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Message: Timeline for Virginia from Discovery, 86 090 m of Drilling, to being Acquired

Timeline for Virginia from Discovery, 86 090 m of Drilling, to being Acquired

posted on Nov 14, 2007 07:25PM

Not included in text below but of note is that they were taken out without any resource estimate report issued and perhaps 270 holes drilled.

If it started were to have started in September 2007, the takeover would be end-of-2008 in working on 1.9 km that they showed was at least 890m in depth.

In September 2004, Virginia Gold Mines Inc. announced drilling results from the Eleonore gold property in Quebec. The project is located in the eastern Opinaca area, James Bay, 320 km north of Matagami, Quebec. Exploration began in 2001 on the Ell showing, a copper anomaly found by Noranda in 1964. From September 2004 to December 2005, a drilling program of 86 090 m was completed. The main zone at the Eleonore project, the Roberto zone, was traced for 1900 m laterally and to a depth of 890 m. Mineralization is interpreted as magmatic porphyritic or replacement-type gold, copper and silver, centred on a large dioritic intrusion in contact with metasediments and conglomerates to the north and south and basalts to the west. Significant intersections reported (core length assumed) include 15 m grading 22.56 g/t gold, 4.75 m grading 15.12 g/t gold, and 10.8 m grading 11.23 g/t gold.

In early December 2005, Virginia Gold Mines Inc. announced a friendly takeover by Goldcorp Inc. The Eleonore property was valued at $491 million (US$420 million), and the total transaction (which included the company and property) was valued at $511 million (US$436 million). The acquisition was completed in March 2006. In November 2005, mining analysts speculated that the Eleonore project contained three to three and a half million ounces of gold.

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