Summer-Fall 2004, Virginia's Most Active Exploration Season: Annual Budget Upwardly Revised to $9.2 Million.QUEBEC Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. CITY, Quebec -- Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). Gold Mines Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :VIA) ("Virginia") wishes to inform its shareholders and the financing community that it has initiated several exploration programs on many of its active projects in Quebec, thus launching its busiest summer-fall exploration season ever. Indeed, as a result of the recent signing of an $8.25 million agreement with Noranda Inc. on the Coulon project, Virginia has upwardly revised its exploration budget, which now totals $9.2 million for 2004. Virginia's share will be approximately $2.8 million after tax credit returns and partners' contribution. A total of $3 million exploration expenditures will be spent equally on three active projects up to the end of the year, namely Coulon (100% Virginia and recently optioned to Noranda), Corvet (100% Virginia) and Eleonore (100% Virginia). Note that the Coulon project is host to the recent polymetallic discovery (Zn/Pb/Cu/Ag) of volcanogenic-massive-sulphide type. Corvet and Eleonore are also hosts to recent significant gold discoveries. Furthermore, between $250,000 and $500,000 will be spent on each of these projects: Poste Lemoyne, Lac Eade, Grenville, and MegaTEM as well as on some generative gen·er·a·tive adj. 1. Having the ability to originate, produce, or procreate. 2. Of or relating to the production of offspring. generative pertaining to reproduction. projects during the summer of 2004. Many other projects with modest budgets will also be active in the near future. Drilling programs will be initiated on at least 5 projects in upcoming months. Additional drill campaigns may be carried out should the results be positive. Most of exploration work will be conducted in the James Bay James Bay, shallow southern arm of Hudson Bay, c.300 mi (480 km) long and 140 mi (230 km) wide, E central Canada, in Nunavut Territory between Ont. and Que. Numerous rivers flow into the bay; many of these have been developed for hydroelectric power in Quebec (see region where Virginia and its partners have already identified two gold deposits (total resource of 450,000 oz) and two lenses of volcanogenic vol·ca·no·gen·ic adj. Of volcanic origin. massive sulphides. Virginia is proud of the contribution of its exploration team and partners towards the development of the James Bay region, an area with exceptional mineral. Virginia Gold Mines Inc. is among the most active mining exploration companies in Quebec with a working capital of over $17 million, debt free, and with approximately 36 million shares issued and outstanding. Virginia's shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX) under the symbol VIA. Virginia concentrates its activities on its numerous properties that are spread over the vast unexplored regions of northern Quebec. |
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