Virginia Mines : Coulon: The Extension of High-Grade Lense 257 Continues at Depth: 15.79% Zn, 1.93% Cu and 40.87 g/t Ag Over 2.9m

QUEBEC CITY, QUEBEC--(Marketwired - Dec 16, 2014) - Virginia Mines Inc. ("Virginia") (TSX:VGQ) is pleased to provide an update on the results of the fall 2014 drilling program carried out on the Coulon project, located in the James Bay region.

You will recall that the Coulon project is developed in partnership with SODÉMEX Développement, s.e.c. ("SODÉMEX") (a subsidiary of Caisse de dépôt et placement du Québec), Fonds de solidarité des travailleurs du Québec (F.T.Q.), jointly with Fonds régional Nord-du-Québec, (collectively the "Fonds") and SIDEX, s.e.c. ("SIDEX"). The current participation of each party is as follows: Virginia (89.8%), SODÉMEX (4.08%), le Fonds (4.08%) and SIDEX (2.04%). The project is located 15 kilometres north of the Fontange airport and consists of 498 designated claims covering a surface of 247 square kilometres.

The 2014 fall exploration program consisted of 11 holes totalling 7,809 metres and of a phase of borehole geophysical surveys. Five drill holes aimed at testing the extensions of Lens 257, Lens 43 and Lens 201. Of these five drill holes, two were drilled in the favourable horizon of Lens 257 while two holes were drilled in the favourable horizon of Lens 201 and another one drilled under Lens 43-S. Furthermore, six holes were drilled to tighten the drill grid in Lens 08, Lens 9-25 and Lens 44. Two definition drill holes were done on each of these three lenses (see Coulon surface plan). In term of geophysics, a downhole InfiniTEM survey is still in progress.

The two drill holes testing the favourable horizon of Lens 257 all have intersected a fertile volcanic sequence characterized by strong hydrothermal alterations and by plurimetric, massive sulphide zones. Hole CN-14-303 drilled in the northeast extension of Lens 257 returned values of 15.79% Zn, 1.93% Cu and 40.87 g/t Ag over 2.9 metres including 18.17% Zn, 2.09% Cu and 36.94 g/t Ag over 2.5 metres. In the southwest extension of Lens 257, hole CN-14-302 returned values of 5.34% Zn, 1.01% Cu and 14.18 g/t Ag over 2.9 metres (see horizontal projection of Lens 257). Furthermore, hole CN-14-303 crosscut a parallel mineralized horizon, which yielded values of 3.52% Zn, 1.65% Cu and 38.81 g/t Ag over 2.4 metres. This horizon is likely to correspond to the favourable horizon of Lens 08. The length of all these intersections is very close to the true thickness of the mineralized zones.

These results confirm the northeast continuity of Lens 257, which is now followed over a lateral distance of over 580 metres, to a vertical depth between 550 and 850 metres. Lens 257 seems to appear as an elongated mineralized body trending in a northeast-southwest direction, dipping moderately to the northwest and plunging gently to the northeast. The lens remains open in the plunge axis both at depth and on surface. The favourable horizon of Lens 257 remains underexplored on a segment of over 250 metres to the southwest.

In the area of Lens 43, drill hole CN-14-299D aimed at testing an InfiniTEM conductor identified under hole CN-08-197. This new drill hole intersected hydrothermal alteration zones but did not yield significant economic values. Two new drill holes were also drilled under Lens 201. Holes CN-14-300B and CN-14-301 intercepted plurimetric hydrothermal alteration zones without returning any significant values. These holes limit partially the depth extension of Lens 201.

Two definition drill holes intersected the centre of Lens 44 with the objective of increasing the density of the drill grid. Holes CN-14-304 and 305B crosscut plurimetric, massive to semi-massive sulphide zones. Values of 3.3% Zn, 0.83% Cu and 31.63 g/t Ag over 14.25 metres including 5.77% Zn, 1.47% Cu and 41.79 g/t Ag over 4.7 metres were obtained in hole CN-14-304 and hole CN-14-305B yielded values of 11.99% Zn, 0.49% Cu, 26.40 g/t Ag over 4 metres.

