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Virginia Energy is a major shareholder in TSX Venture Exchange-listed Boss Power Corporation (TSX.V: BPU), holding 27.25 million shares or approximately 37% of the fully diluted share capital. Boss holds working capital of $4.6 million and a 100% interest in the high-grade Blizzard uranium deposit. The Blizzard deposit is located in southern British Columbia and is a well-known, historically reported uranium resource. It was the subject of a NI 43-101 compliant Technical Report dated November 15, 2006 (revised on February 23, 2007 and May 30, 2007) by Dr. Peter A. Christopher, P.Eng. The Blizzard deposit was the subject of a detailed engineering evaluation by Kilborn Engineering in the late 1970's, based on a total of 21,184 metres of drilling in 478 reverse circulation and diamond drill holes. The Kilborn Engineering Feasibility Study generated an historical reserve calculation of 2.2 million tonnes grading 0.214 percent U308, at a cut-off grade of 0.025% U308 and including a 15% mining dilution (for an estimated 10.4 million pounds of U308). This was re-classified into an indicated and inferred resource to reflect current usage as the Kilborn Engineering Feasibility Study is not in compliance with NI 43-101. Readers are cautioned that Virginia and Boss Power have not undertaken any independent verification of the data on which the Kilborn resource is based, or the feasibility results, hence the results should not be relied upon. On October 16th, 2008 Boss Power filed a statement of claim in the Supreme Court of British Columbia alleging that the Province of British Columbia, in imposing a Uranium and Thorium Reserve under the Mineral Tenure Act on April 24th, 2008 has prevented the company from exploring for or producing uranium or thorium from the Blizzard Uranium Property and that the Province has expropriated the Company's interest in the Property. The Statement of Claim seeks damages and compensation for the expropriated property. The government filed a Statement of Defense stating that the minerals claims as pleaded in the Statement of Claim "were registered before the Regulation came into force. For that reason, the Regulation does not apply to them, nor does the Regulation affect the rights, titles or interests of the Plaintiffs in any way." Boss Power's work permits, for which applications were submitted mid April 2008, have not been issued. On March 12, 2009, the Province enacted Order in Council #208 prohibiting the Chief Inspector of Mines from issuing permits under the Mines Act for uranium or thorium exploration or development. Legal proceedings are ongoing and Boss is in the process of obtaining an independent valuation of the property. For more information on Blizzard Uranium and Boss Power Corp. go to: Boss Power Corp. Website NI 43-101 report For more information on the Blizzard project, see the following news releases:
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