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VR Introduction

January, 2021

History and Structure

VR Resources Ltd. (“VR”) is an established junior mineral exploration company focused on blue sky opportunities in copper and gold in the western United States and Canada. VR is a publically traded Canadian company registered in British Columbia and listed on the Venture Exchange (TSX.V) in Vancouver under the symbol VRR.V, with secondary listings in Frankfurt (5VR) and on the OTCQB in the United States (VRRCF).

VR is the continuance of 4 years of active mineral exploration in Nevada, USA, founded in 2014 by Michael Gunning, CEO, and Darin Wagner, Chairman, and based upon their diverse careers in the global mineral exploration, and their proven track record in the junior mineral exploration sector of late, having steered the sale of three companies in the past seven years for an aggregate valuation in excess of C$1.3B. The goal of VR is explicit: leverage its experience and expertise in grassroots exploration towards early-stage discovery in order to capture the steepest part of the value creation curve in the exploration and mining process for its shareholders.

The Company maintains its day-to-day work out of an exploration office established in Vancouver, British Columbia. The Company employs a tight administrative cost structure, with a focus on translating publically-raised funds directly into its mineral exploration work.

The Company has a working capital of approximately $3.4m going into 2021, sufficient to execute its mineral exploration strategy for the year and support its corporate business and general administrative expenses through 2022. The Company has approximately 77m shares issued and a very tight share structure, including an insider position of approximately 15%, and a collective holding of approximately 45% by the CEO and five mining-long resource investment funds.

The Company has a robust and ongoing capital markets strategy. The CEO maintains current dialogue with six different capital markets analysts and retail investor newsletter writers who formally Cover the Company. The Company continues to work with Peak Marketing Corporation on market communication and dissemination of information, ensuring that all of its market-related information and certain social media links are both internally consistent and up-to-date. The Company retains Renmark Communications on an ongoing basis to maintain a fully functioning and continuously updated website; the Company’s website is at http://www.vrr.ca.

Key Mineral Properties and Exploration Plans for 2021

The Company is focused on opportunities in mineral districts which have been underexplored during the past 50 years of the modern exploration era. The Company applies modern mineral deposit models and new exploration technologies to properties with large copper-gold mineral system footprints.

VR explores properties it owns outright, 100%. Mineral exploration properties in Nevada are held in a wholly-owned US subsidiary registered in Nevada. New opportunities are evaluated on an ongoing basis, whether by internal generative work and direct staking, by a joint venture or a direct acquisition of a property from a third party, or by a corporate transaction (e.g. merger).

The Company has completed independent, NI 43-101 compliant Technical Reports on two of its properties: the Bonita copper-gold porphyry property in Nevada, dated March 2, 2017, and; the Danbo epithermal gold-silver project in Nevada, dated January 27, 2020. Both are filed on SEDAR.

The Company added the Ranoke and Hecla-Kilmer copper-gold breccia properties in northern Ontario to its Nevada-based portfolio in 2018 and 2020 respectively, as a direct extension of the Company’s platform of blue-sky exploration on large-footprint copper-gold systems in Nevada using new exploration technologies and modern mineral deposit models.

The Ranoke and Hecla-Kilmer properties are remote and the targets are covered and previously untested, yet they are proximal to regional infrastructure including rail, power and highway which enable cost-effective exploration and would facilitate efficient development if a discovery is made. Both properties cover large magnetic anomalies associated with regional gravity features along the western margin of the Kapuskasing Structural Zone (KSZ), a crustal-scale shear zone hundreds of kilometres long which bisects the Archean Superior province between James Bay and Lake Superior. The KSZ has a long-lived history of repeated ultrabasic and alkaline intrusions spanning 1.6 billion years, and it is a prospective setting for a large IOCG or carbonatite-hosted hydrothermal copper-gold breccia system.

