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

To: Luc Richard who wrote (22)	11/19/1997 6:28:00 PM
From: Luc Richard	Read Replies (1) \| Respond to of 30

News from < La grande Sud > Attention Business/Financial Editors: VIRGINIA GOLD MINES INC. - LA GRANDE SUD - ZONE 32: A RESOURCE OF 250,000 OUNCES - NEW ZONE: 3.37 G/T GOLD OVER 36 METRES QUEBEC, Nov. 19 /CNW/ - Virginia Gold Mines Inc. (''Virginia'') is pleased to announce a first resource calculation on the Zone 32, located on the La Grande Sud project, James Bay, Quebec. Discovered in the spring of 1997, the Zone 32 has recently been drill tested on a 50-metre spacing over a 400-metre length and at a depth of 200 metres. This important subvertical structure consists of three parallel lenses which, when joining, form a unique zone that can reach 50 metres in width. The Zone 32 is completely exposed at surface and shows many features favourable to an open-pit mining situation. Cut-off Resources Equivalence Grades (metric tons) in gold ounces (g/t gold) ------------------------------------------------------------------------ 0.5 4,894,325 @ 1.57 g/t Au 246,948 1.0 3,191,786 @ 2.19 g/t Au 225,038 1.5 2,104,833 @ 2.89 g/t Au 195,428 2.0 1,453,921 @ 3.55 g/t Au 165,786 3.0 952,688 @ 4.43 g/t Au 135,725 This resource calculation includes some recent holes that have returned the following results: Zone 32 - Drilling Results -------------------------- Section Hole Interval Length Gold (metres) (metres) Grade (g/t) ------------------------------------------------------------------------ 13 + 50 E 97-89 112.0 to 145.0 33.0 2.43 including: 120.0 to 128.4 8.4 4.33 139.0 to 145.0 6.0 3.16 13 + 50 E 97-97 177.5 to 200.0 22.5 2.75 including: 180.5 to 193.0 12.5 4.23 13 + 00 E 97-101 16.0 to 71.9 53.9 1.09 including: 16.0 to 26.0 10.0 3.25 13 + 50 E 97-102 69.0 to 85.0 16.0 2.15 Moreover, in order to evaluate the lateral continuity of Zone 32 and the presence of north-south trending high-grade structures inside Zone 32, Virginia has performed two east-west oriented holes intersecting the Zone 32 at a low angle. Holes 97-98 and 97-99 have returned the following values: Hole Interval Length Gold (metres) (metres) Grade (g/t) ------------------------------------------------------------------------ 97-98 123.0 to 203.0 80.0 8.24 including: 177.5 to 200.0 22.5 17.93 97-99 176.0 to 251.0 75.0 2.36 including: 176.0 to 206.0 30.0 3.62 231.0 to 251.0 20.0 2.92 Hole 97-98 which has intersected a 22.5-metre section grading 17.93 g/t gold (74.25 feet @ 0.52 oz/t Au) highly suggests the presence of rich north-south oriented structures within the Zone 32. These holes strongly indicate the potential and the lateral continuity of Zone 32. Note that these two holes have not been considered in the resource calculation. New Zone -------- East-oriented hole 97-103, which was performed 30 metres north of the Zone 32, has intersected a new gold-bearing structure grading 36 metres @ 3.37 g/t gold. The orientation of this new structure as well as its relation with Zone 32 have not yet been clearly established. Consequently, hole 97-103 has not been considered in the resource calculation. Virginia considers this recent discovery as very important since it could be the northeast extension of Zone 32. This new discovery is Virginia's priority and will soon be tested. Hole Interval Length Gold (metres) (metres) Grade (g/t) ------------------------------------------------------------------------ 97-103 137.5 to 173.5 36.0 3.37 All samples have been analyzed by the fire assay method at the certified laboratory of X-Ral, a division of SGS. 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, (800) 476-1853 - (418) 694-9832; E-mail: mines@virginia.qc.ca VIRGINIA GOLD MINES INC. has 16 releases in this database. Good news for me and with the others to come, this stock will climb. Luc Richard