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Press release from Marketwire

Virginia Mines Inc. : Update on Drilling Campaigns at Wabamisk and Lac Pau

Wednesday, May 08, 2013

Virginia Mines Inc. : Update on Drilling Campaigns at Wabamisk and Lac Pau

08:00 EDT Wednesday, May 08, 2013

QUEBEC CITY, QUEBEC--(Marketwired - May 8, 2013) - Virginia Mines Inc. (« Virginia ») (TSX:VGQ) is pleased to update you on the results from the drilling campaigns carried out in the winter of 2013 on its Wabamisk and Lac Pau gold projects, both located in James Bay.

WABAMISK

Virginia conducted, during winter 2013, a drilling campaign on its Wabamisk property, located in the Opinaca Reservoir sector in James Bay. The property consists of 1,073 designated claims covering a total area of 56 square kilometres within the Eastmain River Archaean volcano-sedimentary belt. The 29-hole program, for a total of 4,472 metres, tested at shallow depth the Mustang Vein, which yielded up to 23.28 NC (11.14 C) g/t Au over 4.6 metres in channel. It also tested the other showings of the stripped area as well as a few other geological and geophysical targets on the Wabamisk grid.

Holes testing the Mustang Vein all have intersected the vein and its alteration envelope over submetric to plurimetric widths hence confirming its very good continuity down to a vertical depth of about 125 metres. The vein remains totally open laterally and at depth. In a similar way to the surface channels done in 2012, variable drilling results were obtained given the free and coarse nature of gold in the Mustang Vein. The area where the Mustang Vein sharply curves yielded in general the best results including 22.65 g/t Au over 2.25 metres in hole WB-13-004, 3.93 g/t Au over 2.8 metres in hole WB-13-005 and 3.66 g/t Au over 1.5 metres in hole WB-13-002. Visible gold was observed in the first two intersections. The other results obtained in the Mustang Vein generally varied between 0.69 g/t Au over 2.7 metres and 2.3 g/t Au over 1.15 metres.

The other showings of the main stripping area also demonstrated a nice continuity in drilling as the network of gold-bearing veins and veinlets is followed over hundreds of metres laterally and down to a vertical depth of over 100 metres. Drilling returned several intersections highly anomalous in gold over metric to plurimetric widths with, at times, more interesting results, with 1.98 g/t Au over 13.4 metres including 4.14 g/t Au over 4 metres in hole WB-13-015, 6.02 g/t Au over 3.2 metres and 18.05 g/t Au over 0.8 metres in hole WB-13-025, and 5.66 g/t Au over 1 metre in hole WB-13-018. Several gold grains were observed within the mineralized intersection of hole WB-13-015. These intersections remain open laterally and at depth.

Complete drilling results of the campaign are reported in table 1 and are illustrated on the surface plan (see annexed table 1 and Wabamisk surface plan).

Virginia is encouraged with the winter 2013 drill results. The network of gold-bearing quartz veins, which includes the Mustang Vein, shows a very good lateral and vertical continuity and the best gold intersection obtained remains totally open at depth. Surface work including mechanical stripping, sampling and detailed mapping is planned for the summer of 2013. Work will cover the main stripped sector and the new winter 2013 line cutting grid that covers the west-northwest extension of the sequence of favourable sedimentary rocks.

LAC PAU

A 9-hole drilling campaign totalling 2,369 metres was carried out by Virginia during winter 2013 on the Lac Pau project that it totally owns, in the north part of the Caniapiscau Reservoir, in the James Bay region. Under an agreement entered into on June 22, 2011, IAMGOLD Corporation has the option of acquiring a 50% interest in the property in consideration of payments totalling $130,000 and $6 million exploration work to be carried out over the next seven years. The property covers the Lac Pau gold corridor, a major structure followed over 12 kilometres separating intrusive rocks of the Beausac Suite from paragneisses of the Grosbois Suite. This fertile gold structure is host to several significant gold showings that yielded 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 thinner intersections but with high 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. Drilling carried out in winter 2013 tested mainly the Jedi, Jedi Extension and Obiwan showings all located along the Lac Pau auriferous corridor.

Five holes further tested the Jedi showing over a lateral distance of 600 metres and to vertical depths of 125 to 300 metres under surface. These holes crosscut several large zones of alteration and disseminated sulphides, which yielded intervals highly anomalous in gold over plurimetric to decametric widths. The best results were 0.51 g/t Au over 20.1 metres and 0.82 g/t Au over 18.7 metres (including 1.15 g/t Au over 11.95 metres) in hole PAU-13-061, 0.34 g/t Au over 18.5 metres, 11.5 g/t Au over 1.5 metres and 0.37 g/t Au over 21.5 metres in hole PAU-13-062 as well as 0.61 g/t Au over 23.9 metres (including 1.45 g/t Au over 7.2 metres) in hole PAU-13-063. Drilling done in the other areas did not return any significant values. Complete results are reported in Table 2 and are illustrated on the surface plan (see annexed table 2 and Lac Pau surface plan).

The Jedi zone consists of a very fertile structure that yielded many large intersections very anomalous in gold over more than 600 metres laterally and down to a vertical depth of 300 metres. The zone remains totally open laterally and at depth. Moreover, several kilometre-long portions of the Lac Pau corridor still remain largely unexplored.

Work has been carried out by the personnel of Virginia Mines Inc., under the supervision of Mr. Paul Archer, geological engineer. 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.

Quality Control

In 2004, 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 by atomic absorption at the ALS Chemex in Val-d'Or. For the Wabamisk project, samples have been assayed by metallic-sieve method while the Lac Pau samples were analyzed 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.

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 Québec. Strengthened by the discovery of the Éléonore 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% to 3.5% royalty in the Éléonore 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 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.

Tables and maps are available at the following address: http://media3.marketwire.com/docs/tabandmap0508.pdf

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
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
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
www.minesvirginia.com
info@minesvirginia.com

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