VGQ...going to surprise the market with that Coulon deposit as per his president ???... well finanaced close to 50M$ in the bank, royalties from G on Eleonore, and 100% in control of Coulon with that last deal...
Virginia Mines Inc
Symbol VGQ
Shares Issued 27,535,110
Close 2008-12-10 C$ 2.31
Recent Sedar Documents
Virginia to buy Breakwater's 50% Coulon JV interest
2008-12-11 09:20 ET - News Release
Also News Release (C-BWR) Breakwater Resources Ltd (2)
Mr. Andre Gaumond of Virginia Mines reports
VIRGINIA: ACQUISITION OF A 100% INTEREST IN THE COULON JV PROPERTY
Virginia Mines Inc. has executed an agreement with Breakwater Resources Ltd. pursuant to which Virginia will acquire Breakwater's 50-per-cent undivided interest in the Coulon JV property in consideration for the issuance of 1,666,666 shares of Virginia to Breakwater. Under the terms of this agreement, Breakwater does not retain any interest or royalty in the property. Virginia thus becomes the sole owner of the Coulon property.
Virginia also undertook to secure, at closing, the simultaneous resale of 1,666,666 shares of Virginia owned by Breakwater at a price of $2.85 per share ($4.75-million) in favour of third party buyers and in compliance with all applicable securities regulations.
The Coulon property consists of 3,035 mineral titles covering a surface area of 1,507 square kilometres (150,737 hectares) and is located about 15 kilometres north of the Fontanges airport. The property and the mineralized lenses are accessible all year long by a road linked to the Trans-Taiga Highway. A hydroelectric power dam is also located less than 10 kilometres south of the main camp.
The Coulon property is host to seven mineralized lenses (of which five are closely spaced) of Cu-Zn-Ag mineralization grading up to 12.5 per cent Zn, 0.5 per cent Cu, 74 grams per tonne Ag over 15.7 metres (lens 44), 2 per cent Zn, 4.4 per cent Cu, 73 g/t Ag over 10.15 m (lens 9-25), 7 per cent Zn, 1.9 per cent Cu, 30 g/t Ag over 3.8 m (lens 43), 11.5 per cent Zn, 1.2 per cent Cu, 99 g/t Ag over 9.5 m (lens 08), 10.8 per cent Zn, 1 per cent Cu, 169 g/t Ag over 18 m (lens 16-17), 4.2 per cent Zn, 2.7 per cent Cu, 31 g/t Ag over 2.3 m (lens 201), and 14 per cent Zn, 1 per cent Cu, 113 g/t Ag over 3.25 m (lens spirit). Historical expenditures on the property total more than $33-million. A resource inventory is planned to be completed in the first quarter of 2009.
The agreement is subject to regulatory approvals.
There is no significant exploration program planned on the Coulon project in 2009 since Virginia will be busy completing an NI 43-101-compliant resource calculation. However, Virginia will be very active in the James Bay region in 2009, with an exploration budget of over $7-million. Most of the budget will be used for gold exploration.
We seek Safe Harbor.
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