Virginia Energy Provides Legislative Update

Virginia Energy Resources Inc. (TSX VENTURE:VUI)(OTCQX:VEGYF) ("Virginia Energy"
or the "Company") would like to provide an update on the status of efforts to
lift the moratorium on uranium mining in the state Virginia. Legislation to lift
the moratorium was scheduled for debate this past month in the Virginia state
senate. Unfortunately the bill was assigned to a committee whose composition was
not favorable toward mining legislation. Due to the apparent lack of votes in
that particular committee, the bill was subsequently withdrawn by its chief
patron, Senator John Watkins. 


Senator Watkins has now requested that the Governor of Virginia direct his
agencies to proceed under the Administrative Process Act to develop regulations
for uranium mining. Some opposing legislators have argued that the moratorium
should not be lifted before final regulations are available for review. Senator
Watkins' suggested course of action would ensure that members of the General
Assembly would have the benefit of all possible information on this issue before
casting a vote on lifting the moratorium. Having these additional regulatory
details, would undoubtedly engender confidence in its safety record over the
last 30 years. We hope the Governor will give Senator Watkins request due
consideration.


Virginia Energy remains firmly committed to the safe development of the Coles
Hill deposit. The jobs, investment and economic prosperity our project offers
are an unprecedented opportunity for the local community, the region and
Commonwealth. While the Coles Hill deposit has been around for millions of
years, uranium mining as an industry is a new idea to Virginia. 


The Company has gone to great lengths over the last several years to educate
elected leaders and the public they serve about the strict regulations, science
and technology used in modern uranium mining. Our efforts to address the
concerns with facts and science have been sincere. We will continue to do that
work as we know that the more people understand about the project, the economic
opportunity it represents and the modern industry's outstanding record of safety
and environmental protection, the more they support our project in Virginia. 


We have been encouraged by the supporters of the project both locally and in the
Virginia General Assembly and will spare no effort in earning the trust and
support of even more of them. The need for good jobs and investment in Southside
Virginia and the need for domestic sources of fuel in the U.S. to power clean
reliable nuclear power are compelling reasons why we will continue to make our
case to the people and the legislature for as long as it takes to succeed.


About Virginia Energy Resources Inc.

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


On Behalf of the Board of Directors of 

VIRGINIA ENERGY RESOURCES INC.

Walter Coles Sr., President & CEO

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this press release 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, statements relating to the plans
for completion of the Offering. Forward-looking statements and information
generally express predictions, expectations, beliefs, plans, projections, or
assumptions of future events or performance, do not constitute historical fact
and are subject to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in such statements,
including, without limitation: the risk that the Offering will not be approved
by the Toronto Stock Exchange or TSX Venture Exchange; risks and uncertainties
related to the full Offering not being completed in the event that there are not
sufficient subscribers or the conditions thereto are not satisfied, including
the acceptance by the Toronto Stock Exchange or the TSX Venture Exchange.
Forward-looking statements and information contained in this release are based
on the beliefs, estimates, and opinions of management on the date the statements
are made. There can be no assurance that such statements or information will
prove accurate. Actual results may differ materially from those anticipated or
projected. Virginia Energy and Energy Fuels expressly disclaim any intention or
obligation to update or revise any forward-looking statements and information
whether as a result of new information, future events or otherwise, except as
otherwise required by applicable securities legislation. No production decision
with respect to the Coles Hill project has been made nor will a production
decision be made until Virginia Energy has completed a feasibility study.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Virginia Energy Resources Inc.
Walter Coles, Jr.
Executive Vice President
(604) 669-4799


Virginia Energy Resources Inc.
Tony Perri
Investor Relations, Manager
(604) 669-4799
www.virginiaenergyresources.com
Virginia Energy Resources (TSXV:VUI)
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