Wednesday, November 24, 2010

Sprott Resource Corp. Agrees to Join Virginia Energy as Strategic Partners in Coles Hill Uranium Project

Comment:  More Canadian mining ownerships!  This will make it harder for the state of VA and local citizens to track the companies when they walk away and leave the uranium mining poisons all over Virginia or for us to have legal actions when our children are born deformed, our water ruin and our land.    No to uranium mining and milling!

Nov. 9, 2010, 8:46 a.m. EST

VANCOUVER, BRITISH COLUMBIA, Nov 09, 2010 (MARKETWIRE via COMTEX) -- Virginia Energy Resources Inc. /quotes/comstock/11v!e:vae (CA:VAE 0.49, +0.01, +2.08%) ("Virginia Energy") is pleased to announce that Sprott Resource Corp. /quotes/comstock/11t!e:scp (CA:SCP 4.47, +0.06, +1.36%) ("SRC") has agreed, subject to the execution of definitive agreements, board and regulatory approval, to acquire a 19.9% stake in VA Uranium Holdings Inc.

 ("VAUH") to become a new strategic partner in the Coles Hill Uranium Project. Virginia Energy waived its right of first refusal on financings, thus allowing SRC to invest directly into VAUH. However, Virginia Energy has 90 days to exercise a preemptive right to invest into VAUH on the same terms as SRC so as to maintain its current 28.5% ownership position in the Coles Hill uranium project through VAUH.

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