Virginia Announces Grant of Stock Options

QUEBEC CITY, QUEBEC--(Marketwired - Jan 15, 2014) - Virginia Mines Inc. ("Virginia") (TSX:VGQ) announces that on this January 15, 2014, it granted a total of 165,250 stock options to its directors, officers, employees and some service providers. Each stock option allows the holder thereof to acquire one common share of the Corporation for a price of $12.81, which price is higher than the market price at the close of business of the Toronto Stock Exchange on January 14, 2014. These options are governed by the stock option plan of the Corporation. Stock options are exercisable for a period of ten years from the date of grant. However, these stock options cannot be exercised prior to the next shareholders annual meeting further to the refusal by the Toronto Stock Exchange to recognize the approval by the shareholders of the Corporation, at the annual meeting of June 26, 2013, of all unallocated stock options granted under the stock option plan of the Corporation.

About Virginia

Virginia conducts its exploration activities over the vast, unexplored territories of Northern Quebec in order to create value for its shareholders while protecting the quality of life for both present and future generations. With a working capital position of $40,4 million as at November 30, 2013, and a large area of mining claims in Quebec 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% 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 periodic reports 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.