Virginia Gold Mines Inc.

Virginia Gold Mines Inc.

November 08, 2005 09:13 ET

RETRANSMISSION: Virginia Gold Mines Inc./Eleonore Project: Roberto Yields its Best-Ever Intersection With 22.56 G/T Au / 15 m., The Mineralized System Now Confirmed to a Depth of 900 m.

QUEBEC CITY, QUEBEC--(CCNMatthews - Nov. 8, 2005) -

Modification to the press release sent earlier this morning: See additional maps related to the Eleonore project.

Virginia Gold Mines Inc. (TSX:VIA) ("Virginia") is very pleased to announce new developments concerning its exploration program currently in progress on the Eleonore property (100% Virginia), located in the Opinaca reservoir area, James Bay. In total 11 new holes (ELE-05-141B to ELE-05-151B) tested the Roberto mineralized system during this period. Furthermore, Virginia also conducted an exhaustive review of all drilling data which led to an update of previously published results and modified the interpretation of some mineralized intersections. These changes and updates are illustrated in annexed longitudinal sections.

Depth Extension

Recent drilling confirmed the continuity of the Roberto system to a vertical depth of 900 m and continued to yield many impressive results, including the best intersection ever in the Roberto zone with 22.56 g/t Au / 15 m (ELE-05-151B), as well as 4.27 g/t Au / 30.8 m (ELE-05-151B), 15.12 g/t Au / 4.75 m (ELE-05-147) and 3.83 g/t Au / 9.15 m (ELE-05-141B) in the Mid-Roberto zone. New geological information gathered in these holes has also allowed us to modify our interpretation of some intersections that were already published, notably in hole ELE-05-116 where the intersection grading 4.49 g/t Au / 31.2 m (formerly Roberto FW) is now correlated with the Roberto zone while the intersection returning 18.67 g/t Au / 7.25 m (formerly Roberto) is now associated with the Mid-Roberto zone (see the two main longitudinals).

These new results are very encouraging as the Roberto mineralized system remains totally open at depth and continues to generate very good results.

Southeast Extension

Three new holes tested the southeast extension of the mineralized system on section 66 + 00 E between levels -250 m and -350 m (see the two south longitudinals). The best result was obtained in the Roberto Est zone with an intersection grading 11.23 g/t Au / 10.8 m (ELE-05-150). The Mid-Roberto zone returned results including 13.35 g/t Au / 4 m and 11.11 g/t Au / 5.1 m in hole ELE-05-146, 14.45 g/t Au / 2.25 m in hole ELE-05-150, as well as a large highly anomalous intersection, grading 1.42 g/t Au / 40 m including 4.61 g/t Au / 3 m in hole ELE-05-148.

The mineralized system keeps its full strength in its southeast extension and consists of two parallel zones, Roberto Est and Mid-Roberto, which remain open laterally and at depth. However, drilling in this sector was interrupted because of the recent rise in the water level of the Opinaca reservoir.

North Extension

The last holes drilled in the north extension of the mineralized system confirmed the continuity at depth of the Roberto Est zone with an intersection grading 49.76 g/t Au / 1.25 m to a vertical depth of more than 350 m in hole ELE-05-144 (see north longitudinal - Roberto Est). The potential of this area, which also contains the previously announced intersection of 7.12 g/t Au / 8.7 m, is very promising and the Roberto Est zone remains totally open at depth. The Zone a biotite is now interpreted as the north extension of the Mid-Roberto zone and hereinafter will be referred to as the Mid-Roberto zone. The best result from recent drilling in the Mid-Roberto zone was an intersection of 3.55 g/t Au / 6 m and the zone remains completely open at depth (see north longitudinal - Mid-Roberto).

Apart from these two main mineralized zones, Roberto Est and Mid-Roberto, the network of metric quartz veins, developed in the periphery of these two zones and frequently showing visible gold, still yielded very interesting intersections including 42.2 g/t Au / 1 m, 45.77 g/t Au / 0.8 m and 93.49 g/t Au / 1.10 m (ELE-05-143). Furthermore, high-grade gold intersections were crosscut by two holes in different geological contexts. Hole ELE-05-130 intersected a zone a few metres thick that contains several millimetric veins rich in gold and tourmaline. The zone graded 327.07 g/t Au / 3 m, including 927.66 g/t Au / 1 m. Hole ELE-05-144 intersected a massive metric pyrite zone with visible gold that returned 855.2 g/t Au / 0.75 m. These two intersections are located approximately 20 metres to the south (stratigraphic footwall) of the Roberto Est zone. Furthermore, hole ELE-05-142 also intersected near the surface a zone of biotite-actinolite wacke with disseminated arsenopyrite and 5-10% of quartz veinlets, which zone returned 2.03 g/t Au / 86.15 m. This large intersection is comparable with previously announced channel results in trenches TR-63 (0.8 g/t Au / 56 m) and TR-20 (0.81 g/t Au / 37 m), and represents another very interesting type of mineralization in the north sector. Additional drilling will be necessary to better understand the potential of all these mineralized zones. Complete assay results are reported in the annexed table.

The Roberto system is now traced over 1.9 km laterally and to a vertical depth of 900 m and it remains totally open in all directions. The system shows a good continuity at depth and continuously generates very interesting results in its southeast and north extensions. Exploration work in the Roberto system will be carried out throughout the fall of 2005.

Work is carried out by the personnel of Services Techniques Geonordic Inc., under the supervision of Geological Engineer, Paul Archer. He is a qualified person (as defined by National Instrument 43-101) and has more than 20 years of experience in exploration.

In 2004 Virginia set up an Analytical Quality Assurance Program to control and assure the analytical quality of assays in its gold exploration. This program includes the systematic addition of blank samples and certified standards to each batch sample sent for analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories while certified standards determine the analytical accuracy and precision.

Samples are sent for assaying to Laboratoire Expert Inc. in Rouyn-Noranda. Samples are assayed by fire-assay followed by atomic absorption or gravimetry according to industry standards. For each significant mineralized intersection, 10% of the samples (1 to 2 per intersection) are quarter split and the core is sent to a second certified laboratory. Furthermore, each pulp from the quarter split is returned to the first laboratory for a second gold analysis in order to cross check the analytical reproducibility.

Virginia Gold Mines Inc. is among the most active mining exploration companies in Quebec with approximately 46 million shares issued and outstanding. Virginia's shares trade on the Toronto Stock Exchange (TSX) under the symbol VIA. Virginia concentrates its activities on its numerous properties that are spread over the vast unexplored regions of northern Quebec.

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 periodic reports including 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.

Tables of drilling results are available on CCNMatthews' website at the
following address:

Maps related to the Eleonore Project are available on CCNMatthews'
website at the following addresses:

Contact Information

  • Virginia Gold Mines Inc.
    Andre Gaumond
    (800) 476-1853 or (418) 694-9832
    (418) 694-9120 (FAX)
    Virginia Gold Mines Inc.
    Paul Archer
    V.P. Exploration (QP)
    (800) 476-1853 or (418) 694-9832
    (418) 694-9120 (FAX)
    Virginia Gold Mines Inc.
    Amelie Laliberte
    Investor Relations
    (800) 476-1853 or (418) 694-9832
    (418) 694-9120 (FAX)