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

To: Luc Richard who wrote (18)	11/11/1997 4:28:00 PM
From: kfdkfd	Read Replies (1) \| Respond to of 30

LA GRANDE SUD: NEW SPECTACULAR DISCOVERIES MILAN SHOWING: 20.43 g/t Au over 5.0 metres MICO SHOWING: UP TO 6,524.16 g/t GOLD GOLD-SEARING TILL: UP TO 597 GOLD GRAINS QUEBEC, Nov. 11 /CNW/ - Virginia Gold Mines Inc. (''Virginia'') is very pleased to announce the discovery of many new gold-bearing structures on the La Grande Sud property. These new showings have been identified within a 2-kilometre radius around Zone 32 on which Virginia will soon release a resource calculation. Among these showings note the following: The Mico Showing: up to 6,524.16 g/t gold (190.29 oz/t Au) ---------------------------------------------------------- This showing discovered inside the tonalite at 350 metres north of Zone 32 (see attached map) is associated with a shear zone near the north contact of the tonalite. The showing is characterized by a spectacular dissemination of native gold and contains a small amount of sulfides. Drilling will soon be performed in order to test at depth the extensions of this showing and to confirm or invalidate the relation between Mico and Zone 32. The best grab sampling results done within a 50-metre radius on the Mico showing have returned: ---------------------- GOLD GRADE (g/t) ---------------------- 11.90 92.13 8.20 1811.69 12.10 6524.16 8.44 612.44 16.13 14.87 13.99 ---------------------- The Milan Showing: 20.43 g/t gold over 5 metres (0.595 oz/t Au over ------------------------------------------------------------------- 16.5 feet) up to 477.02 g/t gold (13.91 oz/t Au) ------------------------------------------------ Located 100 metres south of the Mico showing and 250 metres north of Zone 32, the Milan showing confirms the presence of a shear system intersecting the tonalite. Exploration work is planed in order to test this showing at depth and gather information on the relation between the Mico, Milan and Zone 32 showings. The best results from samples collected within a 25-metre radius on the Milan showing have graded 14.56, 22.15 and 477.02 g/t gold respectively. Moreover, a channel intersecting the Milan showing has returned 20.43 g/t gold over 5.0 metres (0.595 oz/t gold over 16.5 feet). ------------------------------------------------------------------------ Milan Continuous Channel Sample ------------------------------------------------------------------------ Gold Grade Interval (g/t) (metre) ------------------------------------------------------------------------ 5.81 0 to 1 6.40 1 to 2 72.69 2 to 3 14.95 3 to 4 2.20 4 to 5 ------------------------------------------------------------------------ Average of 20.43 g/t over 5.0 m ------------------------------------------------------------------------ The Ugo Showing: up to 31.68 g/t gold (0,92 oz/t Au) ---------------------------------------------------- Located 2 kilometres east of Zone 32, the Ugo showing is associated with a shear zone intersecting basalts near the north contact of the tonalite. Also characterized by the presence of quartz veinlets, visible gold, pyrite, arsenopyrite and chalcopyrite, the Ugo showing spreads towards east the gold-bearing corridor identified on the La Grande Sud property. The best channel results obtained have returned 1.75 g/t gold over 16 metres. Furthermore, several grab samples collected within a 25-metre radius on the main showing have graded between 10.83 and 31.68 g/t gold. These promising results justify further work that will test the lateral and depth extensions of this new structure. The Breccia Showing ------------------- Located approximately 1.5 kilometre northeast of Zone 32, the Breccia zone is characterized by gold mineralization mainly associated with pyrite finely disseminated in a breccia consisting of tonalitic fragments. That wide structure generally of low grade has returned values up to 7.54 g/t gold over 1 metre inside the breccia. Note that like the Mico and Milan showings, the Breccia showing has no geophysical signature. Gold-bearing Till: up to 597 gold grains ---------------------------------------- A till sampling program conducted in order to test the almost unexplored areas led to the discovery of spectacular gold-bearing anomalies in the till. Two 15-kilogram samples collected south of the tonalite and east of the Zone 32 have returned 386 and 597 gold grains respectively. Most of these gold grains were of pristine shape. The delicate shape of the grains along with the glacial displacement implicates a proximal source located east of the till samples in a sector nearly unexplored to date. That new targeted area will be tested in priority. 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. -30- For further information: Andr‚ Gaumond, President or Marie-Claude Poitras, Investor Relations, 1-800-476-1853 - (418) 694-9832, E-mail: mines@virginia.qc.ca VIRGINIA GOLD MINES INC. has 14 releases in this database.