Virginia Energy Announces Appointment of Joseph Mullin as President

/NOT FOR DISSEMINATION IN THE U.S. NOR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/

VANCOUVER, BC, Aug. 8, 2022 /CNW/ - Virginia Energy Resources Inc. (TSX.V: VUI) ("Virginia Energy" or the "Company") is pleased to announce the appointment of Joseph Mullin as President of the Company.

Mr. Mullin was most recently the CEO and Director of QuestEx Gold & Copper, prior to its sale.  He has over 20 years of experience in resource investing, corporate finance and private equity. Mr. Mullin began his career as a Financial Analyst in Investment Banking at Goldman Sachs, and subsequently worked at Invesco Ltd. and Millennium Global Investments Ltd. He is currently a Partner and Director of Mount Arvon Partners LLC and serves as an independent Director of Pure Energy Minerals Ltd. and FireFox Gold Corp. Mr. Mullin has a B.A. from Harvard University.

"Virginia Energy is very pleased to welcome Mr. Mullin as its President. Joe's background with resource companies and in particular his experience with mergers and acquisitions are strong assets which will boost the Virginia Energy team as we chart our course," stated Walter Coles Sr., CEO of Virginia Energy.

Subject to regulatory and shareholder approval, the Company has granted Mr. Mullin 500,000 Restricted Stock Units ("RSUs") vesting if rafter two years, or on a Change of Control ("CoC") transaction.

Virginia Energy Resources Inc. is a uranium development and exploration company. The Company holds a 100% controlling interest in the advanced stage Coles Hill uranium project located in south central Virginia, USA.

On Behalf of the Board of Directors of

"Walter Coles Sr."
Walter Coles, Sr.
President & CEO

Certain of the statements in this press release may 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, implications regarding the successful or unsuccessful closing of a private placement financing, or statements relating to filing of a lawsuit in federal court against the Commonwealth of Virginia. Forward-looking statements and forward-looking information generally express predictions, expectations, beliefs, plans, projections, or assumptions regarding future events or performance, they do not constitute historical fact and they are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those anticipated or implied in such information or statements. 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 to be accurate. Actual results may differ materially from those anticipated or projected.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

SOURCE Virginia Energy Resources Inc.