Virginia Mines Inc.: $2.4 M Flow-Through Private Placement Financing

QUEBEC CITY, QUEBEC, Nov 12 (MARKET WIRE) --
Virginia Mines Inc. ("Virginia") (TSX: VGQ) announces that it has
negotiated a private placement that consists of 279,124 flow-through
common shares at a price of $8.67 per share, which represents 69% premium
to the last 10 days volume weighted average price for gross proceeds of
CA$2,420,000. Casimir Capital L.P. ("Casimir") acts as the agent for the
financing.

At the closing, Virginia agrees to pay Casimir a finder's fee equal to 6%
of the gross proceeds of the financing and non-transferable broker
warrants entitling Casimir to subscribe for such number of common shares
of Virginia equal to 6% of the number of flow-through common share that
will be issued. The warrants will be struck at $6.58 and will have a term
of 24 months from closing.

The financing is scheduled to close on or about November 19, 2009 and is
subject to certain conditions including, but not limited to, the receipt
of all necessary approvals including the approval of the Toronto Stock
Exchange.

Proceeds from the offering will be used to fund exploration work on
Virginia's numerous projects.

About Virginia

Virginia is among the most active mining exploration companies in Quebec
with a working capital of $40.9 million as at August 31, 2009, and
29,318,576 shares issued and outstanding as at October 31, 2009. Virginia
trades on the Toronto Stock Exchange (TSX) under the ticker symbol VGQ.
Virginia concentrates its activities on its numerous properties that are
spread over the vast, unexplored regions of northern Quebec.

This press release may contain forward-looking statements that are
subject to known and unknown risks and uncertainties that could cause
actual results to vary materially from targeted results. Such risks and
uncertainties include those described from time to time in Virginia's
periodic reports filed with the security commissions of British Columbia,
Alberta, Ontario and Quebec, and in the annual report on Form 40-F filed
with the U.S. Securities and Exchange Commission. Virginia undertakes no
obligation to publicly release the result of any revision of these
forward-looking statements to reflect events or circumstances after the
date they are made or to reflect the occurrence of unanticipated events.

Contacts:
Virginia Mines Inc.
Andre Gaumond
President
800-476-1853 or 418-694-9832
418-694-9120 (FAX)

Virginia Mines Inc.
Paul Archer
V-P Exploration
800-476-1853 or 418-694-9832
418-694-9120 (FAX)

Virginia Mines Inc.
Amelie Laliberte
Investor Relations
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
www.virginia.qc.ca
mines@virginia.qc.ca

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