SYS-CON MEDIA Authors: Esmeralda Swartz, Pat Romanski, Elizabeth White, Yeshim Deniz, Glenn Rossman

News Feed Item

Virginia Energy Announces Clarification of Technical Disclosure and Revision of Coles Hill 43-101 Technical Report

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/16/13 -- Virginia Energy Resources Inc. (TSX VENTURE:VUI)(OTCQX:VEGYF) ("Virginia Energy" or the "Company") announces that as a result of a review by the British Columbia Securities Commission, Virginia Energy is issuing the following news release to clarify the technical disclosure on its website. In addition, problems were identified in the most recent Coles Hill 43-101 Technical Report, which has been revised and will be re-posted shortly.

The Company filed a technical report dated September 6, 2012 titled "NI 43-101 Preliminary Economic Assessment Update, Coles Hill Uranium Property, Pittsylvania County, Virginia, United States of America" by Lyntek Inc. and BRS Engineering" in support of a listing application dated August 31, 2012. The technical report did not comply with the requirements of NI 43-101 and Form 43-101F1 because it incorrectly included wording that "the preliminary economic assessment...indicates that the portion of the (indicated) mineral resource...is economic under current conditions". This wording is misleading as it contradicts the definition of a PEA and the cautionary language required by NI 43-101. Furthermore, including this statement under the "Mineral Reserves" section appears to imply that the indicated resource estimate has economic viability and treats the quantities as reserves. In addition, the Technical Report uses the word "ore" in several instances, which implies technical feasibility and economic viability that should only be attributed to mineral reserves.

The report was revised by Lyntek Inc. and BRS Engineering on August 19, 2013 in accordance with NI 43-101, including the cautionary statement that mineral resources are not mineral reserves and do not have demonstrated economic viability. A revised and re-stated version will be posted to the Company's website and SEDAR profile within 5 days.

With respect to the Company's disclosure of the Coles Hill PEA on its website and corporate presentations, the economic analysis appears unbalanced because the Company discloses upside uranium price sensitivity without providing equal downside sensitivity. These references have been removed from the website and replaced with the following wording:

"a change of US$5 per pound in uranium selling prices causes the project NPV to rise or fall by US$110 M"

The Company's website, fact sheets and presentations had described the Company's Coles Hill project using terms other than applicable resource categories. Furthermore, the Company discloses a measured & indicated resource of 133 million pounds, which is misleading because the Company does not have any measured resources.

Accordingly, the Company has removed various statements and clarified its mineral resources disclosure on its website. The uranium resource estimate on its Coles Hill Property is as follows:

Total Indicated Mineral Resources


------------------------------------------------------------------------
                                        Total North and South Coles Hill
------------------------------------------------------------------------
Category     Cutoff   Long Tons (million)(i)   wt %eU3O8   lbs (million)
------------------------------------------------------------------------
Indicated     0.025                   119.59       0.056          132.93
------------------------------------------------------------------------

Total Inferred Mineral Resources (long tons)


------------------------------------------------------------------------
                                        Total North and South Coles Hill
------------------------------------------------------------------------
Category     Cutoff   Long Tons (million)(i)   wt %eU3O8   lbs (million)
------------------------------------------------------------------------
Inferred      0.025                    36.28       0.042           30.41
------------------------------------------------------------------------

Reference: NI 43-101 Preliminary Economic Assessment Update of Coles Hill Uranium Property, effective June 30, 2012, revised and re-issued on or about August 19, 2013 by Lyntek Inc. and BRS Engineering.

In each reference to the mineral resources, the Company has included the following cautionary statement required under NI 43-101: "mineral resources are not mineral reserves and do not have demonstrated economic viability."

Finally, on the Company's website, the Company discloses resources of properties adjacent to its Otish Properties, Quebec solely in the form of metal content. Those references have now been removed from the Company's website, and replaced with the following wording:

"Virginia Energy Resources Inc. has an exploration program in the emerging Proterozoic Otish Basin located in central Quebec. The Virginia properties have numerous high-grade uranium prospects similar to the nearby Matoush deposit of Strateco Resources Inc., the Seru L zone (or Lavoie) deposit of SOQUEM/AREVA, and Cameco's South Otish (Camie River) property."

All scientific or technical information in this release has been reviewed and approved by Michael Cathro, MSc, PGeo, Vice-President of Exploration for the Company, who is a "Qualified Person" as defined in NI 43-101.

About Virginia Energy Resources Inc.

Virginia Energy Resources Inc. is a uranium development and exploration company. The company holds a 100% controlling interest in the advanced stage Coles Hill uranium project located in south central Virginia, USA. Additionally, the company owns mineral exploration properties in the Otish Basin of Quebec, Canada.

On Behalf of the Board of Directors of

VIRGINIA ENERGY RESOURCES INC.

Walter Coles, Sr., President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Contacts:
Walter Coles, Jr.
Executive Vice President
(604) 669-4799

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@CloudExpo Stories
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do today to safely move to software-defined network and compute architectures, including: How normal ope...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff hap...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accel...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customiz...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All completed ElasticBoxes will then be sent to a judging panel - 12 winners will be featured on the ElasticBox website in 2015. All entrants will receive five full enterprise licenses for one year + ElasticBox headphones + Elasti...
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his session at 15th Cloud Expo, Brian Lewis, Principal Architect at Verizon Cloud, will outline key areas of organizational focus, and how to formalize an actionable plan when migrating applications and internal services to...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
SYS-CON Events announced today that Calm.io has been named “Bronze Sponsor” of DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Calm.io is a cloud orchestration platform for AWS, vCenter, OpenStack, or bare metal, that runs your CL tools puppet, Chef, shell, git, Jenkins, nagios, and will soon support New Relic and Docker. It can run hosted, or on premise and provides VM automation / expiry, self-service portals,...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...