Virginia Energy Loses Circuit Court Case

VANCOUVER, BC, July 31, 2020 /CNW/ - Virginia Energy Resources Inc. (TSXV: VUI) ("Virginia Energy" or the "Company") announces that unfortunately yesterday the Circuit Court of Wise County, Virginia issued a ruling against Virginia Energy's subsidiary, Virginia Uranium Inc. in its takings claim against the Commonwealth of Virginia. We are deeply disappointed with the Court's ruling. We are studying the opinion and considering all available options.

On Behalf of the Board of Directors of                                                                          

VIRGINIA ENERGY RESOURCES INC.     

Walter Coles, Sr.
President & CEO

Cautionary Note Regarding Forward-Looking Statements 

Certain of the statements in this press release 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, statements relating to filing of a lawsuit in federal court against the Commonwealth of Virginia. Forward-looking statements and information generally express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance, do not constitute historical fact and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in such 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 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

SOURCE Virginia Energy Resources Inc.

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