QUEBEC CITY, QUEBEC--(Marketwire - Nov. 12, 2009) - Virginia Mines Inc. ("Virginia") (TSX:VGQ - News) announces that it has negotiated a private placement that consists of 279,124 flow-through common shares at a price of $8.67 per share, which represents 69% premium to the last 10 days volume weighted average price for gross proceeds of CA$2,420,000. Casimir Capital L.P. ("Casimir") acts as the agent for the financing.

At the closing, Virginia agrees to pay Casimir a finder's fee equal to 6% of the gross proceeds of the financing and non-transferable broker warrants entitling Casimir to subscribe for such number of common shares of Virginia equal to 6% of the number of flow-through common share that will be issued. The warrants will be struck at $6.58 and will have a term of 24 months from closing.

The financing is scheduled to close on or about November 19, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

Proceeds from the offering will be used to fund exploration work on Virginia's numerous projects.

About Virginia

Virginia is among the most active mining exploration companies in Quebec with a working capital of $40.9 million as at August 31, 2009, and 29,318,576 shares issued and outstanding as at October 31, 2009. Virginia trades on the Toronto Stock Exchange (TSX) under the ticker symbol VGQ. Virginia concentrates its activities on its numerous properties that are spread over the vast, unexplored regions of northern Quebec.

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 periodic reports filed with the security commissions of British Columbia, Alberta, Ontario and Quebec, 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.

Andre Gaumond
Virginia Mines Inc.
President
800-476-1853 or 418-694-9832
418-694-9120 (FAX)

Paul Archer
Virginia Mines Inc.
V-P Exploration
800-476-1853 or 418-694-9832
418-694-9120 (FAX)

Amelie Laliberte
Virginia Mines Inc.
Investor Relations
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
www.virginia.qc.ca
mines@virginia.qc.ca