Still in terms of definition drilling, holes CN-14-308 and CN-14-309 intercepted massive to semi-massive sulphide zones within Lens 08. Values of 4.97% Zn, 0.77% Cu, 1.38% Pb and 130.53 g/t Ag over 8.6 metres, and of 6.96% Zn, 0.4% Cu, 0.54% Pb and 33.45 g/t Ag over 5.2 metres were obtained in hole CN-14-308. It is to be noted that, while drilling hole CN-14-308, the horizon of Lens 9-25 was intercepted and values of 1.82% Zn, 0.55% Cu and 19.57 g/t Ag over 2 metres were obtained. Hole CN-14-309 returned values of 1.23% Zn, 0.92% Cu and 33.72 g/t Ag over 5 metres.

Finally, holes CN-14-306B and CN-14-307 also aimed at tightening the drill grid of Lens 9-25. Values of 4.55% Zn, 0.72% Cu, 0.56% Pb and 36.3 g/t Ag over 37 metres and of 12.9% Zn, 0.57% Cu and 21.15 g/t Ag over 2 metres were obtained in hole CN-14-306B. For its part, hole CN-14-307 returned values of 15.76% Zn, 1.75% Cu and 28.92 g/t Ag over 14.4 metres.

Virginia is quite encouraged by the results of its fall exploration program on the Coulon property, which confirmed the depth continuity of Lens 257. Lens 257 now stretches over 580 metres laterally and remains open along its long axis. It appears that it could extend towards the south-southwest over more than 250 metres and could reach Lens 9-25 at depth towards the north-northeast. Lens 257 is located on the western side of a complex fold, of which the opposite side to the east reveals an identical geology already comprising three important lenses (Lens 08, Lens 9-25 and Lens 44) totalling more than 12 million tonnes (see press release of April 14, 2009).

Definition drilling consolidate values previously obtained within Lens 08 and Lens 44 while results obtained in Lens 9-25 improve both the grades and thicknesses.

During next year, Virginia recommended to its partners a $7 million budget to pursue exploration on the Coulon project. Work will target mainly the depth extension of the high-grade zones of Lens 257 and will also test new InfiniTEM geophysical anomalies associated with hydrothermal alteration zones that have several similarities with those hosting the main lenses.

Work has been carried out by the personnel of Virginia Mines, under the supervision of Mr. Paul Archer, professional engineer geologist. Mr. Archer is a qualified person as defined by National Instrument 43-101 and has more than 30 years of experience in exploration. He read and approved the contents of this press release.

Quality Control

In 2004, Virginia set up an Analytical Quality Assurance Program to control and assure the analytical quality of its exploration results. This program includes the systematic addition of blank samples and certified standards to each batch sample sent for analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories while certified standards determine the analytical accuracy and precision.

Samples have been assayed by atomic absorption at the ALS Chemex in Val-d'Or by atomic absorption.

About Virginia

Virginia conducts its exploration activities over the vast, unexplored territories of Northern Québec in order to create value for its shareholders while protecting the quality of life for both present and future generations. With approximately $65 million in cash and short term investments, and a large area of mining claims in Québec North, Virginia is among the most active mining exploration companies in Québec. Strengthened by the discovery of the Éléonore project and more than 20 years expertise on the territory, Virginia's exploration team is recognized as one of the best in Canada. Virginia also holds a 2.2% to 3.5% royalty in the Éléonore property.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Virginia's Annual Information Form filed with the security commissions of Quebec, Ontario and Alberta, and in the annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. Virginia undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.

RESULTS OF THE FALL 2014 DRILL PRORGAM

Two maps are associated with this release available at the following links:

http://media3.marketwire.com/docs/Longi_9_25-Final_2014_COM.pdf

http://media3.marketwire.com/docs/Localisation_Forage_communique.pdf