Virginia Finalizes the Sale of Two Properties
Virginia Mines Inc. is among the most active mining exploration companies in Quebec announces that it has sold the Lac Dufault property to Breakwater Resources Ltd., and has finalized the sale to Rukwa Uranium Inc. of the Uranium Nord property, initiated in May 2007.
Lac Dufault Property
Following the signing of an agreement where Breakwater acquired a 100% interest in three (3) claims located in the Dufresnoy Township in the Abitibi region, Virginia has been granted 100,000 shares of Breakwater. This agreement is subject to a 2% NSR in favour of Virginia and Breakwater has the right to buy back 1% for CA$1,000,000.
Uranium Nord Property
On May 28, 2007, Virginia announced that Matamec Exploration Inc. acquired a 100% interest in the Uranium Nord property in consideration of cash payments and the issuance of 200,000 shares of a subsidiary to be created by Matamec. As this subsidiary has never emerged, Matamec and Virginia have agreed to jointly sell the property to Rukwa, a private company, in consideration of the issuance of 1,751,236 shares of Rukwa, 875,618 of which have been issued to Virginia. The agreement is also subject to two royalties (NSR), in favour of Virginia and Matamec, where 1% is payable to Virginia and half is redeemable for CA $500,000.
