Virginia Energy Resources Inc.: Uranium Working Group Releases Report on Regulatory Framework

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Dec. 3, 2012) - Virginia Energy Resources Inc. (TSX VENTURE:VUI) ("Virginia" or the "Company") is pleased that Governor McDonnell's Uranium Working Group (UWG) has completed its task by developing a framework of robust regulations for uranium mining in Virginia that will ensure the protection of public health, worker safety and the environment. The UWG's report leaves no doubt that the state's regulatory agencies are capable of effectively and safely regulating uranium mining.

In the report's own words: "If the General Assembly decides to lift the existing moratorium, the need for a comprehensive program to regulate uranium mining within DMME can be met by developing a statutory and regulatory program for uranium mining."

With the UWG's task now complete, along with numerous other scientific studies conducted over the past few years, it would appear that Virginia's elected representatives are equipped with the information and assurances they will need to lift the moratorium on uranium mining by allowing the state's regulatory agencies to adopt an appropriate regulatory program.

Virginia's lawmakers and citizens across the Commonwealth should be reassured by the thorough, systematic approach the UWG took to addressing every area of concern expressed over the last year and specifically identifying all of the regulatory and statutory requirements that would need to be in place to safeguard public health, worker safety and the environment.

Our company fully embraces the need for strict regulations to ensure the highest standards of environmental protection, and looks forward to working closely with state and federal regulators to demonstrate how the project will meet that commitment.

The UWG report also highlights that Virginia's regulatory agencies have an excellent track record for regulating mining activity across the Commonwealth. By utilizing internationally accepted best practices and regulatory standards identified in the UWG's report and the National Academy of Sciences study, Virginia's regulatory agencies are fully capable of crafting a program that will protect Virginia's environment and the health of local communities. For more than three decades, these practices have been used safely and effectively in the western United States, Canada, Australia and other advanced countries throughout the world.

The environmental performance of the uranium mining industry over the last 30 years proves that we can undertake the Coles Hill uranium project safely and in a way that protects our environment. The Company's commitment is to continue this outstanding track record and operate one of the safest uranium mines in the world and in Virginia.


About Virginia Energy

Virginia Energy Resources Inc. is a uranium development and exploration company. The Company holds a 100% stake in the advanced stage Coles Hill uranium project in Virginia, USA. Additionally, the Company is pursuing an active uranium exploration program in the Otish Basin of Quebec.


On Behalf of the Board of Directors of Virginia Energy Resources Inc.

Walter Coles Sr.
President & CEO



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Contact

Virginia Energy Resources Inc.
Walter Coles, Jr., Executive Vice President
(604) 669-4799

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