Virginia Energy Closes Final Tranche of Private Placement Financing

Tuesday, August 11, 2009 Virginia Energy Closes Final Tranche of Private Placement Financing News Release: 09-16 Virginia Energy Resources Inc. (TSX.V: VAE) is pleased to announce completion of the final tranche of it's previously announced non-brokered private placement financing announced May 14, 2009. Each Unit will comprise one common share at a price of 50 cents per share, and one-half of one share purchase warrant. Each whole warrant is exercisable at 60 cents per share for a five-year period. The warrants will have an acceleration clause whereby if the Company's shares trade at or greater than $2.00 for 10 consecutive days, the remaining exercise period may be reduced, at the election of the Company and upon notice to the warrant holders, to 25 days. A total of 4,155,600 common shares and 2,077,800 warrants were issued under this placement, for a gross consideration of $2,077,800 and will be subject to a hold period of 4 months and 1 day. Finder's fee and commissions will be payable to qualified third party agents. A portion of this proposed financing will be applied to increasing the Company's equity position in VA Uranium Holdings Inc., which initial transaction was announced in a Company new release dated Dec. 22, 2008 wherein Santoy and a private corporation, Virginia Uranium Ltd. agreed to a business combination by way of a Plan of Arrangement, which closed July 21, 2009. The amalgamated corporation is Virginia Energy Resources Inc. Virginia Uranium Ltd. owns an interest in the Coles Hill uranium deposit located in southern Virginia. Coles Hill, considered to be one of the largest undeveloped uranium deposits in the United States, had been advanced through to the feasibility stage in 1982 and has now been investigated by 220 drill holes. It has an estimated measured and indicated resource of 119 million pounds of U3O8 (at a cut-off grade of 0.025 per cent U3O8) based on a National Instru-ment 43-101 technical report on the Coles Hill property prepared for Santoy Resources by Behre Dolbear and Company Ltd., Marshall Miller and Associates Inc., and PAC Geological Consultant Inc. (Dr. Peter Christopher, P.Eng.) dated Feb. 2, 2009, and revised April 29, 2009. This report is available on SEDAR and on Virginia Energy Resources' website. On Behalf of the Board of Directors Virginia Energy Resources Inc. "Norm Reynolds" Norm Reynolds, President & CEO ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Santoy Resources Ltd. is pleased to announce the closure of their merger with Virginia Uranium Limited. Our new company will be called Virginia Energy Resources Inc. and will trade under the ticker symbol VAE effective Friday July 24. We are currently in the process of transitioning Santoy's website to the newly formed Virginia Energy Resources Inc. website. The company is focused on discovering and developing high-grade uranium deposits and on exploration for coal throughout North America. The company has an experienced management team which is supported by a veteran Board of Directors who have been directly involved with the discovery and development of three major gold discoveries in Canada that have subsequently been put into production (Eskay Creek, Snip and Brewery Creek mines); of coal and coalbed methane projects in Western Canada; of producing "green power" projects throughout Canada; of conventional oil & gas discoveries throughout North and South America; and of taking uranium discoveries through to feasibility study. The Company files its continuous disclosure documents on www.sedar.com and provides a link to SEDAR under the "INVESTORS" tab.