La Grande Belt
Virginia will invest nearly $1 million in surface exploration on several of its gold projects located along the La Grande volcano-sedimentary belt, which extends east-west over more than 500 kilometres between the Radisson and LG-4 sectors. The La Grande Est, Poste Lemoyne Extension and Lac Menarik projects, which all contain several gold showings, will be the object of prospecting, geological mapping and mechanical stripping for a total of $750,000. Work is intended to better understand the geological context of these numerous showings and to define new drilling targets. Virginia will also be active on some other projects situated within the La Grande belt.
This coming summer, a budget of about $500,000 will be allocated to conduct surface work (litho-geochemical sampling and detailed mapping) on the Coulon project. Work should help complete the 3D geological synthesis of the property and generate new drill targets.
Generation of New Projects
Again this year, Virginia will spend about $1 million for prospecting and evaluating new exploration targets over the entire James-Bay Territory. An equivalent budget is also set aside to fund follow-up work to be carried out this fall on the best results of the summer.
The Baie Payne project, situated nearby the village of Kangirsuk on the west shore the Ungava Bay, will be very active this summer as AAEC, Virginia's partner in this project, will invest $3 million to carry out drilling. The property covers important mafic/ultramafic complexes reaching more than 1,000 metres in thickness, with a cumulative lateral strike of over 50 kilometres. Forty or so Ni-Cu showings grading up to 6.5% Ni have already been identified at surface within this largely unexplored, fertile geological environment. A 3,000-metre drilling program will test the main Ni-Cu showings as well as numerous EM anomalies on the property.
Again this year, Virginia will be working in a 50/50 partnership with the Nunavik Mining Exploration Fund, this time on the Kuujjuak project located about 20 kilometres to the southeast of Kuujuuaq, Quebec North. A $150,000 budget is allocated this summer to conduct prospecting and sampling in this little-known area.
This year, Virginia and its partner Altius Minerals will invest $600,000 in regional reconnaissance and Ni-Cu-EGP prospecting in the vast Grenville geological province.
Virginia is very enthusiastic about starting a new exploration season that will aim at discovering new mining camps in the James Bay, Nunavik and Grenville regions. Virginia is pleased with its exploration team's recognized successes and contribution to the development of the Quebec Middle North and Great North, an area which conceals an exceptional mining potential.
Shareholders Annual General and Special Meeting
Please note that Virginia Mines will be holding its shareholders annual general and special meeting on Wednesday, June 26, 2013, at 10:00 a.m. in the Charles Aubert De La Chesnaye Room of Auberge Saint-Antoine, 8 rue Saint-Antoine, Quebec. An information session will also be held in Montreal on Thursday, June 27, 2013, at 11:00 a.m. in the Paris Room of the Novotel Hotel, Montreal Centre, 1180, rue de la Montagne. You can now access our annual financial statements at www.minesvirginia.com.
(TSX: VGQ) Virginia conducts its exploration activities over the vast, unexplored territories of Northern Quebec in order to create value for its shareholders while protecting the quality of life for both present and future generations. With a working capital position of $39.7 million as at February 28, 2013, and a large area of mining claims in Quebec North, Virginia is among the most active mining exploration companies in Quebec. Strengthened by the discovery of the Eleonore project and more than 15 years expertise on the territory, Virginia's exploration team is recognized as one of the best in Canada. Virginia also holds a 2% to 3.5% royalty in the Eleonore property.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Virginia's Annual Information Form filed with the security commissions of Quebec, Ontario and Alberta, and in the annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. Virginia undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
Virginia Mines Inc.
800-476-1853 or 418-694-9832
Virginia Mines Inc.
800-476-1853 or 418-694-9832
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