Virginia Energy Resources Inc.
TSX VENTURE : VAE
OTCQX : VAERF

Virginia Energy Resources Inc.

January 20, 2012 09:03 ET

Virginia Governor Directs the State Regulatory Agencies to Develop Draft Uranium Mining Regulations in 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 20, 2012) - Virginia Energy Resources Inc. (TSX VENTURE:VAE)(OTCQX:VAERF) welcomes Governor McDonnell's decision to have Virginia's regulatory agencies begin the process of drafting a regulatory and permitting program for uranium mining in the Commonwealth. The Governor's decision is an important step toward establishing a regulatory framework that would enable the construction and operation of one of the safest uranium mines in the world at the Coles Hill site.

Every independent scientific study conducted by the Commonwealth over the past 30 years has come to the same conclusion, that uranium mining can be conducted safely in Virginia as long as stringent regulatory standards and industry best practices are put in place. The Governor's decision moves the Commonwealth one step closer toward adopting these standards and will allow our company to demonstrate our sincere commitment to protecting the environment and the well-being of Virginia's citizens.

As the National Academy of Sciences and Chmura socioeconomic studies have shown, there is a strong foundation of international best practices and regulatory standards on which the Commonwealth can draw to establish a rigorous program for regulating uranium mining. These advanced practices and regulatory standards adopted in Canada and certain Western U.S. states have proven successful over the last 30 years at protecting the environment, worker safety and public health. Over the next twelve months, the Commonwealth will have the benefit of reviewing these international models to ensure it establishes one of the most robust and protective regulatory programs in the world.

We look forward to the opportunity to work with the citizens of Virginia and the state's regulatory agencies over the next year to ensure that the Commonwealth adopts a comprehensive regulatory program for uranium mining that is protective of public health and safety and the environment.

About Virginia Energy Resources Inc.

Virginia Energy Resources Inc. is a uranium development and exploration company that holds a 29% stake in the advanced stage Coles Hill uranium project in Virginia. The Company is also pursuing active exploration programs in the Athabasca Basin of Saskatchewan and in the Otish Basin of Quebec. Virginia Energy Resources Inc. trades on the TSX Venture Exchange under the symbol VAE and on the OTCQX under the symbol VAERF.

On Behalf of the Board of Directors

VIRGINIA ENERGY RESOURCES INC.

Walter Coles Jr., President & CEO

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future results, events and objectives could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include exploration and other risks detailed from time to time in the filings made by the Company with securities regulators.

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.
    Walter Coles, Jr.
    President/CEO
    (604) 669-4799

    Virginia Energy Resources Inc.
    Tony Perri
    Investor Relations, Manager
    (604) 669-4799
    www.virginiaenergyresources.com