Virginia Mines Inc. | Company Profile

About The Company

Virginia Mines (VGQ-TSX) is a mining exploration company with its head office in Quebec City, Canada. Long regarded as a leader in the Province of Quebec and one of the largest landowners in northern Quebec, Virginia works relentlessly on many projects in various stages of growth in order to develop mineral resources. Goldcorp acquired one of our discoveries, the Eleonore project, in a friendly transaction in March 2006. After this transaction, Virginia Mines (VGQ-TSX) was created to pursue the following mission: exploration in James Bay. Many of Virginia’s projects involve partnership agreements with major and junior mining companies. These exploration partners contribute to Virginia's annual exploration budget.

Strengthened by the discovery of the Eleonore project and more than 15 years expertise on the territory, Virginia's team is recognized as being one of the best in Canada. Virginia also has strategic alliances with many consultants and universities that participate in the development of its projects. Virginia is constantly on the lookout for world-class deposits or new mining camps and Quebec, noted for its exceptional mineral potential, also offers political stability, one of the best geoscientific databases in the world, and a multitude of incentives aimed at mining exploration.

Virginia is proud of the discovery of the Eleonore deposit in a new district that is now considered as a new mining camp in James Bay.

The Projects

Éléonore Gold Royalty

Participation: 2% NSR at the opening of the mine.
Advanced cash payment of $100,000 US per month on April first 2009
Location: The mine is located 320 km north of the village of Matagami in James Bay.
Highlights: Goldcorp acquired the project in a friendly transaction for approximately $500M.
As of 2008 The Eleonore deposit has 3.7 million ounces of gold. Goldcorp is planning to start production in early 2011.

Ashuanipi, Au, Ag, Cu, Zn, Pb

Ownership: 100 % Virginia
Location: Located in the south part of the Caniapiscau reservoir region, about 180 km to the northwest of Fermont.
Surface area : 1133 claims totalling 628 km2.
Highlights: Covers an Achaean volcano-sedimentary belt, which consists of lithological units that relate, in texture and composition, to the units enclosing sulphide-massive lenses discovered on the Coulon JV project.
Several areas anomalous in Au-Ag±Cu±Zn±Pb (erratic blocs and outcrops) discovered in a VMS mineralization context.
Samples with interesting values in Au (up to 2.25 g/t), in Ag (up to 536 g/t), in Cu (up to 2.93%), in Pb (up to 4.16%) and in Zn (up to 3.26%).

Assinica, Au

Ownership: 100 % Virginia
Location: Located in the median portion of the Frotet-Evans Achaean volcano-sedimentary belt, about 100 km to the northwest of the town of Chibougamau.
Surface area : 79 claims totalling 4072.9 ha
Highlights: Staking on the Assinica property covering Au-As anomalies (+/- W, Zn, Cu), detected by regional bottom lake sediments and till surveys conducted by the MRNF.
Subsequent exploration work, carried out by the Company, defined a significant gold anomaly in the regional till as well as many consecutive samples hosting a high count of gold grains (maximum of 67 gold grains of which there are 50 delicate gold grains in a sample).
Potential source of this anomaly may be lying within an unexplored sedimentary sequence (Broadback Group).
Recent work by the Company defined a few gold showings as well as numerous IP anomalies within this sequence.

Auclair, Au

Ownership: 100 % Virginia
Location: 200 km north of Matagami – within the Eastmain Archean volcano-sedimentary belt – Accessible by road all year-round.
Surface area: 329 designated claims covering a total area of 173.65 km2
Highlights: Geology dominated by a pluri-kilometric folded silicate and oxyde iron formation with lesser amounts of wackes and mafic and felsic. Discovery (over about 15 km) of several gold showings grading up to 44 g/t Au in grab samples, up to 5.17 g/t Au / 2.9 m and 1.69 g/t Au / 13.8 m in channels and up to 4.41 g/t Au / 5 m and 5.37 g/t Au / 7.4 m in drill holes.
Showings lying mainly within the iron formation and linked to a regional synformal fold.
Important metasomatism going with these zones and characterized by Ca-Mg-Fe silicates as well as sulphides (pyrrhotite, pyrite, arsenopyrite).
Iintense biotisation of the rock also associated with gold-bearing zones.
Metallogenic setting very similar to that of the Musselwhite gold mine in Ontario – also comparable to other world-class deposits associated with iron formations.

Baie Payne , Ni

Ownership: 50 % Virginia 50 % Osisko Virginia option to acquire 100 %
Location: Located near the Inuit village of Kangirsuk close to the Ungava Peninsula
Surface area: 71 km2
Highlights: Covers four mafic-ultramafic complexes (Kyak, Qarqasiaq, Chaunet East and West) in the northern extremity of the New Quebec volcanic belt.
Several significant showings in Ni-Cu within these complexes identified on the property.
Surface values of up to 6.5 % Ni and 3.48 % Cu while other drilling cross-cut large disseminated sulphide zones returning values of up to 0.48 % Ni and 0.10 % Cu over 321m.
Host to a very favourable Ni-Cu geological context. Potential explored to a minimal depth.

For more detailed information about the projects and the company in general, please visit the website of Virginia Mines!

Contact: