Virginia Energy Commences Airborne VTEM Survey at Hawk Ridge
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/10/12 -- Virginia Energy Resources Inc. (TSX VENTURE: VAE)(OTCQX: VAERF) ("the Company") has begun a $500,000, 2100 line-kilometre airborne electromagnetic survey over its Hawk Ridge copper-nickel-PGM property in Ungava Bay, Quebec. The survey is being flown by Geotech Ltd. using the VTEM plus time-domain system and is expected to be completed by the end of May.
The airborne survey is being flown as part of an agreement with Orient Venture Capital Inc. (TSX VENTURE: OVC.H) whereby OVC can earn up to 100% in the Hawk Ridge property by making staged payments of $2 million cash and $1 million in shares by December 31, 2013. As detailed in Virginia's news release of April 10, 2012 the acquisition, when completed, will constitute the "Qualifying Transaction" of OVC and the resulting issuer will be re-named Nickel North Exploration Corp.
The technical information in this news release has been reviewed by Michael S. Cathro, P. Geo., Virginia's Vice President of Exploration and a Qualified Person as defined by National Instrument 43-101.
About Virginia Energy Resources Inc.
Virginia Energy Resources Inc. is a uranium development and exploration company that holds a 29% stake in the advanced stage Coles Hill uranium project in Virginia. The Company is also pursuing active exploration programs in the Athabasca Basin of Saskatchewan and in the Otish Basin of Quebec. Virginia Energy Resources Inc. trades on the TSX Venture Exchange under the symbol VAE and on the OTCQX under the symbol VAERF.
On Behalf of the Board of Directors
VIRGINIA ENERGY RESOURCES INC.
Walter Coles Jr., President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Virginia Energy Resources Inc.
Walter Coles, Jr.
President/CEO
(604) 669-4799
Virginia Energy Resources Inc.
Tony Perri
Investor Relations, Manager
(604) 669-4799
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Datum: 10.05.2012 - 13:45 Uhr
Sprache: Deutsch
News-ID 145107
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Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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