Virginia
Mines Inc. (Virginia) is
planning several exploration programs on its numerous projects in
James
Bay and thereby launching its most active drill and
exploration programs ever.
Virginia
is planning expenditures of about CA$30 million on different projects in
2008. Of this amount,
Virginia?s share (after deduction of
refundable tax credits and contributions from different partners) will be
approximately 30%.
The largest
portion of this budget will be spent on the Coulon JV project, which will
be the object of work totalling $20 million. Work planned for 2008 on this
project will consist of 70,000 metres of diamond
drilling and an important geophysical survey. Breakwater Resources, which owns a
50% interest in the project, will contribute half of the exploration
budget. The Coulon JV project
is host to 6 known volcanogenic, massive sulphide
lenses.
Furthermore,
a budget of about $10 million will be spent on many other projects, among
them Corvet Est, Poste Lemoyne Extension and Lac Gayot. The Corvet Est project (100%
Virginia
with an option to Goldcorp Inc.) is host to the Marco gold zone, which
yielded many economic intersections in drilling. The zone remains open laterally
and at depth.
Poste Lemoyne
Extension hosts the Orf?e zone, a significant gold resource established at
203,483 tonnes at a grade of 14.5 g/t Au (National Instrument 43-101
compliant). The Orf?e zone
remains open at depth.
Exploration work conducted in 2006 led to the discovery of the
Orf?e Est zone, a gold structure that returned several large intersections
(10 to 20m) very anomalous in gold. Virginia will fund the entire work
program.
Also, the Lac
Gayot nickel project, where an agreement was signed with Breakwater
Resources, will again be the object of prospecting in 2008, for a total
budget of $1 million. In
addition, prospecting and drilling is also planned on many other gold
projects (100% Virginia) in the area of the discovery
of the ?l?onore deposit.
Virginia
is very enthusiastic in this debut of the new year, which promises to be
very active. The company will
be pursuing the same objective of discovering new mining camps in
James Bay. Virginia and its partners have
already identified many polymetallic massive sulphide lenses and four gold
deposits, among them the ?l?onore project, which was sold to Goldcorp in
2006 for a value of CDN $500 million. Virginia is very pleased with the recognized
successes of its exploration team and its contribution to mining
development in James Bay, a region with
exceptional mining potential.
VIRGINIA
SELLS ITS URANIUM SUD PROPERTY
Virginia,
in partnership with the Soci?t? d?exploration mini?re Vior inc. (?Vior?),
entered into an agreement with Northfield Metals Inc. (?Northfield?),
pursuant to which Northfield acquires 100% interest in 297 claims jointly
owned by Virginia and Vior in exchange for 500,000 common shares of
Northfield (250,000 to Virginia and 250,000 to Vior). The agreement is also subject to a
2% NSR of which 1% is in favour of Virginia. Northfield may buy back 0.5% of this 1%
for CA$500,000.