New partner for Nunavik Mineral Exploration Fund

Virginia Mines Inc. announced the signing this week of a partnership agreement with the Nunavik Mineral Exploration Fund on the Willbob project located about 75 kilometers west of Kuujjuaq.

As a result of this agreement, Virginia will acquire a 50 per cent interest in the property by making a $25,000 payment.

The property’s development will be done with NMEF on a 50-50 basis. NMEF will be the project operator until December 31, 2007 and after this Virginia will become the operator.

Previous prospecting work conducted by NMEF in 2005 identified gold-rich showings distributed on a corridor of over four kilometres. Zinc and copper is also present on the property.

The NMEF is a non-profit organization created through an agreement between the Government of Quebec’s department of natural resources and wildlife and the Kativik Regional Government.

The purpose of the NMEF is to foster the development of the mining industry in Nunavik.

Virginia is among the most active mining exploration companies in Quebec with working capital of around $40 million.