Virginia Energy Announces Option Agreement for Solar Development Project at Coles Hill
VANCOUVER, BC, April 1, 2022 /CNW/ - Virginia Energy Resources Inc. (TSXV: VUI) ("Virginia Energy" or the "Company") is pleased to announce that it has signed an option agreement with a solar development company to evaluate the feasibility of a solar energy generation facility on approximately 1,000 acres of the Company's land. If the option is exercised, this solar project would generate low carbon energy for the local community, Pittsylvania County, and the Commonwealth of Virginia.
An energy project of this type would utilize services of local businesses and provide both temporary and permanent jobs to the local community.
This solar project further demonstrates the commitment of Virginia Energy to enhancing the community in which we operate, our long term commitment to the local economy and the responsible steps taken toward the development of the Coles Hill uranium project.
A solar project could provide the company with an onsite source of low carbon power that could be utilized for future processing facilities at Coles Hill. It is an important infrastructure step for the project. In the meantime, this solar project will provide low cost low carbon energy to the local area while providing future cash flow contributions for sustaining general and administrative costs of the company.
Virginia Energy is of the belief that this solar project aligns well with our ESG and net-zero carbon goals. If developed, our Coles Hill uranium project will provide energy dense uranium that is responsibly produced locally for the nuclear energy industry both in the United States and in the Commonwealth of Virginia.
As the journey continues in the global energy transition, the need for low carbon high quality base load energy is becoming increasingly critical. Better understanding of nuclear energy by the public along with development of advanced nuclear reactors in the United States is increasingly positive. The Coles Hill project is uniquely positioned to provide a longer term supply of local American made energy rich uranium that can be supplied to serve this energy transition while providing much needed economic contribution to our local community and to the state. Our work to implement this solar project is another step toward that future.
Commenting on the transaction, the company President & CEO Walter Coles, Sr., said, "If determined to be feasible, this solar project will generate low carbon energy for the local community, Pittsylvania County, and the Commonwealth of Virginia. Construction of the project would utilize services of local businesses and provide jobs to the local community. This solar project further demonstrates the commitment of Virginia Energy to enhancing the community in which we operate and our long term commitment to the local economy. It could be an important infrastructure step for Coles Hill and if developed would provide meaningful cash flow to the company."
Mr. Coles continued, "Domestic energy security is a critical issue for governments around the world. A recent and unfortunate reminder is the reliance on energy inputs from Russia, as shown in the conflict with Ukraine. These recent events definitively establish the need for self-reliance: a complete energy supply chain entirely within our borders. The Coles Hill project is uniquely positioned to provide a longer term supply of locally sourced uranium to support our own domestic fleet of power reactors."
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
VIRGINIA ENERGY RESOURCES INC.
"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.
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SOURCE Virginia Energy Resources Inc.
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