VANCOUVER, BC, April 1,
2022 /CNW/ - Virginia Energy Resources Inc. (TSXV:
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 energy
generation facility on approximately 1,000 acres of the Company's
land. If 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 utilize services of local
businesses and provide both temporary and permanent jobs to the
local community.
This solar project further demonstrates the commitment of
Virginia Energy to enhancing the community in which we operate, our
long term commitment to the local economy and the responsible steps
taken toward the development of the Coles Hill uranium project.
A solar project could provide the company with an onsite source
of low carbon power that could be utilized for future processing
facilities at Coles Hill. It is an important infrastructure 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 flow contributions for sustaining general and administrative
costs of the company.
Virginia Energy is of the belief that 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 energy industry
both in the United States and in
the Commonwealth of Virginia.
As the journey continues in the global energy transition, the
need for low carbon high quality base load energy is becoming
increasingly critical. Better understanding of nuclear energy by
the public along with development of advanced nuclear reactors in
the United States is 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 supplied to serve this energy transition while
providing much needed economic contribution to our local community
and to the state. Our work to implement this solar project is
another step toward that future.
Commenting on the transaction, the company President & CEO
Walter Coles, Sr., said, "If
determined to be feasible, this solar project will generate low
carbon energy for the local community, Pittsylvania County, and the Commonwealth of
Virginia. Construction of the
project would utilize services of local businesses and
provide jobs to the local community. This solar project
further demonstrates the commitment of Virginia Energy to enhancing
the community in which we operate and our long term commitment to
the local economy. It could be an important infrastructure step for
Coles Hill and if developed would provide meaningful cash flow to
the company."
Mr. Coles continued, "Domestic energy security is a critical
issue for governments around the world. A recent and unfortunate
reminder is the reliance on energy inputs from Russia, as shown in the conflict with
Ukraine. 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 domestic fleet of power
reactors."
About Virginia Energy
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.
On Behalf of the Board of Directors
of
VIRGINIA ENERGY RESOURCES
INC.
"Walter Coles Sr."
Walter
Coles, Sr.
President & CEO
Certain of the statements in this press release may
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United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
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SOURCE Virginia Energy Resources Inc.