Press release
June 10, 2009
Virginia Mines Inc.
(Virginia) wishes to inform its
shareholders and the financing community that it is about to begin, alone or
with partners, several exploration programs on its numerous projects in
Quebec, thus marking the beginning of another very active year of its history.
Virginia is planning expenditures of over $8.5 million in exploration work
on some of its projects during the current year. Virginia's participation
will be about $3.8 million (44% of
the total budget) after deduction of recoverable tax credits and partners'
contribution.
The Poste Lemoyne Extension, Anatacau-Wabamisk, La Grande Sud and Noella-Nichicun projects will be the object of work programs
totalling about $4 million. Diamond drilling is scheduled this fall on the Poste Lemoyne, Anatacau-Wabamisk
and La Grande Sud projects. Additional drilling
programs on other projects will depend on results of this summer's work
programs. The Poste Lemoyne Extension project is
host to Zone Orf?e, which has an established
significant resource of 88,588 tonnes
grading 9.44 g/t Au in the measured category and 114,895 tonnes grading 18.4 g/t Au in the inferred category. The
Zone Orf?e remains open at depth. Most recently,
exploration work outlined a new auriferous
corridor followed over 6 kilometres, in an east-southeast direction. This
corridor contains several new gold showings that returned strongly anomalous
gold results ranging from 0.29 g/t Au / 2m to 1.05 g/t Au/ 17m in channel
sampling. Individual samples collected to characterize these mineralized
showings yielded, from time to time, values between 12 and 52 g/t Au. The La
Grande Sud project is host to Zone 32, which has an
established inferred resource of 6.5 million tonnes grading 1.5 g/t Au and
0.2% Cu (press release of March 11, 1999).
Virginia and its partners will also spend
about $2.5 million on several
other projects including Corvet Est (Goldcorp Inc.),
Gayot and Trieste
(Breakwater Resources Ltd.), FCI and Auclair (Odyssey Resources Ltd.), Assinica (MacDonald Mines Exploration), G?n?ration Grenville (SOQUEM ) and 24L Belts (Nunavik Mineral and Exploration Fund). At this stage,
diamond drilling is also planned on the Auclair and
G?n?ration Grenville projects.
A budget of over $1 million, will also be spent alone by Virginia to prospect and
test new targets spread over the James Bay territory.
Virginia is very enthusiastic about beginning
its work exploration season with the goal of discovering new mining camps in
the James Bay region where Virginia and its partners have already identified
many polymetallic massive sulphide lenses and four
gold deposits, among which the ?l?onore project
that resulted in a $500 million agreement with Goldcorp Inc. 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.
ABOUT VIRGINIA
Virginia is among the most active mining exploration companies in
Quebec with a working capital of $38.5 million as at February 28, 2009, and
29,201,776 shares issued and outstanding as at May 31, 2009. Virginia trades
on the Toronto Stock Exchange (TSX) under the ticker symbol VGQ. Virginia
concentrates its activities on its numerous properties that are spread over
the vast, unexplored regions of northern Quebec
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