News Release - Wednesday, November 24, 2010 Virginia Energy Completes Share Conversion Transaction NR: 10-24 Virginia Energy Resources Inc.

(TSX.V: VAE) has completed the share conversion transaction, announced on May 19, 2010, to acquire 2 million shares of VA Uranium Holdings, Inc.

("Virginia Uranium") from Marmot LLC, a company controlled by Norman Reynolds, a director of the Company, in exchange for the issuance of 2.2 million shares of the Company, at a ratio of 1:1.1.

This transaction will increase the Companys direct and indirect holdings in Virginia Uranium from 28.5% to 29.9%.

Virginia Uranium is the sole operator and owner of the Coles Hill uranium deposit, which is estimated to contain 119 million pounds of U3O8 (98.7 Mt at 0.060 percent U3O8 at a cut-off grade of 0.025 percent U3O8) based on an April 29, 2009 National Instrument 43-101 Technical Report prepared for the Company by Behre Dolbear and Company Ltd., Marshall Miller and Associates Inc., and PAC Geological Consultants Inc.

(Dr.

Peter Christopher, P.Eng.).

This report is available on SEDAR and on Virginia Energy Resources website.

A recently completed Scoping Study, referred to in the Companys October 18, 2010 news release, has updated the economic and technical parameters for the proposed development of this project.

The technical information in this news release has been reviewed by Michael S.

Cathro, P.Geo.

the Companys Vice-President of Exploration and a Qualified Person as defined in National Instrument 43-101. About Virginia Energy Resources Inc. Virginia Energy Resources Inc.

is a uranium development and exploration company.

The Company holds a 29.9% stake in the advanced stage Coles Hill uranium project in Virginia.

Additionally, the Company is pursuing active exploration programs in the Athabasca Basin on its Murphy River and Hatchet River uranium properties, which are held in a 50-50 Joint Venture with Denison Mines Ltd., and its 100% owned uranium properties in the Otish Basin of Quebec.

The Company is also a 37.2% shareholder of Boss Power Corporation.

Virginia Energy Resources Inc.

trades on the TSX Venture Exchange under the symbol VAE. On Behalf of the Board of Directors of VIRGINIA ENERGY RESOURCES INC.

Walter Coles Jr.

President & CEO 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. Copyright (c) 2009 Virginia Energy Resources Inc.

(VAE) All rights reserved.

For more information visit our website at http://www.santoy.ca/ or send