Virginia Energy Re-Samples Historic Drill Core, Peribonka Uranium Property, Otish Basin, Quebec

VANCOUVER, BRITISH COLUMBIA, Oct 05 (MARKET WIRE) --
Virginia Energy Resources Inc. (TSX VENTURE: VAE) is pleased to announce
the results of re-sampling of historic drill core, drilled in the early
1980s, from three prospects on its Peribonka property in the Otish Basin
of north-central Quebec. The results confirm the presence of significant
sandstone and gabbro-hosted uranium mineralization in geological settings
analogous to the Matoush deposit of Strateco Resources Inc., and the
nearby Seru L zone deposit and Epsilon discovery of Abitex Resources Inc.

The best hole, from the Lac du Castor target, yielded 5.5 m grading
0.131% U3O8, including 1.5 m grading 0.352% U3O8. The mineralization is
hosted by sandstone below a gabbro sill, occurs at a relatively shallow
depth (72-77 m) and is open along strike for 400 m to both the northwest
and southeast.

The majority of Virginia's 2009 Otish program was directed towards
defining drill targets on four properties under option from Xemplar
Energy Corporation (see property map on Virginia website:
http://www.santoy.ca/s/OtishBasin.asp). In addition to the drill core
re-sampling reported here, Virginia completed outcrop stripping and
sampling, prospecting and detailed ground surveys over several targets.
Initial positive results from sampling of the high-grade Lac Tion and
Lorenz Gully prospects were reported in the Company's September 21, 2009
news release. Additional results will be released as they become
available, including channel samples collected at Lorenz Gully.

Peribonka drill core re-sampling

An estimated 112 historic drill holes were drilled on Virginia's
Peribonka property between 1981 and 1985 by Seru Nucleaire Canada Ltee,
and Cogema Canada (predecessors of AREVA Canada Inc.). The drill core has
been stored in steel racks at a former Seru camp and is in generally good
condition and usable. In order to confirm the historic assays, test for
mineralization in core not previously split, and collect samples for
petrological studies, Virginia geologists examined and re-sampled core
from 14 drill holes from the Lac du Castor, Lac Tion and Lac Tete target
areas. The samples were mainly 1/4-split BQ core; however, a few samples
of 1/2 split BQ core and 1/4 split Winkie core were also included. Where
possible, sampling intervals were kept the same as previous Seru
intervals; however, some adjustments were necessary due to missing core
and/or geological considerations. Virginia's assay values are in some
cases slightly lower than Seru's, and the discrepancy is thought to be
due to difficulty in sampling the broken, narrow-diameter core.
Nevertheless, the re-sampling results confirm our belief that the results
from the 1980s are reliable and that significant uranium mineralization
is present.

Lac du Castor

The Lac du Castor prospect is located 6 km northeast of Abitex's L Zone
deposit. The best Virginia sampling results were from hole OELV-290 which
yielded 5.5 m grading 0.131% U3O8, including 1.5 m grading 0.352% U3O8
(see table below). All the holes in this area were drilled vertically and
the intersection is interpreted to be approximately true width.
Mineralization is hosted in a flat-lying, altered sandstone unit beneath
a sill-like projection of gabbro, and also carries anomalous Au, Ba, Bi
and Pb. Seru reported an intersection from this hole of 5 m grading
0.162% U3O8 (from 71.6 to 76.6 m), including 1.0 m grading 0.555% U3O8.
The Seru drilling in the area was on fences 400 m apart. Adjacent holes
on this fence 40 m to the northwest and southeast and also yielded
anomalous values.

Holes OELV-298 and 283 are located some 600 metres and 900 m southwest of
hole 290, respectively. They also assayed anomalous uranium values as
shown in the table below.

Given the thickness and grade of the intersection in OELV-290, the wide
drill spacing in the area, and the striking similarity of the OELV-290
alteration and mineralization to the L zone and other important deposits
in the area, additional tight-spaced drilling is certainly warranted in
this area.

