TORONTO, Oct. 9, 2012 /CNW/ – This press release is issued by Coles
Hill, LLC and Walter Coles, Sr. (collectively, “Coles Hill“), pursuant to the early warning requirements of National Instrument
62-103 with respect to common shares (“Common Shares“) of Virginia Energy Resources Inc. (the “Corporation“), a reporting issuer in certain jurisdictions in Canada. Walter Coles
Sr. has control and direction over Coles Hill, LLC. In accordance with
such early warning requirements, Coles Hill is required to report
certain information in respect of its holdings of securities of the
Corporation. On September 27, 2012, further to a plan of arrangement
between Virginia Energy Resources Inc., VA Uranium Holdings, Inc.,
Virginia Uranium Ltd. and 0942845 B.C. Ltd. (the “Arrangement“), Coles Hill acquired ownership of 11,198,945 Common Shares or approximately 33.8% of the outstanding Common Shares,
without giving effect to the exercise or conversion of any other
convertible securities of the Corporation.

A press release announcing the closing of the Arrangement was issued by
the Corporation on September 27, 2012.

The Common Shares were acquired as a result of the Arrangement. Coles
Hill will evaluate its investment in the Corporation from time to time
and may, based on such evaluation of market conditions and other
circumstances, increase or decrease shareholdings in the Corporation as
circumstances require. For further information and to obtain a copy of
the early warning report filed under applicable Canadian provincial
securities legislation in connection with the transactions hereunder,
please go to the Corporation’s profile on the SEDAR website www.sedar.com or contact Neal Keesee at 540-983-7627.

Note: Disclosure regarding the percentage of outstanding Common Shares
held by Coles Hill and the Corporation’s outstanding share capital is
based on information provided by the Corporation.

Note on Forward-Looking Information

This press release includes certain forward-looking information,
including statements relating to Cole Hill’s interests in the
Corporation and its future intentions in respect thereof, using words
including “anticipate “, “believe”, “could”, “expect”, “intend”, “may”,
“plan”, “potential”, “project”, “seek”, “should”, “will”, “would” and
similar expressions, which are intended to identify a number of these
forward-looking statements. This forward-looking information reflects
current views with respect to current and future events and
circumstances and is not a guarantee of future performance and is
subject to risks, uncertainties and assumptions, including those
relating to changes in business, performance and markets. Actual
results may differ materially from information contained in the
forward-looking information as a result of a number of those factors.
Forward-looking information is provided for the purpose of providing
information about management’s current expectations and plans relating
to the future. Readers are cautioned that such information may not be
appropriate for other purposes. Coles Hill undertakes no obligation to
publicly update or revise any forward-looking information contained in
this press release, except as required by applicable laws.

SOURCE Coles Hill, LLC