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Cours Or & Argent

Virginia Energy Resources Inc.

Publié le 07 février 2012

to Monetize the Hawk Ridge Assets

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Mots clés associés :   Canada | Copper | K Street | Nickel | Uranium |
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Tuesday, February 07, 2012

Virginia Energy to Monetize the Hawk Ridge Assets

NR: 12-02

Virginia Energy Resources Inc. (TSX.V: VAE) (OTCQX: VAERF) is pleased to announce that it has signed a Letter of Intent (LOI) to option its Hawk Ridge copper-nickel-PGM property in Ungava Bay, Quebec to Orient Venture Capital Inc. (TSX.V: OVC.H) for $3 million of cash and stock. The 14,976-hectare property is located 130 km north of Kuujjuak in the Labrador Trough and includes several deposits with significant past drilling.

Under terms of the LOI, Orient Venture Capital Inc. will earn a 100% interest in the Hawk Ridge property, subject to underlying royalty interests, by making staged payments totaling $2 million in cash and $1 million in shares of OVC stock. The agreement calls for an initial payment of $500,000 in cash and $250,000 of OVC shares within 5 days of exchange approval of the Qualifying Transaction. The second payment of $500,000 in cash and $250,000 of OVC stock must be delivered to Virginia Energy at any time prior to December 31, 2012. The final tranche of $1 million in cash and $500,000 of OVC shares must be paid by December 31, 2013.

Completion of the transaction is subject to a number of conditions, including, but not limited to, execution of a definitive agreement, Exchange acceptance of the acquisition, acceptance by the Exchange of a 43-101 technical report prepared by a qualified independent consultant, and a concurrent OVC financing of $3.5 million.

About Virginia Energy Resources Inc.
Virginia Energy Resources Inc. is a uranium development and exploration company that holds a 29% stake in the advanced stage Coles Hill uranium project in Virginia. The Company is also pursuing active exploration programs in the Athabasca Basin of Saskatchewan and in the Otish Basin of Quebec. Virginia Energy Resources Inc. trades on the TSX Venture Exchange under the symbol VAE and on the OTCQX under the symbol VAERF.


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

Walter Coles Jr., President & CEO


For further information contact: Walter Coles, Jr., President/CEO
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

Cautionary Note Regarding Forward-Looking Statements
Neither the 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

 



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Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

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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