Mineral Belt Uranium Proj...
29/04/2008Responds to BC Government Halt on Uranium Exploration and De...
25/02/2008 and Mega Provide Results from Drilling at Mustang Lake and ...
14/11/2007Commences Drilling at Fish Hawk Lake in the CMB, Labrador
04/10/2007 Denison Joint Venture Provides Progress Report, Athabasca B...
30/07/2007reports Exploration/Drill Plans on Uranium Claims in CMB, La...
18/07/2007Reports Exploration/Drill Plans on Uranium Joint Venture, At...
15/06/2007Announces Closing of Blizzard Transaction
05/06/2007Reports Drill Results From Fish Hawk Lake, CMB, Labrador
29/05/2007/Melkior Announce Temporary Suspension of Drilling at Otish ...
24/05/2007Santoy-Melkior Commence Drilling at Marc-André Uranium Occur...
14/05/2007Reports Drilling completed at Fish Hawk Lake, CMB, Labrador
14/03/2007Santoy-Wescan Joint Venture Reports Uranium Exploration Resu...
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