Virginia Energy Resources Announces Option Agreement for Coles Hill Solar Development Project

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Virginia Energy Resources Inc. (TSX.V: VUI) (“Virginia Energy“or the”Company“) is pleased to announce that it has signed an option agreement with a solar development company to evaluate the feasibility of a solar power generation facility on approximately 1,000 acres of the Company’s land. When the option is exercised, this solar project would generate low-carbon energy for the local community, Pittsylvania County and the Commonwealth of Virginia.

An energy project of this type would use the services of local businesses and provide temporary and permanent employment to the local community.

This solar project further demonstrates Virginia Energy’s commitment to improving the community in which we operate, our long-term commitment to the local economy, and the responsible actions taken in the development of the Coles Hill uranium project.

A solar project could provide the company with an on-site source of low-carbon energy that could be used for future processing facilities at Coles Hill. This is an important infrastructural step for the project. In the meantime, this solar project will provide low-cost, low-carbon energy to the local area while providing future cash contributions to support general and administrative costs of the business.

Virginia Energy believes this solar project aligns well with our ESG and net zero carbon goals. If developed, our Coles Hill uranium project will provide energy-dense uranium that is responsibly produced locally for the nuclear power industry in the United States and the Commonwealth of Virginia.

As the journey continues in the global energy transition, the need for high-quality, low-carbon baseload energy is becoming increasingly critical. A growing public understanding of nuclear energy and the development of advanced nuclear reactors in the United States are increasingly positive. The Coles Hill Project is uniquely positioned to provide a longer-term supply of local American-made energy-rich uranium that can be provided to serve this energy transition while making a much-needed economic contribution to our local community and the state. . Our work to implement this solar project is another step towards this future.

Commenting on the transaction, the company’s President and CEO, Walter Coles, Sr., said, “If deemed feasible, this solar project will generate low-carbon energy for the local community, Pittsylvania County and the Commonwealth of Virginia. The project would use the services of local businesses and provide employment to the local community. This solar project further demonstrates Virginia Energy’s commitment to improving the community in which we operate and our long-term commitment to the local economy. This could be a major infrastructure milestone for Coles Hill and if developed would provide significant cash flow to the business.”

Mr. Coles continued: “Domestic energy security is a critical issue for governments around the world. A recent and unfortunate reminder is the dependence on energy supplies from Russia, as the conflict with Ukraine has shown. These recent events definitively establish the need for self-reliance: a complete energy supply chain entirely within our borders. The Coles Hill project is uniquely positioned to provide a longer term supply of locally sourced uranium to support our own national fleet of power reactors. »

About Virginia Energy

Virginia Energy Resources Inc. is a uranium exploration and development company. The Company holds a 100% controlling interest in the Coles Hill advanced stage uranium project located in south-central Virginia, United States.

On behalf of the Board of Directors of
VIRGINIA ENERGY RESOURCES INC.

“Walter Coles Sr.”
Walter Coles, Sr.
President and CEO

For more information, please contact: Walter Coles Sr.
Chief Executive Officer
Virginia Energy Resources Inc.
+1 (434) 432-1065
[email protected]

Certain of the statements contained in this press release may constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, implications regarding the successful or unsuccessful closing of a private placement financing, or statements regarding the filing of a lawsuit in federal court against the Commonwealth of Virginia. Forward-looking statements and forward-looking information generally express predictions, expectations, beliefs, plans, projections or assumptions regarding future events or performance, they are not historical facts and they are subject to a variety of risks. and uncertainties that could cause events or results to differ materially from those anticipated or implied by such information or statements. Forward-looking statements and information contained in this release are based on the beliefs, estimates and opinions of management as of the date the statements are made. There can be no assurance that such statements or information will prove to be accurate. Actual results may differ materially from those anticipated or projected.

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