Virginia Begins Drilling Programs in James Bay, Exploration

Virginia Begins Drilling Programs in James Bay, Exploration Budget of
CA$15 Million for 2013 
QUEBEC CITY, QUEBEC -- (Marketwire) -- 01/17/13 -- Virginia Mines
Inc. ("Virginia") (TSX:VGQ) is pleased to announce the beginning of
drilling programs on several of its projects located in the James Bay
region, province of Quebec. During the next four months, Virginia
will carry out 20,000 metres or so of drilling on its Coulon
base-metal project (Cu-Zn-Ag) and on its Wabamisk, Lac Pau and FCI
gold properties. 
COULON PROJECT (100% Virginia) 
Virginia will conduct on its Coulon project, during winter 2013, a $3
million exploration campaign that will consist of about 12,000 metres
of diamond drilling. 
The Coulon project contains indicated and inferred resources of over
13.7 million tons at an average grade of 3.83% Zn, 1.32% Cu, 35.16
g/t Ag and 0.2 g/t Au (published on April 14, 2009). We again point
out that the winter 2012 drilling program led to the discovery of a
new mineralized lens (L 257), which yielded values of up to 11.06%
Zn, 1.87% Cu, 26.45 g/t Ag and 0.16 g/t Au over 11 metres. 
Drilling will test mainly the extensions of lenses 257 and 201 as
well as several geological targets within the favourable volcanic
stratigraphy. Exploration is to begin in mid-January. 
WABAMISK PROJECT (100% Virginia) 
Virginia will carry out, on its Wabamisk project, a $1.1 million
exploration program, which will consist of 4,000 metres of diamond
drilling and IP geophysical surveys. 
Prospecting and mechanical stripping carried out during the summer
and fall of 2012 allowed defining of a new, very interesting network
of auriferous quartz veins in the eastern part of the Wabamisk
property. This field of veins characterized by the common occurrence
of visible gold extends over several kilometres and comprises, among
others, the Mustang vein, which has been traced at surface for over
425 metres laterally hence confirming the potential of the auriferous
system to contain large veins. This vein network is comparable to the
Isabelle showing in many aspects and is located more than 15
kilometres southwest in the same sequence of folded sedimentary
rocks. 
Drilling will test at shallow depth the Mustang vein, which yielded
up to 23.28 uncut (11.14 cut) g/t Au over 4.6 metres in channel, and
the other showings of the main stripped sector as well as some other
geological and geophysical targets on the Wabamisk grid. Exploration
will begin in early February. 
LAC PAU PROJECT (100% Virginia - option 50% to IAMGOLD Corporation) 
During the winter of 2013, Virginia will conduct a 2,700-metre
drilling program on the Lac Pau project. As per an agreement entered
into in June 2011, IAMGOLD Corporation holds an exclusive right and
option of acquiring a 50% interest in the Lac Pau property in
consideration of $6 million in exploration expenditures over a 7-year
period and payments totalling $130,000 over a 3-year period. Virginia
is the operator. 
The Lac Pau covers a gold structure over 12 kilometres along a major
deformation corridor that separates the intrusive rocks of the
Beausac Suite and the paragneisses of the Grosbois Suite. This
fertile gold structure is host to several significant gold showings
that generated several large intervals highly anomalous in gold of up
to 0.97 g/t Au over 69 metres (including 1.74 g/t Au over 31.5
metres) as well as narrower intersections but with higher grades of
up to 9.02 g/t Au over 5 metres in channel and 69.78 g/t Au (24.15
cut) over 1.2 metres in drilling. Winter 2013 drilling will test
mainly the Jedi, Jedi Extension and Obiwan showings as well as many
other geophysical and geological targets located along the Lac Pau
auriferous corridor. Work will commence in February 2013. 
FCI PROJECT (100% Virginia) 
A drilling program of about 1,500 metres is planned for the winter of
2013 on the FCI property. As per an agreement entered into in April
2012, Manufacturiers Komet Inc. ("Komet") has the option of acquiring
a 50% interest in the mining titles forming the FCI property in
consideration of the issuance of 25,000 shares of Komet to Virginia
and $4 million in exploration work to be carried out over the next
six years. Virginia is the operator. 
Drilling will aim at testing the Sericite showing, which yielded
values of up to 150 g/t Ag, 0,3 g/t Au, 1.89% Cu, 1.45% Zn on grab
samples and the Golden Gap showing, which returned two interesting
intersections in drilling (10.48 g/t Au over 7 metres and 14.15 g/t
Au over 0,5 metres) as well as many other intersections highly
anomalous varying between 1.77 g/t Au over 3 metres and 0.93 g/t Au
over 7.85 metres. Work will begin in March 2013. 
Qualified Person 
Technical data contained in this press release has been revised and
approved by Paul Archer, vice-president exploration and acquisitions
of Virginia, who is a Qualified Person as defined by National
Instrument 43-101. 
Exploration Budget 2013 
Virginia intends to spend $15 million in exploration work on its
projects during the year. Work will be carried out mostly on the
James Bay territory, in the Opinaca-Eastmain, Caniapiscau, LG-3 and
LG-4 sectors as well as on the Nunavik Territory on the Baie Payne
project. 
About Virginia 
(TSX:VGQ) Virginia conducts its exploration activities over the vast,
unexplored territories of Northern Quebec in order to create value
for its shareholders while protecting the quality of life for both
present and future generations. With a working capital position of
$40.3 million as at November 30, 2012, and a large area of mining
claims in Quebec North, Virginia is among the most active mining
exploration companies in Quebec. Strengthened by the discovery of the
Eleonore project and more than 15 years expertise on the territory,
Virginia's exploration team is recognized as one of the best in
Canada. Virginia also holds a 2.2% to 3.5% royalty in the Eleonore
property. 
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 filed with the security commissions of
Quebec, Ontario and Alberta, and in 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.
Contacts:
Virginia Mines Inc.
Andre Gaumond
President
800-476-1853 or 418-694-9832
418-694-9120 (FAX) 
Virginia Mines Inc.
Paul Archer
V.P. Exploration and Acquisitions
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
www.minesvirginia.com
info@minesvirginia.com
 
 
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