VR has drill programs planned for all three of its highest priority properties in 2021. The plan includes:

      1. Hecla-Kilmer Cu-Au-REE IOCG project, ON
        March:   ground-based gravity survey;
        September:   Phase II drilling, to follow-up Phase I completed in Sept. 2020;
      2. Reveille silver-copper CRD property, NV
        February:   IP geophysics
        March:   Phase I RC drilling
        July:   Phase II RC drilling
      3. Amsel gold-silver project, NV
        Phase I drilling planned for fall (Q4)

VR complete is first pass drill program at Hecla-Kilmer (“H-K”) in the fall of 2020 and intersected a hydrothermal breccia and ultra-high temperature sulfide alteration system which comes to surface and has more than 600 m of continuous vertical extent in two drill holes, HK20-002 and 004. Chalcopyrite (copper sulfide) occurs in veinlets and scattered semi-solid sulfide replacement zones within hydrothermal breccia, and is associated with hematite, magnetite and pyrite. Phonolite porphyry dykes consistently elevated in gold, and together with sulfide in iron-rich breccia underscore the potential for Hecla-Kilmer to host a copper-gold breccia deposit with IOCG affinity.

The follow-up drilling planned for September, 2021, will focus on a large gravity anomaly defined during a winter survey subsequent to the 2020 drilling. The anomaly is co-spatial with, but slightly offset from the core of the MVI magnetic anomalies that were targeted in the 2020 drill program.

After continuous exploration over some 18 months starting in 2018, the large-scale silica-potassium alteration cap covering a 2 x 3 km are on the Amsel hill-top is ready for first-pass drilling. An IP anomaly in the southwest quadrant of the alteration cap will be the target, where there is coincident gold and silver anomalies in soil, and high temperature alteration minerals in rocks. There are historic workings from the 1930’s at Amsel, and cursory RC drill holes from 1980 in the alteration cap, but the center and root of the epithermal mineral system on the western flank of the hill has never been drilled before. The property, and the target have attributes comparable to the 20 M oz Round Mountain gold deposit and mine located 45 km to the north, which provides a compelling upside-potential for this drill program.

The Company initiated the permit process for Amsel in 2020, and anticipates receiving the permit in 2021, which would be the springboard for a first-pass drill program planned for the summer or fall season.

While waiting for the permit at Amsel, the Company will focus on the Reveille silver-copper property acquired in June 2020, and located some 75 km’s to the southeast of Amsel in west-central Nevada.

The opportunity for VR at Reveille is twofold:

      • The consolidation of the numerous and high grade silver-copper showings in the south Reveille range within the current property boundaries will enable VR to be the first Company in more than 150 years of history at Reveille to explore the entire mineral system systematically using the recently developed CRD mineral deposit model (carbonate replacement deposit), and by utilizing modern exploration technologies across the entire mineral system in order to evaluate, prioritize and drill test any number of exposed vein, manto and breccia-pipe silver-copper occurrences at surface in the ranges, and more importantly, the potential large-scale source and driver of the overall mineral system located to the west, in the valley, covered and never previously explored.
      • There are historic workings including local underground drifts and larger surface pits on the north and easts side of the property which date as far back as the 1870’s, but there is no previous diamond drilling of covered targets in the valley on the western flank of the range.

Despite the lack of exploration at Reveille during modern times, there is excellent highway access to the property, and roads within it that will facilitate cost-effective exploration.

After an array of surveys completed during nearly continuous exploration for six months starting in June, 2020, the Company applied for and received it’s permit for first-pass drilling at Reveille in January, 2021. A 3D array DCIP survey is planned for February to refine targets in the covered valley on the western range front, to be followed by a two-stage RC drill program planned for March and July, respectively. Drilling will cover an array of targets integrating vectors from rock and soil geochemistry, geological mapping, structures, and magnetic, EM, gravity, resistivity and IP geophysical anomalies.

Investment Summary

VR Resources has demonstrated conviction and discipline towards its business model and exploration strategy during the past 7 years in order to successfully navigate a challenging capital markets cycle in resources during the past decade. VR has maintained active exploration on the ground throughout that period in order to expose its shareholders to the potential for discovery-based value creation, and is now positioned with targets ready to drill on three different properties in 2021. This drilling will expose our shareholders to blue-sky discovery value potential at a time when there is a clear resurgence and buoyancy in the gold, silver and copper sectors.

