Virginia Energy Completes Expanded Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2013) - Virginia Energy Resources Inc. (TSX VENTURE:VUI)(OTCQX:VEGYF) ("Virginia Energy" or the "Company") is pleased to announce that it has completed the non-brokered private placement financing announced in a news release dated December 28, 2012. As a result, Virginia Energy expects to issue 24,079,856 common shares for consideration of gross proceeds of $6,398,800 in cash plus 21,851,411 common shares of Energy Fuels Inc. (TSX:EFR) for a total value of $10,113,540. In addition, Graham Moylan, Chief Financial Officer of Energy Fuels, will be appointed as a director of the Company, subject to approval of the TSX Venture Exchange.

Common Shares issued under the Offering will be subject to a hold period of four months and one day from the closing date of the Offering. In accordance with regulations of the TSX Venture Exchange, finder's fees may be payable to accredited agents on that portion of the Offering from purchasers identified by such finder, including the subscription by Energy Fuels. Funds from the Offering will be used for general working capital.

Virginia Energy will immediately repay its outstanding bridge loan facility of $750,000 with Sprott Resource Lending Partnership.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Virginia Energy Resources Inc.

Virginia Energy Resources Inc. is a uranium development and exploration company. The company holds a 100% stake in the advanced stage Coles Hill uranium project located in south central Virginia, USA. Additionally, the company operates a uranium exploration program in the Otish Basin of Quebec, Canada.

On Behalf of the Board of Directors of VIRGINIA ENERGY RESOURCES INC.

Walter Coles Sr., President & CEO

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements relating to the plans for completion of the Offering. Forward-looking statements and information generally express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance, do not constitute historical fact and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in such statements, including, without limitation: the risk that the Offering will not be approved by the Toronto Stock Exchange or TSX Venture Exchange; risks and uncertainties related to the full Offering not being completed in the event that there are not sufficient subscribers or the conditions thereto are not satisfied, including the acceptance by the Toronto Stock Exchange or the TSX Venture Exchange. Forward-looking statements and information contained in this release are based on the beliefs, estimates, and opinions of management on the date the statements are made. There can be no assurance that such statements or information will prove accurate. Actual results may differ materially from those anticipated or projected. Virginia Energy and Energy Fuels expressly disclaim any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. No production decision with respect to the Coles Hill project has been made nor will a production decision be made until Virginia Energy has completed a feasibility study.