Press Release
June First 1999

Option Agreement on the Chute-des-Passes Project

Virginia also announces the signing of an agreement with SOQUEM INC., a subsidiary (100%) of SGF Minerals, on its Chute-des-Passes property, located northeast of Saint-Jean Lake, Quebec.

Under the terms of the agreement, SOQUEM INC. has the option to acquire a 50% interest in the project in return for $500,000 in exploration expenditures over three years and a payment of $12,848.

Note that the Chute-des-Passes property covers a portion of one of the most important anorthositic and troctolitic complexes in Quebec. The property also consists of multiple geophysical conductors of which many are associated with nickel-copper-cobalt mineralizations that are similar to the ones found in the geological environment of Voisey’s Bay.

Those two agreements are subject to the approval of regulatory authorities.

Please note that since January 99, Virginia has concluded four option agreements on five of its properties for a total of $9,050,000 in exploration expenditures and payments and private placements exceeding $400,000.