The investment thesis and upside potential for VR Resources has not changed, and is multi-faceted:

      • The life-long experience of its management and Board specifically in mineral exploration, and its collective track record of success in value creation for shareholders through successful M&A;
      • The focus of its executive management exclusively to the business of VR;
      • A tight share structure, including a strong insider position and strong positions from six mining-long institutions;
      • Greenfields exploration with bona fide blue-sky potential on large-footprint mineral systems which lack systematic, modern exploration, with targets never previously drilled;
      • 100% ownership of properties; no joint venture interests, no carried interests, no back-in interests;
      • Properties with local infrastructure (road access and near-by service -hubs) for cost-effective exploration, and infrastructure such as power grids and railroads essential to mining companies for viable project development should a discovery occur;
      • Properties located in jurisdiction with a long and well-established history of regulatory support for the exploration and mining industry;
      • Properties located in mineral districts where major mining companies are active.

Technical Information and Governance

VR strives for technical excellence in its work, and corporate industry leadership. VR’s management has led numerous industry and research organizations in the past, and has been recognized with numerous industry achievement and recognition awards.

Technical information contained on this website has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Justin Daley, MSc, P.Geo., Chief Geologist and Exploration Manager at VR and a non-independent Qualified Person oversees all aspects of the Company’s mineral exploration projects. The content of this document, and this website, has been prepared and reviewed on behalf of the Company by the CEO, Dr. Michael Gunning, PhD, P.Geo., a non-independent Qualified Person.


Michael Gunning, President and CEO, Director

Dr. Gunning is a Professional Geologist with over 30 years of experience in mineral exploration and geological research. His experience spans work in federal and provincial geological surveys, exploration in North and South America with Cominco (now Teck), and proven executive leadership in the junior exploration sector, including recent success in the sale of two companies. He is extensively published, holds several industry awards, and is past-president of numerous industry organizations.

Upon completion of his PhD at the University of Western Ontario, Dr. Gunning spent nearly a decade leading global exploration projects, and learning the business within a fully integrated, multi-national exploration and mining Company at Cominco. Following Cominco, Dr. Gunning accepted the role of lead Mineral Deposits Research Geologist with the Saskatchewan Geological Survey, which included running the Energy Group within the governments Strategic Development department. This work led Dr. Gunning to the uranium junior exploration sector in Vancouver. As CEO of Hathor Exploration Limited, he led successive resource and PEA milestones for the Roughrider uranium deposit discovery, and he guided Hathor successfully through a hostile takeover bid and a $654 million acquisition by Rio Tinto in 2012, which was one of the top ten M&A deals in the global mining sector that year. He built on that success as Executive Chairman of Alpha Minerals which was acquired in 2013 for C$190 million following the discovery of the Patterson Lake uranium deposit in Saskatchewan.

Dr. Gunning is focused 100% on VR Resources. He has stepped away from all previous directorships held in other public and private companies, and has refrained from any advisory roles in industry.

Dr. Gunning is a past-President of the Saskatchewan Geological Society and the Society of Economic Geology Student Chapter, he served on the AME BC Roundup Committee and presented at the annual AME Exploration Safety Workshop for more than a decade, and was awarded the prestigious Colin Spence Award for Excellence in Global Mineral Exploration in 2012. Having played field hockey at the club, university, national and international level, he is a past Director of Field Hockey Canada and Chair of the Canadian Men’s Field Hockey Olympic Trust, and he holds several provincial awards recognizing service to sport.

Darin Wagner, Chairman

Mr. Wagner serves as the Chairman of VR. He is a Professional Geologist with over 30 years of mineral exploration and corporate development experience. During that time he has worked in North/South America and in Africa, been directly involved in a number of M&A transactions in the mineral exploration sector and helped to raise several hundred million dollars for mineral exploration globally.

In 1999 Mr. Wagner became Vice President, Exploration for New Millennium Metals Corp. which was successfully merged with Platinum Group Metals Ltd. in 2002. Mr. Wagner served as Exploration Manager for Platinum Group Metals through the acquisition, discovery and initial delineation of the multi-million ounce Maseve PGE mine in South Africa.

Mr. Wagner became President of Sydney Resource Corp. in 2005 and helped steer the successful merger with Band Ore Resources to form West Timmins Mining Inc. in 2006. He then served as a President, CEO, Director and Qualified Person for West Timmins Mining through the discovery of the high-grade Thunder Creek and 144 gold deposits – which form part of the Timmins West Mine Complex in Timmins, Ontario. He oversaw the acquisition of West Timmins by Lake Shore Gold in an all share deal valued at $424 million which was completed in 2009.

