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Gold/Mining/Energy : Virginia- VIA on Mse -- Ignore unavailable to you. Want to Upgrade?

To: Luc Richard who wrote (17)	11/4/1997 4:17:00 PM
From: Luc Richard	Read Replies (1) \| Respond to of 30

NEWS <Image>Canada NewsWire<Image>Give us your message. We'll give you the world. Donnez-nous votre message. Nous vous donnerons le monde. ------------------------------------------------------------------------ Attention Business/Financial Editors: VIRGINIA GOLD MINES INC. - DISCOVERY OF NICKEL-COBALT-COPPER MINERALIZATIONS ASSOCIATED WITH A TROCTOLITIC INTRUSION NORTH OF LAC ST-JEAN, QUEBEC MONTREAL, le 4 nov. /CNW/ - Virginia Gold Mines Inc. (''Virginia'') is pleased to announce the discovery of nickel-cobalt-copper mineralization associated with a vast troctolitic intrusion exceeding 1,000 square kilometres in the area of Ch–te-des-Passes 150 kilometres north of Lac St-Jean, Quebec. This troctolitic intrusion which also comprises ultramafic horizons (dunites, peridotites, pyroxenites), intersects a series of varying gneiss on the border of the huge Lac St-Jean anorthositic complex. Mag-EM airborne geophysical surveys covering the whole troctolitic intrusion have discovered many strong EM conductors some of which measures more than 5 kilometres long. Further to these surveys, Virginia has acquired over 1,200 claims covering all the conductors and its surroundings. Nearly all the claims have been acquired by staking and are 100% owned by Virginia while 18 claims have been optioned from the Fonds Minier du Saguenay-Lac-St-Jean. Under the terms of agreement, Virginia is entitled to a 100% interest on these 18 claims in return for a $5,000 payment and $100,000 in exploration expenditures over 2 years. These conditions have been fulfilled and Virginia now owns a 100% interest on these claims. During the summer of 1997, Virginia performed line cuffing, mag and maxmin surveys, soil geochemical surveys, prospecting and blasting. The EM conductors are almost completely covered with overburden but coincide with strong nickel-cobalt-copper soil geochemical anomalies. Beep-mat prospecting and blasting have led to the discovery of many nickel-cobalt-copper showings along some of these conductors. The mineralization is clearly of magmatic origin and consists of disseminated, net textured, and sometimes semi-massive sulfides. These showings have returned to analysis significant values in nickel, cobalt and copper which are reported in the following table: ------------------------------------------------------------------------ CONDUCTOR MINERALIZATION TYPE %NL %CO %CU ------------------------------------------------------------------------ Nourricier A semi-massive sulfides 0.70 to 0.08 to 0.16 to 1.30 0.30 4.30 ------------------------------------------------------------------------ Nourricier B net-textured sulfides 0.21 to 0.02 to 0.10 to (10-35% sulfides) 0.58 0.06 2.10 ------------------------------------------------------------------------ MHY A net-textured sulfides 0.20 to 0.03 to 0.18 to (15-25% sulfides) 0.27 0.09 0.51 ------------------------------------------------------------------------ MHY B net-textured sulfides 0.30 0.03 0.89 (20% sulfides) ------------------------------------------------------------------------ Fonds Miniers semi-massive sulfides 0.40 to 0.09 to 0.10 to showing 0.90 0.25 1.50 ------------------------------------------------------------------------ All samples have been analyzed by the atomic absorption method in a certified laboratory of Chimitec. A 2000-metre diamond drilling program is in progress in order to test the EM conductors. Virginia Gold Mines is among the most active mining exploration companies in Qu‚bec, Canada, with an exploration budget exceeding $6 million for 1997, $14 million in cash, approximately 24 million shares issued and outstanding, and is debt free. Virginia owns more than 30 properties covering 4,000 square kilometres. The Company concentrates its activities in the vast unexplored regions of northern Qu‚bec. I called today and they said that the drillings will begin next week and we will have results in december. We will have results for La Grande Sud on november 17, I think . Very good news to come and maybe we will have very happy Christmas! Luc Richard