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Message: Virginia to Sell its Dieppe Property to Agnico Eagle Mines

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Virginia to Sell its Dieppe Property to Agnico Eagle Mines

posted on May 27, 09 05:42AM

May 27, 2009

Virginia to Sell its Dieppe Property to Agnico Eagle Mines

QUEBEC CITY, QUEBEC--(Marketwire - May 27, 2009) - Virginia Mines Inc. ("Virginia") (TSX:VGQ) announces the execution of an agreement with Agnico Eagle Mines Limited ("Agnico Eagle") pursuant to which Agnico Eagle acquires a 100% participating interest in 52 mining claims, located in the Abitibi region of Quebec, for a consideration that consists of the issuance to Virginia of $1 million in shares of Agnico Eagle, to be issued within 10 business days of the effective date of the agreement.

This agreement also includes an additional issuance of $1 million in shares of Agnico Eagle, in case of confirmed indicated resource of 1 million ounces of gold on the property.

The agreement is subject to the approval of regulatory authorities.

The Dieppe property lies within the Casa Berardi fault, which is the host to the Casa Berardi gold deposit.

About Virginia

Virginia is among the most active mining exploration companies in Quebec with a working capital of $38.5 million as at February 28, 2009, and 29,201,776 shares issued and outstanding as at April 30, 2009. Virginia trades on the Toronto Stock Exchange (TSX) under the ticker symbol VGQ. Virginia concentrates its activities on its numerous properties that are spread over the vast, unexplored regions of northern Quebec.

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