Virginia Discovers a New Gold-Bearing Corridor at Wabamisk and New Targets at Coulon

Virginia Discovers a New Gold-Bearing Corridor at Wabamisk and New Targets at 
QUEBEC CITY, QUEBEC -- (Marketwired) -- 11/05/13 -- Virginia Mines
Inc. ("Virginia")  (TSX:VGQ) is pleased to give an update on the
results of the exploration campaigns carried out in the summer and
fall of 2013 on its projects located in the James Bay region. 
Virginia conducted surface exploration that included prospecting,
mechanical stripping and geological mapping on its Anatacau-Wabamisk
property located near the Opinaca Reservoir, in the James Bay
territory of Quebec. The property consists of 1,211 designated claims
covering a surface of 63,684 hectares split on two adjoining
portions: the Anatacau portion, with 207 claims constituting the
southeastern portion of the property, and the Wabamisk portion, with
1,004 claims forming the main part of the property. Virginia owns
100% of the Wabamisk portion while it has the option of acquiring
IAMGOLD Corporation's 100% interest in the Anatacau portion for a
consideration consisting of $3 million in exploration work to be
carried out before December 31, 2015 and a $25,000 payment, which was
made upon signing of the agreement.  
Surface work led to the discovery, near the end of the field
campaign, of a new auriferous corridor at the western boundary of the
Wabamisk grid, in the central portion of the property. This corridor
is defined by a string of new gold showings stretching some 3.5
kilometres in a general ENE-WSW direction. This new structure is
parallel to the auriferous corridor hosting the Mustang vein, but is
located four kilometres further to the north, in the same sequence of
folded sedimentary rocks. In general, the new gold showings consist
of decimetric to metric quartz veins followed laterally over
plurimetric distances within altered
(actinolite-sericite-biotite-chlorite) and mineralized
(arsenopyrite-pyrite and disseminated pyrrhotite) meta-wackes. The
three most significant showings discovered along this corridor
(Challenger, Interceptor and Trailblazer) revealed visible gold,
sometimes in considerable quantities, and they were the object of
mechanical stripping and channel sampling in the fall of 2013.  
The Challenger showing consists of a decimetric quartz vein followed
over 10 metres or so laterally and the structure containing the vein
is visible over several tens of metres. The hosting meta-wacke is
chlorite-actinolite-sericite altered with pyrrhotite and arsenopyrite
disseminated in the footwalls. The auriferous veins, oriented at 255
degrees with a steep dip, contain several tens of
fine-to-medium-grained gold specks. Samples collected to characterize
the vein graded between 2.34 and 278 g/t Au. Two channel samples on
the vein and their immediate footwall yielded 1.47 g/t Au over 1.1
metres and 5.67 g/t Au over 1 metre. A halo of very anomalous
gold-bearing values is developed over several metres across in the
meta-wacke hosting the vein. This halo returned channel values of
0.25 g/t Au over 8 metres (open) and 0.35 g/t Au over 4 metres (open)
with individual channel samples reaching 0.67 g/t Au over 1 metre.  
The Interceptor showing is located 300 metres to the east of the
Challenger showing, in its direct extension. Stripping exposed a
quartz vein of up to 1.5 metres in thickness, which was followed over
more than 20 metres laterally. The vein and its altered and
mineralized envelope can reach up to 2.5 metres wide. Despite the
presence of a few gold grains observed in the vein during channel
sampling, the best result obtained was 2.48 g/t Au over 0.9 metres.
However, two samples of a decimetric quartz vein located on an
outcrop, situated about 30 metres or so to the east of the
Interceptor showing, yielded values of 6.93 and 8.63 g/t Au,
The Trailblazer showing is located two kilometres further east, along
the same gold-bearing structure. Stripping exposed a decimetric
quartz vein, which is followed over tens of metres laterally. The
vein's immediate footwall is characterized by a strong biotite
alteration as well as by a finely disseminated (1-5%) pyrrhotite
mineralization forming, in general, a decimetric envelope. The vein
contains several visible gold grains thus yielding high values
varying from 29.7 g/t Au to 351 g/t Au in grab samples. The best
channel result was however more modest with 3.85 g/t Au over 0.7
The other similar showings, discovered along the new gold-bearing
structure, did not contain any visible gold and they yielded lower
results that did not exceed 2.14 g/t Au in selected samples. The
gold-bearing structure probably extends towards the west as a
centimetric quartz vein, discovered in 2011 and located one kilometre
west of the Challenger showing, graded up to 69.9 g/t Au in selected
samples. Another comparable showing grading 24.4 g/t Au in selected
samples was also discovered this year, about two kilometres south of
the Challenger-Interceptor-Trailblazer structure, on the Anatacau
portion of the property. The discovery of this showing and of a few
less important showings in the same area could suggest the presence
of a third gold-bearing corridor between the two main structures. 
Assay results from the main showings discovered in the summer-fall
2013 campaign are reported in Table 1 and are illustrated in the
surface plan. 
