======================================================================= Thursday, November 22, 2012 Kevin Bambrough, CEO, Sprott Resource Corp.

comments on why it owns 20% of Virginia Energy Resources Inc.

(TSXV:VUI) ======================================================================= "Sprott has a 20% stake in VUI for a simple reason: when the moratorium on uranium mining in Virginia US is finally lifted, we are sitting on a world-class, strategic uranium deposit currently valued at cents on the dollar.

The uranium mining moratorium has created a progress gap.

It dates from the early 1980s - mining technology and safety have progressed a long way since then and the economics of VUIs flagship Coles Hill project are compelling for everyone." Kevin Bambrough, CEO, Sprott Resource Corp.
Dear Shareholder Virginia Energy Resources (TSXV:VUI) owns 100% of the Coles Hill uranium project - a world-class, strategic uranium deposit located in Virginia, US. The vote on the lifting the uranium mining moratorium in Virginia takes place January 2013.

Allowing uranium mining makes sense for Virginia because: -Its safe.

Uranium is mined successfully and safely in other US states, Canada, Australia and elsewhere in the world. -Its scientific.

National Academy of Sciences study published December 2011 provides a clear road map for creating safe uranium production at Coles Hill. -Its needed.

A state-commissioned study published in November 2011 indicates strong economic benefits for Virginia: 1000 jobs and over $5 billion net accumulated economic revenue for Virginia firms over the mines 35-year lifetime.

(Cautionary note: This is a third party estimate, has not been verified by the Company, and should not be relied upon.) -Its sensible.

Virginia generates 38% of its energy from nuclear power.

The Coles Hill project can help Virginia take an enormous step towards energy independence. -Its progressive.

In January 2012, Virginias regulatory agencies were directed to begin drafting a regulatory and permitting program for uranium mining in the state. And were committed.

VUI will follow the science and is committed to adopting the best practices and regulatory requirements. About the Coles Hill uranium project -World class uranium deposit. -133 million pounds contained uranium oxide (119.6 million tons @ 0.056% U3O8, indicated resource) and 43-101 compliant.* -Preliminary Economic Assessment (PEA*) reports attractive project economics based on a higher grade portion of the indicated resource totalling 64.2 million pounds U3O8 (32.9 m tons @ 0.098% U3O8 at a 0.06% cut-off). -Initial production of 2 million lbs per year. -Initial Cash Cost (years 1-10) $30.72/lb. -NPV of US$427 million; IRR of 36.3% (at $64/lb). -An increase of US$5 per pound in uranium selling prices causes the project NPV to rise by US$110 M. -Sprott owns 19.9% and other +50% owned by Virginians. -Attractive share structure. *September 2012 PEA by Lyntek Inc.

and BRS Inc.

is available on SEDAR and the Companys website. FOR MORE INFO PLEASE VISIT OUR WEBSITE, EMAIL US, OR CONTACT US (604) 669-4799 ======================================================================= Copyright (c) 2012 VIRGINIA ENERGY RESOURCES INC.

(VUI) All rights reserved.

For more information visit our website at http://www.virginiaenergyresources.com/ or send mailto: =======================================================================