Virginia Energy Resources Inc.

Virginia Energy Resources Inc.

February 26, 2010 14:29 ET

Virginia Energy Resources Inc.: National Academy of Sciences Signs Contract for Uranium Study

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2010) - Virginia Energy Resources Inc. (TSX VENTURE:VAE) is pleased to learn that the National Academy of Sciences (NAS) has signed a contract with Virginia Tech to conduct a study on uranium mining. This study was formally requested by the Commonwealth of Virginia. The purpose is to determine whether uranium mining and milling could be undertaken in a manner that safeguards the environment and public health in the Commonwealth of Virginia. The Company looks forward to the conclusions of the forthcoming independent scientific study regarding the safety of mining at the Coles Hill site.

Virginia Energy will own an approximate 28% indirect equity interest in the Coles Hill uranium deposit in southern Virginia after funding the 2010 operating budget for the project. Coles Hill is considered to be one of the largest undeveloped uranium deposits in the United States. It has a measured and indicated resource of 119 million pounds of U3O8 (98.7 Mt at 0.060 percent U3O8 at a cut-off grade of 0.025 percent U3O8), including a higher grade zone of 77.4 million pounds of U3O8 (37.7 Mt at 0.103 percent U3O8 at a cut-off grade of 0.050 percent U3O8) based on an April 29, 2009 National Instrument 43-101 Technical Report prepared for the Company by Behre Dolbear and Company Ltd., Marshall Miller and Associates Inc., and PAC Geological Consultants Inc. (Dr. Peter Christopher, P.Eng.). This report is available on SEDAR and on Virginia Energy Resources' website.

Virginia Energy Resources Inc. President and CEO, Norm Reynolds, commented on the study's significance, saying, "We welcome the opportunity to have preeminent scientists provide independent and credible information about the development of a uranium mining and milling industry in Virginia. We expect that this study by the National Academy of Sciences will serve as part of the foundation of work which will provide Virginia with enough information to confidently bring uranium mining legislation and permitting framework into being."

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

"Norman Reynolds"

Norman Reynolds, President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Virginia Energy Resources Inc.
    Norman Reynolds
    (604) 669-4799
    Virginia Energy Resources Inc.
    Tony Perri
    Investor Relations, Manager
    (604) 669-4799