Virginia Energy Completes Expanded Financing

Virginia Energy Resources Inc. (TSX VENTURE:VUI)(OTCQX:VEGYF) ("Virginia Energy"
or the "Company") is pleased to announce that it has completed the non-brokered
private placement financing announced in a news release dated December 28, 2012.
As a result, Virginia Energy expects to issue 24,079,856 common shares for
consideration of gross proceeds of $6,398,800 in cash plus 21,851,411 common
shares of Energy Fuels Inc. (TSX:EFR) for a total value of $10,113,540. In
addition, Graham Moylan, Chief Financial Officer of Energy Fuels, will be
appointed as a director of the Company, subject to approval of the TSX Venture
Exchange.


Common Shares issued under the Offering will be subject to a hold period of four
months and one day from the closing date of the Offering. In accordance with
regulations of the TSX Venture Exchange, finder's fees may be payable to
accredited agents on that portion of the Offering from purchasers identified by
such finder, including the subscription by Energy Fuels. Funds from the Offering
will be used for general working capital. 


Virginia Energy will immediately repay its outstanding bridge loan facility of
$750,000 with Sprott Resource Lending Partnership. 


The securities offered have not been registered under the U.S. Securities Act of
1933, as amended, or applicable state securities laws, and may not be offered or
sold in the United States absent registration or an exemption from such
registration requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful.


About Virginia Energy Resources Inc.

Virginia Energy Resources Inc. is a uranium development and exploration company.
The company holds a 100% stake in the advanced stage Coles Hill uranium project
located in south central Virginia, USA. Additionally, the company operates a
uranium exploration program in the Otish Basin of Quebec, Canada. 


On Behalf of the Board of Directors of VIRGINIA ENERGY RESOURCES INC. 

Walter Coles Sr., President & CEO

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this press release constitute
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities laws. Forward-looking
information includes, but is not limited to, statements relating to the plans
for completion of the Offering. Forward-looking statements and information
generally express predictions, expectations, beliefs, plans, projections, or
assumptions of future events or performance, do not constitute historical fact
and are subject to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in such statements,
including, without limitation: the risk that the Offering will not be approved
by the Toronto Stock Exchange or TSX Venture Exchange; risks and uncertainties
related to the full Offering not being completed in the event that there are not
sufficient subscribers or the conditions thereto are not satisfied, including
the acceptance by the Toronto Stock Exchange or the TSX Venture Exchange.
Forward-looking statements and information contained in this release are based
on the beliefs, estimates, and opinions of management on the date the statements
are made. There can be no assurance that such statements or information will
prove accurate. Actual results may differ materially from those anticipated or
projected. Virginia Energy and Energy Fuels expressly disclaim any intention or
obligation to update or revise any forward-looking statements and information
whether as a result of new information, future events or otherwise, except as
otherwise required by applicable securities legislation. No production decision
with respect to the Coles Hill project has been made nor will a production
decision be made until Virginia Energy has completed a feasibility study.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Virginia Energy Resources Inc.
Walter Coles, Jr.
Executive Vice President
[phone]


Virginia Energy Resources Inc.
Tony Perri
Investor Relations, Manager
[phone]
www.virginiaenergyresources.com