Xemplar Energy Corp.

Xemplar Energy Corp.

January 15, 2010 08:00 ET

Virginia Energy Exercises Option to Take 100% Interest in Otish, Quebec Properties from Xemplar Energy Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2010) - Xemplar Energy Corp. (TSX VENTURE:XE)(FRANKFURT:E7R)(NAMIBIA:XEM) and Virginia Energy Resources Inc. (TSX VENTURE:VAE) are pleased to announce that Virginia is exercising its option to take a 100% interest in the Otish, Quebec uranium property, under terms laid out in a July 25, 2008 option agreement between the two companies (see August 12, 2008 News Release). 

The property package includes four claim blocks (Lorenz, Trident, Cigare and Peribonka) totaling 52,549 hectares in 1052 CDC cells. Work by Virginia in 2008 and 2009 has identified several drill-ready uranium prospects including Lac du Castor, Lac Tion, Lorenz Gully, Lac Tete and others (see Virginia News Releases of May 11, September 16, September 21 and October 5, 2009). In addition, the Peribonka property completely surrounds the small Lavoie property which hosts the historic, high-grade Seru "L" zone uranium-gold deposit. Abitex Resources Inc. is earning a 50% interest in Lavoie from AREVA Resources Canada and SOQUEM Inc. On January 14, 2010, Abitex released 2009 drill results for Lavoie, and confirmed that a resource estimate is being prepared. 

To complete the acquisition of a 100% interest in the Xemplar Otish property, Virginia will deliver 1.2 million common shares to Xemplar, which will be subject to a four-month hold period. The claims are subject to a 3% NSR Royalty, of which half can be purchased by Virginia. 

The technical information in this news release has been reviewed by Michael S. Cathro, P.Geo., Virginia's Vice-President of Exploration and a Qualified Person as defined in National Instrument 43-101.

On behalf of the Board of Directors
Xemplar Energy Corp.

"Simon Tam"
Simon Tam, CEO and Director

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

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 press release.

Contact Information