Virginia Mines: Signing of a CA$6 Million Agreement With IAMGOLD

Virginia Mines Inc. (TSX:VGQ) reports an agreement with IAMGOLD  on the Lac Pau property in Quebec.

The press release is quoted as saying,

Under the terms of the agreement, IAMGOLD has the sole and exclusive right and option to earn an undivided 50% beneficial interest in the property in exchange for $6 M in exploration work over a seven-year period and total cash payments of $130,000 on or before the 3^rd anniversary of the agreement. Virginia will be the operator until the completion of a positive pre-feasibility study.

For the complete press release, click here.