VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/15/13 -- Virginia Energy Resources Inc. (TSX VENTURE: VUI)(OTCQX: VEGYF) ("Virginia Energy" or the "Company") would like to provide an update on the status of efforts to lift the moratorium on uranium mining in the state Virginia. Legislation to lift the moratorium was scheduled for debate this past month in the Virginia state senate. Unfortunately the bill was assigned to a committee whose composition was not favorable toward mining legislation. Due to the apparent lack of votes in that particular committee, the bill was subsequently withdrawn by its chief patron, Senator John Watkins.
Senator Watkins has now requested that the Governor of Virginia direct his agencies to proceed under the Administrative Process Act to develop regulations for uranium mining. Some opposing legislators have argued that the moratorium should not be lifted before final regulations are available for review. Senator Watkins' suggested course of action would ensure that members of the General Assembly would have the benefit of all possible information on this issue before casting a vote on lifting the moratorium. Having these additional regulatory details, would undoubtedly engender confidence in its safety record over the last 30 years. We hope the Governor will give Senator Watkins request due consideration.
Virginia Energy remains firmly committed to the safe development of the Coles Hill deposit. The jobs, investment and economic prosperity our project offers are an unprecedented opportunity for the local community, the region and Commonwealth. While the Coles Hill deposit has been around for millions of years, uranium mining as an industry is a new idea to Virginia.
The Company has gone to great lengths over the last several years to educate elected leaders and the public they serve about the strict regulations, science and technology used in modern uranium mining. Our efforts to address the concerns with facts and science have been sincere. We will continue to do that work as we know that the more people understand about the project, the economic opportunity it represents and the modern industry's outstanding record of safety and environmental protection, the more they support our project in Virginia.
We have been encouraged by the supporters of the project both locally and in the Virginia General Assembly and will spare no effort in earning the trust and support of even more of them. The need for good jobs and investment in Southside Virginia and the need for domestic sources of fuel in the U.S. to power clean reliable nuclear power are compelling reasons why we will continue to make our case to the people and the legislature for as long as it takes to succeed.
About Virginia Energy Resources Inc.
Virginia Energy Resources Inc. is a uranium development and exploration company. The company holds a 100% stake in the advanced stage Coles Hill uranium project located in south central Virginia, USA. Additionally, the company operates a uranium exploration program in the Otish Basin of Quebec, Canada.
On Behalf of the Board of Directors of
VIRGINIA ENERGY RESOURCES INC.
Walter Coles Sr., President & CEO
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements relating to the plans for completion of the Offering. Forward-looking statements and information generally express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance, do not constitute historical fact and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in such statements, including, without limitation: the risk that the Offering will not be approved by the Toronto Stock Exchange or TSX Venture Exchange; risks and uncertainties related to the full Offering not being completed in the event that there are not sufficient subscribers or the conditions thereto are not satisfied, including the acceptance by the Toronto Stock Exchange or the TSX Venture Exchange. Forward-looking statements and information contained in this release are based on the beliefs, estimates, and opinions of management on the date the statements are made. There can be no assurance that such statements or information will prove accurate. Actual results may differ materially from those anticipated or projected. Virginia Energy and Energy Fuels expressly disclaim any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. No production decision with respect to the Coles Hill project has been made nor will a production decision be made until Virginia Energy has completed a feasibility study.
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.
Virginia Energy Resources Inc.
Walter Coles, Jr.
Executive Vice President
Virginia Energy Resources Inc.
Investor Relations, Manager
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