Virginia- VIA on Mse Message Board

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Gold/Mining/Energy : Virginia- VIA on Mse

VIA 50.45

-6.7%

3:59 PM EST

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To: Luc Richard who wrote (28)	3/1/1998 2:09:00 PM
From: Luc Richard	Read Replies (1) of 30

Attention Business/Financial Editors: VIRGINIA GOLD MINES INC. UNCOVERS A NEW GOLD-BEARING STRUCTURE IN JAMES BAY QUEBEC, Feb. 26 /CNW/ - Virginia Gold Mines Inc. (''Virginia'') is pleased to publish the results of its first exploration program on its Corvet West property (100 % Virginia), located 40 km south west of LG-4 within the volcanic belt of Guyer, James Bay, Qu‚bec. Prospecting and geological reconnaissance has led to the discovery of a significant gold structure within this unexplored volcano-sedimentary belt. The Golden Gap showing is associated to an east-west shear developed within amphibolites and silicate and oxyde-facies iron formations. Mineralization occurs as centimetric stringers and bands of pyrite and arsenopyrite and is associated to silica, garnet and actinolite alterations. The mineralized shear can be traced laterally over 22 metres on the discovery outcrop and remains open in all directions. Sampling on the Golden Gap showing has returned the following results: Golden Gap Showing ------------------ ------------------------------------------------------------------------ SELECTED SAMPLES CHANNEL SAMPLING (g/t Au) (g/t Au / m) ------------------------------------------------------------------------ 9.33; 9.39; 8.23; 5.6 / 3.0 3.98; 16.46; 11.04; 14.3 / 2.0 32.71; 22.63; 10.15 8.0 / 2.0 ------------------------------------------------------------------------ Note that only three channels where performed on the mineralized zone. Furthermore, three till samples collected consecutively with a 250 metres spacing on a north-south traverse located one kilometre west of the Golden Gap showing have returned the following results: ------------------------------------------------------------------------ SAMPLE TOTAL NUMBER NUMBER OF PRISTINE OF GOLD GRAINS GOLD GRAINS ------------------------------------------------------------------------ D2 123 72 D3 27 23 D4 17 1 ------------------------------------------------------------------------ Sampling results on the Golden Gap showing combined to the gold anomaly in the till suggest the presence of a gold-bearing structure of significant extension within the Guyer belt. An important exploration program will be initiated in 1998 to further evaluate the potential of this new gold-bearing structure. Virginia Gold Mines is among the most active mining exploration companies in Qu‚bec, Canada, with $15 million in cash, approximately 25 million shares issued and outstanding, and is debt free. The company concentrates its activities in the vast unexplored regions of northern Qu‚bec. Virginia owns more than 50 properties covering 6,000 square kilometres.

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