LBS Life and Banc Split Corp

Virginia Mines Inc. ("Virginia") (TSX:VGQ) wishes to inform its shareholders
that in the context of the recent announcement by Finances et Economie Quebec of
changes to various measures of a fiscal nature affecting the refundable tax
credit for resources and the Quebec flow-through share regime, Virginia and
Laurentian Bank Securities Inc. ("LBS"), which is acting as agent for the
offering, mutually agreed to review certain terms and conditions of the private
placement announced on January 28, 2014.


The offering now consists in the issuance of 353,334 flow-through common shares
(the "Flow-Through Shares") at a price of $19.50 per share, for gross proceeds
of CA$6,890,013 (the "Offering").


Virginia has agreed to pay LBS on closing a cash fee equal to 6% of the gross
proceeds of the Offering.


The Offering is scheduled to close on or before March 4, 2014 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. The
Flow-Through Shares will be subject to a four-month-hold period and a day in
Canada.


Proceeds from the offering will be used to fund exploration work on Virginia's
numerous projects for the next 18 months.


Parties are waiting for further information from governmental authorities to
better assess the impacts of these announcements.


About Virginia

(TSX:VGQ) 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 Quebec. Strengthened by the discovery of the
Eleonore 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 Eleonore 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Virginia Mines Inc.
Andre Gaumond
President
800-476-1853 or 418-694-9832
418-694-9120 (FAX)


Virginia Mines Inc.
Robin Villeneuve
CFO
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
info@minesvirginia.com
www.minesvirginia.com

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