LBS Life and Banc Split Corp

Not for distribution to U.S. newswire services or for dissemination in the
United States. Any failure to comply with this restriction may constitute a
violation of U.S. Securities Law.


Virginia Mines Inc. ("Virginia") (TSX:VGQ) confirms the closing of the private
placement first announced on January 28, 2014 (the "Offering").


On February 10, 2014, the terms and conditions of the Offering were amended due
to various changes announced by Finances et Economie Quebec affecting the
refundable tax credit for resources and the Quebec flow-through share regime. 


Ultimately, on February 28, 2014, Finances et Economie Quebec publicly announced
the deferral of such changes. 


As a result, Virginia and Laurentian Bank Securities Inc. ("LBS"), which acted
as agent for the Offering, mutually agreed on new terms and conditions for the
Offering.


Virginia issued 353,334 flow-through common shares in the capital of Virginia
(the "Flow-Through Shares") at a price of $24.00 per share for gross proceeds of
CA$8,480,016. 


At closing, Virginia paid a cash fee equal to 6% of the gross proceeds of the
Offering to LBS.


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 in Quebec for the next 18 months.


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 Northern Quebec, 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 relating to the receipt of all necessary approvals for the Offering and
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)
www.minesvirginia.com
info@minesvirginia.com

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