False Assertions On VUI, Says Coles

No wonder the announcement of the merger of VUI and Santoy was marked so clearly "Not for publication in the US". They didn't want the truth to come out in VA. Of course, putting something on the internet is tantamount to announcing it to the world, which includes the US. Duh. To paraphrase Shakespeare (Macbeth), "The gentleman doth protest too much, methinks."

From The News & Record:

Dear Viewpoint,

Strident opponents of the uranium development prospect at Coles Hill have taken the announcement of a pending merger between Santoy Resources, Ltd. of Vancouver, BC and Virginia Uranium Ltd. as an opportunity to spread, once again, false and confusing assertions that the Coles Hill project is a Canadian enterprise, hence foreign-owned.

Here are the facts:

Rather than a "complex web of companies and interests" as described by the Piedmont Environmental Council, the Coles Hill project, developed by Virginian Uranium, Inc. is majority owned by the Coles and Bowen families of Pittsylvania County--the current owners of the property and its mineral rights.

In the normal course of business, we have taken prudent steps to secure adequate financing for the project on the Toronto Stock Exchange, where more mining and oil and gas sector companies are listed than on any other exchange in the world. It's where mining and exploration projects the world over seek investment capital.

Virginia Uranium Ltd., a seperate company from Virginia Uranium Holdings, has acted as the financing vehicle for the Coles Hill project and is comprised primarily of investment groups in New York and Toronto. It currently has a 12 percent ownership in Virginia Uranium Holdings, the parent company of Virginia Uranium, Inc.

Virginia Uranium Holdings, registered in Canada to do business there, is controlled by the Coles and Bowen families with over 70% of the shares. For clarity, these companies are all part of the same enterprise to support the Coles Hill project, formed to serve different functions of the effort effectively.

The pending merger of Virginia Uranium Ltd, with Santoy Resources in Canada is another important step in the stable financing of the Coles Hill project. Once approved by company boards and regulators, it will provide more investment capital and mining expertise for the effort at Coles Hill. That is truly good news for anyone interested in the sustainability of the project over the long haul.

Virginia Uranium Holdings and its subsidiary, Virginia Uranium, Inc. are Virginia-owned with majority shares held by the Coles and Bowen families. No matter how many times opponents of the Coles Hill project say that Canadians or scary 'foreigners" own Virginia Uranium, it will not change the facts. We are a Virginia-owned and a Virginia- managed enterprise and intend to remain so."

Walter Coles

Chairman of Virginia Uranium, Inc.

Chatham, VA.

http://www.thenewsrecord.com/