He then founded Canadian explorer Balmoral Resources Ltd. and served as its President and CEO through a series of gold and base metal discoveries culminating in its 2020 acquisition by Wallbridge Mining Company Ltd. in an all share deal valued on closing at $160 million. Mr. Wagner was also a co-founder of Falco Resources, a founding director of NewCastle Gold (acquired by Equinox Gold in 2017), and has served as an advisor to the management of Nova Royalty Corp. since inception.

Justin Daley, Exploration Manager and Chief Geologist

Mr. Daley is a Professional Geologist with over a decade of global experience in grassroots and early-stage mineral exploration.  He obtained an M.Sc. in Mineral Exploration from Laurentian University in Sudbury, ON and a B.Sc. Honours in Geological Sciences from Queen’s University in Kingston, ON.  Mr. Daley has worked throughout the Americas, in Canada, the USA, Mexico, Peru and Chile, and in Turkey exploring for copper and gold for Teck Resources, Silver Standard (now SSR Mining), Centerra and Pretium.  During this time, he gained an in-depth knowledge of porphyry, epithermal and VMS mineral systems, experience in the integration of exploration datasets within scientific mineral deposit models, and an expertise in the application of GIS technologies.

Michael Thomson, Director

Mr. Thomson has over 35 years of experience in the securities industry as a lawyer, regulator, investment banker, Vice President with two securities dealers, and an entrepreneur. Mr. Thomson has been the President and principal of Independent Capital Partners Inc., a corporate finance consulting and advisory company since May 1998. He is also a past independent director of the Lil’Wat Business Corporations, the business arm of the Mt. Currie (Pemberton) First Nations Band.

Overall, the focus of Mr. Thomson’s career has been the capital markets, and taking companies public. He has been the founder or co-founder of a number of capital pool companies that have completed arm’s length business combinations and Qualifying Transactions with various private companies, including a number of companies in the resource sector. Currently, he is a Director of four TSX.V Listed companies.

Mr. Thomson obtained a Bachelor of Law degree from the University of Ottawa in 1983. He is a former member of the Listings Advisory Committee (Calgary) of the TSX Venture Exchange.

Craig Lindsay, Director

Mr. Lindsay is the Managing Director of Arbutus Grove Capital Corp. He has over 25 years of experience in corporate finance, investment banking and business development in both North America and Asia. His focus has been on mineral resources in the western United States, most recent serving as Founder, President and CEO of Otis Gold Corp. until its sale to Excellon Resources Inc. (TSX) in 2020. Previously, Mr. Lindsay was Founder, President and CEO of Magnum Uranium Corp. until its merger with Energy Fuels Inc. in July 2009. Prior to that he was a Vice President in the Corporate Finance and Investment Banking Group at PricewaterhouseCoopers LLP and a Partner in the Pacific Rim Group, a financial and business services company located in Hong Kong. Managing Director of Arbutus Grove Capital Corp. since 2003.

Lindsay was a founding Director of Malaspina Capital Ltd. (ASE) and was responsible for identifying its merger with Miranda Mining Corp, a Mexican based gold producer that was subsequently acquired by Wheaton River Minerals. He was also a Founding Director of Rebel Capital Inc (TSXV), and was responsible for identifying and negotiating its merger with Electric Royalties Ltd. He was a Director of Philippine Metals Inc. from 2011 to 2022 and has been a Director of successor company Revolve Renewable Power Corp. since 2022. He is currently a Director of Excellon Resources Inc (TSX), Electric Royalties Ltd (TSXV), Alianza Minerals Ltd. (TSXV).

Mr. Lindsay has a Bachelor of Commerce degree from the University of British Columbia, an MBA from Dalhousie University and is a Chartered Financial Analyst. He is the Immediate Past National Chair of the Hong Kong Canada Business Association and former President of the Vancouver Section, a past Chair of the Family Services of Greater Vancouver and a member of the Board of Governors of Crofton House School.


Blaine Bailey, Chief Financial Officer

Mr. Bailey is a Chartered Professional Accountant, CGA working with public and private companies over the past 20 years. Mr. Bailey brings complementary skills to the team in areas of finance, administration, and financial reporting. Mr. Bailey is currently the CFO of GR Silver Mining Ltd., Panorama Capital Corp., and Cirrus Gold Corp.