Virginia is encouraged by the results of the 2013 field campaign. The
auriferous quartz-vein network, which includes the Mustang vein, the
Isabelle showing and several other already-known showings, continues
to expand as evidenced with the recent discovery of several new
auriferous quartz veins of same nature. Recent work led to a better
structural understanding of this plurikilometric system. Indeed, it
is increasingly becoming a fact that the location of the main
auriferous quartz veins are controlled by structures generally
ENE-WSW-oriented, parallel to major fold axis affecting the sequence
of meta-wackes. To date, two main structures have been identified and
additional work could result in confirming a third structure. These
plurikilometric fertile corridors have been spot-tested and remain
totally open laterally. In the next months, Virginia will interpret
the results of a lithogeochemical sampling campaign (288 samples) and
of a till survey (242 samples) carried out in the fall of 2013 over
the entire property. Work should define several new interesting
targets in addition to the ones already known in the Mustang area. A
new diamond-drilling campaign is planned for the winter of 2014. 
In the summer of 2013, Virginia conducted surface outcrop
lithogeochemical sampling on 840 samples taken on its 100%-owned
Coulon project. The property is located 15 kilometres north of the
Fontanges airport, on the Quebec Middle-North Territory. It consists
of 498 claims covering a surface of 24,767.12 hectares. This campaign
aimed to better characterize the lithologies and surface alterations
in order to identify new areas of interest and facilitate the
modelling of the property. 
At first, work confirms the continuity to the southwest of the
fertile, felsic, volcanic sequence over several kilometres further
its current interpreted limit. This fertile sequence now totals a
surface of over 70 square kilometres, which compares favourably to
the fertile volcanic sequences of the Rouyn-Noranda (60 km2) and
Matagami (54 km2) mining camps. The lithogeochemical survey outlined
many new sectors of hydrothermal alteration typical of VMS (sodium
leaching and magnesium enrichment) specifically to the south and
southwest of the Spirit area, to the south of the Tension showing as
well as in the new portion of the fertile volcanic sequence defined
to the southwest. These kilometric to plurikilometric sectors are
little explored to date and have a huge potential for discovery of
new massive sulphide lenses at shallow and moderate depths. The
survey also confirmed the potential of already-known areas. 
The interpretation of all results will be completed this fall and a
new drilling program should follow in the winter of 2014. 
Exploration work including eight holes totalling 1,248 metres as well
as prospecting and mechanical stripping was carried out in August
2013 on the Ashuanipi project. This property is located in the James
Bay region, province of Quebec, more precisely in the southern part
of the Caniapiscau Reservoir, about 180 kilometres to the northwest
of the Fermont mining town. The property consists of 596 claims
covering an area of 30,371.12 hectares. As per an agreement concluded
in fiscal year 2012 with Anglo American plc ("Anglo American"), the
Company transferred to the latter a 50% interest in the 596 mining
claims forming the property. To maintain its 50% interest in the
property, Anglo American must undertake $5 million in exploration
work over a five-year period. Anglo American may, at its sole
discretion, accelerate such funding. The Company is the operator. 
Drilling tested at shallow depth the Falcon Nord, Falcon Sud and
Eagle showings on the main grid of the southern block of the
Ashuanipi project. Drilling yielded mixed results including best
values of 0.76 g/t Au over 5.5 metres in the Eagle area, as well as
0.42 g/t Au, 6.1 g/t Ag and 0.71% Cu over 4 metres in the Falcon
However, prospecting and mechanical stripping carried out
simultaneously with drilling led to the discovery of an interesting
alteration and mineralization system within a mafic to intermediary
volcanic sequence on the northeastern grid also situated on the
southern block. The mineralization consists of disseminated
pyrrhotite-chalcopyrite (1-10% in general) and is associated with
metric to plurimetric, calc-silicate (actinolite-biotite-quartz)
alteration zones within mafic volcanics. Thus far, this kilometric
system yielded several values anomalous in gold, copper and silver.
The best value arises from a channel sample that returned 2 g/t Au,
10.9 g/t Ag and 1% Cu over 2 metres, including 3.12 g/t Au, 16 g/t Ag
and 1.49% Cu over 1 metre. Comparable alteration zones, located one
kilometre to the south in intermediary volcanics, returned values
anomalous in zinc-silver, including 3.1 g/t Ag and 0.16% Zn over 16
metres, 0.10% Zn over 11 metres and 0.15% over 6 metres. 
This new alteration and mineralization system is traced by trenching
laterally over several kilometres and is associated with strong,
kilometric IP anomalies. The system remains relatively unexplored. 
Work has been carried out by the personnel of Virginia Mines, under
the supervision of Mr. Paul Archer, professional engineer geologist.
Mr. Archer is a qualified person as defined by National Instrument
43-101 and has more than 30 years of experience in exploration. He
read and approved the contents of this press release. 
Virginia set up an Analytical Quality Assurance Program to control
and assure the analytical quality of its exploration results. 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 have been assayed at the ALS Chemex in Val-d'Or by fire-assay
followed by atomic absorption according to industry standards.
Repeats are carried out by fire-assay followed by gravimetry on each
sample containing 500 ppb gold or more. 
(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
$40.5 million as at August 31, 2013, 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 20 years expertise on the territory,
Virginia's exploration team is recognized as one of the best in
Canada. Virginia also holds a 2% to 3.5% royalty in the Eleonore
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 Annual Information Form 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. 
A table and a map are available at the following address:
Virginia Mines Inc.
Andre Gaumond
800-476-1853 or 418-694-9832
418-694-9120 (FAX) 
Virginia Mines Inc.
Paul Archer
V-P Exploration
800-476-1853 or 418-694-9832
418-694-9120 (FAX)