VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2010) - Virginia Energy Resources Inc. (TSX VENTURE:VAE) is pleased to announce that a Scoping Study has commenced on the Coles Hill uranium project, Virginia, USA. Lyntek Inc. of Lakewood, Colorado, an independent, full-service engineering firm, has been commissioned to lead the study, which is expected to be completed in the first half of 2010. The study will provide a modern analysis of the project economics. Virginia Uranium Inc. is the operator on the Coles Hill project. Virginia Energy Resources Inc. will own a 28% indirect equity interest in the Coles Hill uranium deposit in southern Virginia after funding the 2010 operating budget for the project.
Walter Coles, Sr., Chairman of Virginia Energy Resources Inc. stated, "This is an exciting and important step to quantify the benefits of developing the Coles Hill uranium project for America's energy independence and for the economic prosperity of Southside Virginia."
"Scoping and feasibility level studies were performed on this project by Marline and Union Carbide over 20 years ago and the time has come to update that information based on today's mining and milling technologies and economics," said Patrick Wales, Project Manager for Virginia Uranium Inc.
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.
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
VIRGINIA ENERGY RESOURCES INC.
Norman Reynolds, President & CEO
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