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Bullboard - Stock Discussion Forum Virginia Mines Inc VGMNF

GREY:VGMNF - Post Discussion

Virginia Mines Inc > AGREEMENT WITH EXPLORATION KHALKOS INC
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Post by 20/20/12 on Apr 12, 2012 2:09pm

AGREEMENT WITH EXPLORATION KHALKOS INC

VIRGINIA ENTERS INTO AGREEMENT WITH EXPLORATION KHALKOS INC.
ON THE MURDOCH PROPERTY
Virginia Mines Inc. (“Virginia”) is pleased to announce that it has entered into an agreement with
Exploration Khalkos Inc. (“Khalkos”) pursuant to which Virginia has the option to acquire a 55 %
undivided interest in the Murdoch property owned by Khalkos, in consideration of payments
totalling $300,000, which includes a $60,000 payment upon signing of the agreement, and
$4 million in exploration work to be carried out over the next five years with the firm committment of
spending $1 million on the property in the 18 months following the conclusion of the agreement.
The Murdoch Property
The Murdoch property consists of 184 mining claims covering a surface area of 87 square
kilometres in the Labrador Trough, about 160 kilometres to the south of Kuujuuak, Quebec North.
The Murdoch property is centered on a little-explored geological formation and demonstrates
potential for a possible large tonnage zinc and/or copper deposit of SEDEX type. In 2008 erratic
blocks grading between 5.6% and 17.5% zinc were discovered on the property by prospecting.
About Virginia
(VGQ : TSX) Virginia conducts its exploration activities over the vast, unexplored territories of
Quebec North in order create value for its shareholders while protecting the quality of life for both
present and future generations. With a working capital of $43.6 million as at November 30, 2011,
Virginia is among the most active mining exploration companies in Québec.
FOR
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