Lac du Castor Drill Hole Re-Sampling Results (Virginia Energy assays)

Hole # From (m) To (m) Width (m) % U3O8 Rock type
---------------------------------------------------------------------------

OELV-290 71.50 77.00 5.50 0.131 sandstone
including 72.50 77.00 4.50 0.158 sandstone
including 75.50 77.00 1.50 0.352 sandstone

OELV-298 55.30 56.30 1.00 0.026 sandstone
and 85.75 86.75 1.00 0.033 sandstone

OELV-283 94.48 95.98 1.50 0.016 diabase, sandstone
including 94.48 94.98 0.50 0.031 sandstone

Lac Tion

In its September 21 News Release, the Company reported results of
high-grade float samples (up to 5.47% U3O8) collected from two boulder
trains in the Lac Tion area. Seru drilled five BQ holes and 14 short
"Winkie" holes in this area in 1983 and 1984 to try to locate the source
of the high-grade boulders. The best, Winkie hole OEWY-209 is reported to
have yielded 1.5 m grading 0.555% U3O8 beginning at 4.75 m below surface.
The hole was drilled at -45 to the north and encountered mineralization
on the margin of a narrow gabbro / dolerite dyke cutting sandstones.
Re-sampling by Virginia was hampered by the small amount and highly
broken condition of the remaining core. Nevertheless, one sample of 0.5 m
assayed 0.514% U3O8, in line with the grade of the previous Seru results,
but over a narrower interval.

Seru also reported an intersection of 0.5 m grading 0.077% U3O8 beginning
at 6.75 m in Winkie hole OEWY-218, located approximately 10 m to the
northeast. Results from the Virginia sampling of this hole were anomalous
in uranium and gold, but considerably lower than the Seru results. Again
re-sampling was hampered by the poor core condition.

The 1983-1984 Seru drilling may not have located the source of the
high-grade boulders. Virginia completed detailed magnetometer and soil
surveys over this target in 2009 to help choose new drill targets.

Lac Tion Drill Hole Re-Sampling Results (Virginia Energy assays)

Hole # From (m) To (m) Width (m) % U3O8 g/t Au Rock type
---------------------------------------------------------------------------

OEWY-209 5.30 5.80 0.50 0.514 0.447 gabbro

OEWY-218 6.75 7.25 0.50 0.024 0.171 gabbro
And 15.76 16.76 1.00 0.011 0.115 gabbro

Lac Tete target

Several Seru drill holes from the Lac Tete area were re-sampled by
Virginia. Seru logs and radiometric probe values are available for these
holes; however no chemical assays are available. The best hole in this
area is reported to have returned anomalous uranium over approximately
half a metre by down-hole probe. Sampling of previously split core from
this interval by Virginia yielded 0.6 m grading 0.15% U3O8 and 1.354 g/t
Au (see table below). The mineralization is hosted in altered gabbro and
may have been cut at a shallow angle by the hole. Other holes in this
area encountered weakly anomalous gold. Again, drilling is very
wide-spaced in this area with the nearest adjacent fences being 500 m to
the north and 200 m to the south. Tight-spaced offsets to hole OELU-229
may be warranted.

Lac Tete Drill Hole Re-Sampling Results (Virginia Energy assays)

Hole # From (m) To (m) Width (m) % U3O8 g/t Au Rock type
---------------------------------------------------------------------------

OELU-229 105.2 106.8 1.6 0.064 0.665 gabbro
including 106.2 106.8 0.6 0.150 1.354 gabbro

Sample Security & Quality Control

Virginia employs a strict program of sample security and quality control,
including the use of blanks, certified standards and duplicates. Loring
Laboratories Ltd. of Calgary, Alberta completed all analyses reported
here. Rock and core samples are analyzed for a multi-element suite of
elements by the ICP-MS method following aqua regia digestion. Uranium
assays are completed by the fluorimetric method following a four-acid
digestion. Rock and core samples are also assayed for gold by 30-gram
fire assay with atomic absorption finish.

The technical information in this news release has been reviewed and
prepared by Michael S. Cathro, P.Geo., Virginia's Vice President of
Exploration and a Qualified Person as defined in National Instrument
43-101.

On Behalf of the Board of Directors

VIRGINIA ENERGY RESOURCES INC.

Norman Reynolds, President & CEO

Neither TSX Venture Exchange nor
the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.

Contacts:
Virginia Energy Resources Inc.
Norman Reynolds
President
(604) 669-4799

Virginia Energy Resources Inc.
Tony Perri
Investor Relations, Manager
(604) 669-4799
www.virginiaenergyresources.com

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