AGORACOM News Flash

AGORACOM WIRE - FRIDAY MAY 25TH, 2012

FOCUS METALS (TSXV:FMS) Changes Its Name to Focus Graphite Inc.

Aim to develop and manufacture the best technology graphite in the world
Additional shareholder value will come from investment in commercialized graphene through joint venture partner, Grafoid Inc.

Read More | *SPONSOR

INTERNATIONAL PBX VENTURES (TSX:PBX) Signs Copaquire Joint Venture Option Agreement - $90M Potential Payment Read More

AGORACOM Maintenance Alert: Friday Evening Downtime for About an Hour Read More

LOMIKO METALS (TSXV:LMR) Graphite and Zinc Price Outlook is Favourable Through 2013 Read More | *SPONSOR

Close

Message: Signing of a CA$2,500,000 Agreement With MacDonald Mines Exploration

Reply New Message

« Prev Message Back To Forum Go to Threaded View Next Message »

Clavis

Rank: [?]

President

Points: [?]

23987

Rating: [?]

Votes: 222 Score: 3.5

Currently 3.6/5 Stars.

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.

Signing of a CA$2,500,000 Agreement With MacDonald Mines Exploration

posted on May 11, 09 02:50PM

Signing of a CA$2,500,000 Agreement With MacDonald Mines Exploration

May 11, 2009

QUEBEC CITY - Virginia Mines Inc. ("Virginia")(TSX:VGQ) announces the signing of an agreement with MacDonald Mines Exploration Ltd. ("MacDonald Mines") on the Assinica property, located in the James Bay region, province of Quebec. The property consists of one block of 79 claims totalling 4,072.9 hectares.

As per the agreement and subject to Exchange approval, MacDonald Mines has the option to acquire a 50% interest in the Assinica property, in consideration of CA$2.5 million in exploration work to be carried out during the next 4 years, and cash payments totalling $130,000. Virginia will be the operator.

The Assinica property is located in the central segment of the Frotet-Evans Achaean volcano-sedimentary belt. It straddles a major lithological contact between the basalts of the Assinica Group and the sediments of the Broadback Group. The property covers many arsenic anomalies in bottom lake sediments as well as a kilometric cluster of gold anomalies in till (up to 67 gold grains, including 50 delicate gold grains). Several IP anomalies remain unexplained within this favourable auriferous context. These anomalies will be tested this summer by prospecting and mechanical stripping.

About MacDonald Mines
MacDonald Mines is a mineral exploration company with an established history in the exploration of gold and base metals. MacDonald has set upon a strategic direction of exploration in the Canadian Northlands, with particular focus in Ontario, Saskatchewan and Quebec.

In 2008, MacDonald Mines was ranked second in the TSX Venture 50's Annual Ranking of Top Canadian Mining Companies and trades under the symbol BMK.

About Virginia
Virginia is among the most active mining exploration companies in Quebec with a working capital of $38.6 million as at November 30, 2008, 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.