Press Release April 8, 2003
Highlights
Gayot Project
9.03% Ni; 0.6% Cu ; 9 g/t Pd-Pt / 2.55 m
1.1% Ni; 1.32 g/t Pd-Pt / 19.9 m
2.2% Ni; 1.4% Cu; 2.3 g/t Pd-Pt / 11.4 m
La Grande Sud
Zone 30 - Pari
2.1 g/t Au / 48 m including 14 g/t / 3 m
69 g/t Au / 2 m 21 g/t Au / 2 m
New Zone
8.2 g/t Au / 10.5 m
Poste Lemoyne Project
14.13 g/t Au / 13 m 43.09 g/t Au / 11 m
34.79 g/t Au / 9 m
Payne Bay Project
0.48% Ni; 0.16% Cu / 321 m
Virginia Gold Mines
TSX-VIA
The most active exploration company in Quebec
Prospector of the Year 1996
Resource Award 2001
Working Capital
Over $10,000,000 $ --
no debt
Major Partners
BHP Billiton
SOQUEM
Placer Dome
Cambior
Noranda
Novicourt
POSTE LEMOYNE
FIRST RESOURCE EVALUATION OF THE ORFÉE GOLD ZONE
200,000 tonnes @ 14.5 g/t Au
Virginia Gold Mines Inc. (“Virginia”) and partner Globestar Mining (“Globestar”) are pleased to announce the results of a first resource evaluation of the Orfée gold zone on their Poste Lemoyne 50-50 joint-venture project located in the James Bay region of Quebec. Resources at Orfée are estimated according to CIM standards on mineral resources and reserves definition and National Instrument 43-101 as follows:
ORFÉE RESOURCE EVALUATION
This resource evaluation and a National Instrument 43-101 technical report have been prepared by an independent QP, Mr. Christian D’Amours, who has more than 17 years of experience in geology and more than 7 years of experience in reserves evaluation. The evaluation is based on all available surface and drilling results up to the end of March 2003, using a minimum width of 3 metres and a cutting level of 90 g/t Au.
The compilation of the results has enabled the identification of a main mineralized zone of a length of approximately 50 metres and a width of 3 to 9 metres down to a depth of 250 metres. The zone remains open at depth.
The drill program was completed in March 2003. Since the last press release (January 27, 2003), one additional hole (PLE-03-60) has been drilled on the Orfée zone and seven other holes have tested other targets along the same structural corridor outside of the Orfée zone (see Annex 1).
Virginia and GlobeStar are pleased with the results of this first resource evaluation at Poste Lemoyne and Virginia as the operator will resume work on the property at the beginning of the summer 2003 field season.
Virginia Gold Mines Inc. is among the most active mining exploration companies in Quebec with a working capital of more than $10 million, debt free, and with approximately 30 million shares issued and outstanding. Virginia concentrates its activities on its numerous properties that are spread over the vast unexplored regions of northern Quebec.
André Gaumond, President
Paul Archer, V.P. Exploration (Q.P.)
Michel Chapdelaine, senior supervising geologist
Amélie Laliberté, Investor Relations
Tel: (800) 476-1853 -(418) 694-9832
Fax: (418) 694-9120
E-mail: mines@virginia.qc.ca
Internet: www.virginia.qc.ca
Cautionary Note to U.S Investor -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as “measured,” “indicated,” and “inferred” “resources,” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SCE. U.S. Investors are urged to consider closely the disclosure in our Form 20F, File No. 000-29880, which may be secured from us, or from the SCE’s website at http://www.sec.gov/edgar.shtml
“This website may also contains information about adjacent properties or other properties on which we have no right to explore or mine. We advise U.S. investors that the SCE’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.”