Mr. Bailey received his Bachelor of Commerce degree (Honours) from the University of Manitoba in 1977, and qualified for the CPA, CGA designation in British Columbia in 1983. Mr. Bailey has served in the capacity of accountant for Molson Brewery B.C. Ltd. and controller for Nabob Coffee Co. with head offices in Zurich, Switzerland.

Cyndi Laval, Corporate Secretary

Ms. Laval is a partner at the law firm of Gowling WLG (Canada) LLP, Vancouver, B.C. and is the leader of the firm’s Corporate Finance, M&A and Private Equity Group in Canada.

Ms. Laval practices M&A, Corporate Finance and Mining Law, and has over 20 years of experience. Her practice involves advising issuers on merger transactions, corporate finance activities, such as equity and debt financings, stock exchange listings, corporate and securities regulatory compliance, corporate reorganizations, corporate governance, and mining-related transactions.

Ms. Laval was named Vancouver “Lawyer of the Year” for Mining by the Best Lawyers in Canada in its 2017 edition. She has also been named one of Vancouver’s 30 leading lawyers by the National Post and is recognized as a leading lawyer in The Best Lawyers in Canada, Legal 500 Canada, Lexpert’s Leading Canadian Lawyers in Global Mining, Canadian Legal Lexpert Directory, Who’s Who Legal: Canada and Who’s Who Legal: 100.

Prior to joining private practice, Ms. Laval worked in the policy department of the now TSX-V. Ms. Laval was a member of the TSX-V’s Local Advisory Committee from 2006 to 2013 and an instructor of the TSX-V Rules and Tools Corporate Governance Workshop from 2004 to 2010.

Frances Petryshen, Corporate Compliance

Ms. Petryshen brings over 25 years of management experience with a specialization in corporate compliance and governance for public, private and not-for-profit organizations. She has been a Director and Officer of several public and private companies. Ms. Petryshen is an Accredited Director (“Acc.Dir.”) and a Fellow with the Chartered Governance Institute of Canada (“FCG”) where she currently serves as Director of the British Columbia branch of the Institute.



Mar 31, 2017 Annual annual_mda_2017.pdf
Financial Statement
Mar 31, 2017 Annual annual_fs_2017.pdf


Mar 31, 2018 Annual annual_mda_2018.pdf
Jun 30, 2017 Q1 q1_mda_2018.pdf
Sep 30, 2017 Q2 q2_mda_2018.pdf
Dec 31, 2017 Q3 q3_mda_2018.pdf
Financial Statement
Mar 31, 2018 Annual annual_fs_2018.pdf
Jun 30, 2017 Q1 q1_fs_2018.pdf
Sep 30, 2017 Q2 q2_fs_2018.pdf
Dec 31, 2017 Q3 q3_fs_2018.pdf


Financial Statement
Mar 31, 2019 Annual annual_fs_2019.pdf
Jun 30, 2018 Q1 q1_fs_2019.pdf
Sep 30, 2018 Q2 q2_fs_2019.pdf
Dec 31, 2018 Q3 q3_fs_2019.pdf
Mar 31, 2019 Annual annual_mda_2019.pdf
Jun 30, 2018 Q1 q1_mda_2019.pdf
Sep 30, 2018 Q2 q2_mda_2019.pdf
Dec 31, 2018 Q3 q3_mda_2019.pdf


Financial Statement
Mar 31, 2020 Annual annual_fs_2020.pdf
Jun 30, 2019 Q1 q1_fs_2020.pdf
Sep 30, 2019 Q2 q2_fs_2020.pdf
Dec 31, 2019 Q3 q3_fs_2020.pdf
Mar 31, 2020 Annual annual_mda_2020.pdf
Jun 30, 2019 Q1 q1_mda_2020.pdf
Sep 30, 2019 Q2 q2_mda_2020.pdf
Dec 31, 2019 Q3 q3_mda_2020.pdf


Financial Statement
Mar 31, 2021 Annual annual_fs_2021.pdf
Jun 30, 2020 Q1 q1_fs_2021.pdf
Sep 30, 2020 Q2 q2_fs_2021.pdf
Dec 31, 2020 Q3 q3_fs_2021.pdf
Mar 31, 2021 Annual annual_mda_2021.pdf
Jun 30, 2020 Q1 q1_mda_2021.pdf
Sep 30, 2020 Q2 q2_mda_2021.pdf
Dec 31, 2020 Q3 q3_mda_2021.pdf


Financial Statement
Mar 31, 2022 Annual annual_fs_2022.pdf
Jun 30, 2021 Q1 q1_fs_2022.pdf
Sep 30, 2021 Q2 q2_fs_2022.pdf
Dec 31, 2021 Q3 q3_fs_2022.pdf
Mar 31, 2022 Annual annual_mda_2022.pdf
Jun 30, 2021 Q1 q1_mda_2022.pdf
Sep 30, 2021 Q2 q2_mda_2022.pdf
Dec 31, 2021 Q3 q3_mda_2022.pdf

Disclaimer; Forward Looking Statements

January, 2020

VR Resources Ltd. (“VR”) is an emerging junior mineral exploration company listed on the Venture Exchange (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF), and is registered in British Columbia, Canada.

All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.

VR is responsible for the preparation and presentation of materials on this website.  Technical information has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.  Justin Daley, MSc, P.Geo., Principal Geologist at VR and a non-independent Qualified Person oversees all aspects of the Company’s mineral exploration projects.  The content of this document and this website has been prepared and reviewed on behalf of the Company by the CEO, Dr. Michael Gunning, PhD, P.Geo., a non-independent Qualified Person.

There are statements and/or information on this website with respect to mineral properties and/or deposits which are adjacent to and/or potentially similar to the Company’s mineral properties, but which the Company has no interest or rights to explore or mine. Readers are cautioned that mineral deposits on adjacent or similar properties are not necessarily indicative of mineral deposits on the Company’s properties.

VR uses its best efforts to realistically and factually present the information contained herein. However, subjective opinion, dependence upon factors outside VR’s control and outside information sources unavoidably dictate that VR cannot warrant the information contained to be exhaustive, complete or sufficient. In addition, many factors outside of VR’s control can alter the intended results of information presented by VR.

For greater clarity, no guarantees are made or implied with regard to the success of VR’s proposed ventures.  Trading in the securities of the Company should therefor be considered highly speculative.  Users of this website interested in investing should conduct their own assessment of materials and seek independent, professional investment advice prior to making any investment decisions based on materials prepared and/or presented by VR.

Cautionary Guidance Regarding Forward Looking Statements

This website contains “forward looking information” and “forward looking statements” (together, “forward looking statements”) within the meaning of securities legislation in Canada and the United States Private Securities Litigation Reform Act of 1995, as amended.  These forward looking statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Forward looking statements include, but are not limited to, statements about the future.  Often, but not always, forward looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.  Although the Company presents assumptions herein with regard to certain forward-looking statements, management believes that the assumptions made, and the expectations represented by such statements are reasonable; regardless, there can be no assurance that a forward looking statement referenced herein will prove to be accurate.

Forward looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.  Such risks, uncertainties and other factors include, among other things, the following: the ability of the Company to successfully raise money to fund its business and/or exploration programs; the ability of the Company to successfully operate its mineral exploration programs; the speculative nature of resource exploration; the effect of foreign exchange regulations on exploration programs in Nevada; the absence of mineral reserves on the Company’s properties; uninsured risks; uncertainty of actual capital costs and exploration program costs; changes in commodity prices, including copper and gold, but also other metals which in the past have fluctuated widely and which could affect the financial condition of the Company; currency exchange rate fluctuations; risks related to some of the Company’s properties being located in Nevada, including political, economic, and regulatory instability; uncertainty in the Company’s ability to obtain and maintain certain permits necessary for current and anticipated exploration operations; the Company being subject to environmental laws and regulations which may increase the costs of doing business and/or restrict planned exploration programs.

Although VR has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.  Also, many of the factors are beyond the control of the Company.  Accordingly, investors should not place undue reliance on forward looking statements.  The Company undertakes no obligation to reissue or update any forward-looking statements as a result of new information or events after the date hereof except as may be required by law.

All forward-looking statements herein are qualified by this cautionary statement.