Virginia Energy Resources Inc.

Description

Virginia Energy Resources Inc., aka Virginia Energy, is a uranium mining company that operates in the energy sector. The company is engaged in the identification, acquisition, exploration, evaluation and development of uranium resources in Virginia, United States.

The company was initially incorporated in Yukon Territory in August 2007. Later, in May 2009, the company moved to British Columbia with a head office in West Hastings Street, Vancouver.

Virginia Energy is a public firm listed on the Toronto Venture Stock Exchange where its common shares are traded under the stock quote VUI. The uranium exploration firm, through its wholly-owned subsidiary Virginia Uranium Inc., holds a 100 per cent ownership stake in the Coles Hill Project located approximately ten kilometers northeast of Chatham, in southern Virginia.

The project consists of mineral rights covering a total land area of approximately 2,960 hectares. The subsidiary controls and manages the mineral rights, surface rights, leases and operational rights of the project.

Currently, the Coles Hill Uranium Project is at a developmental stage. It is the prime asset of the company and considered to be the largest undeveloped uranium field in the United States.

The project was subjected to a National Instrument 43-101 report, effectively dated August 19, 2013, by Lyntek Inc. and BRS Inc. for an updated preliminary economic assessment. According to the updates report, the total indicated resources at the North and South Coles Hill amounted to 119.59 million long tons at 0.056 wt per cent eU308 uranium for 132.93 million lbs. The total inferred resources amounted to 36.28 million long tons at 0.042 wt per cent eU308 uranium accounting for 30.41 million lbs. Both the indicated and inferred resources estimations are subject to a minimum grade cut-off criterion 0.025 per cent of uranium (eU3O8).

The project holds the potential to expand the mineral resources at depth and along the strikes. The high-grade near-surface occurrences provide for underground/ open pit mining and other mining options, to improve the project’s economics for further development of the property. Virginia Energy is focused on exploration and drilling programs to identify, evaluate and exploit new prospective targets, and further expand the resource potential for the development and advancement of the Coles Hill Project.