Dr. Michael Gunning reports

VR RECEIVES NOI DRILL PERMIT FOR NEW BOSTON, AND PRIORITIZES DRILL TARGETS FOR THE COPPER-MOLY-SILVER PORPHYRY SYSTEM IN WESTERN NEVADA.

VR Resources Ltd. has received its first NOI (notice of intent) drill permit for its New Boston property and polymetallic copper-moly-silver porphyry system, located in west-central Nevada.

For strategic reasons, two separate NOI permit applications have been prepared to cover both the large IP chargeability anomaly at the Jeep mine and the large conductivity anomaly at the east zone (EZ), respectively. The conductivity anomaly at EZ is the priority and, as such, its NOI permit was submitted first and has been approved and received within the standard 15-day time frame. The Jeep mine NOI application has been similarly prepared for submission and timely approval.

Geophysical targets for drilling

• Jeep mine and EZ anomalies on conductivity plan map with superimposed IP isoshells;
• East-west profile through the 3-D conductivity block model, showing convergence of Jeep mine and EZ anomalies at depth, below the central GW fault and mineralized gossan;
• North-south cross-section of conductivity block model, showing EZ conductor as the potential porphyry stock source to copper mineralization on surface at the CCT zone.

The EZ target for copper

The ground DCIP conductor at EZ has been given top priority based on its size and on its proximity to known copper mineralization: the best anywhere on the property covering the entire four-kilometre (km) vein system:

• Copper at surface: The core of the conductor comes to surface into a patch of maroon-coloured soil among hematite skarn and intense quartz vein stockworks, with up to 0.8 per cent copper in soil.
• Copper intersections: A 2010 drill hole located 300 metres to the south of the conductor, updip in limestone, intersected 279 feet (ft) at 0.24 per cent copper (Cu) from a depth of 12 feet, coincident with a small conductor.
• Strike length: Starting from the maroon soil surface expression, the EZ conductor extends 900 metres (m) to the northwest on plan map and converges with the Jeep mine conductor at depth.
• