Virginia Mines Inc. (“Virginia”) (TSX:VGQ) confirms the closing of the private placement announced on October 26, 2012, which consisted of the issue of 142,857 flow-through common shares (“Flow-Through Shares”) at a price of $17.50 per share, which represents a 71% premium to the 10-day volume weighted average trading price of the common shares of Virginia on the Toronto Stock Exchange for the period ending November 15, 2012, resulting in gross proceeds of CA$2,499,997.50. Laurentian Bank Securities Inc. acted as the agent for the offering and was paid a cash fee equal to 6% of the gross proceeds.

The Flow-Through Shares are subject to a four-month hold period in Canada.

Proceeds from the offering will be used to fund exploration work on Virginia’s numerous projects.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

About Virginia

(TSX:VGQ) Virginia conducts its exploration activities over the vast, unexplored territories of Northern Quebec in order to create value for its shareholders while protecting the quality of life for both present and future generations. With a working capital position of $40.5 million as at August 31, 2012, and a large area of mining claims in Quebec North, Virginia is among the most active mining exploration companies in Québec. Strengthened by the discovery of the Éléonore project and more than 15 years expertise on the territory, Virginia’s exploration team is recognized as one of the best in Canada. Virginia also holds a 2.2% to 3.5% royalty in the Éléonore property.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Virginia’s periodic reports filed with the security commissions of Quebec, Ontario and Alberta, and in the annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. Virginia undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.