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) announces that it has negotiated a
private placement that consists of 333,334 flow-through common shares
("Flow-Through Shares") at a price of $21.00 per share, which represents a 70%
premium to the 20-day volume weighted average trading price of the common shares
of Virginia on the Toronto Stock Exchange for the period ended January 23, 2014,
for gross proceeds of CA$7,000,014 (the "Offering"). Laurentian Bank Securities
Inc. ("LBS") has been appointed as the agent for the offering.


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


The Offering is scheduled to close on or before February 10, 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 in Canada.


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


THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR
EXEMPT THEREFROM.


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: 
Andre Gaumond, President
800-476-1853
418-694-9832
418-694-9120 (FAX)


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

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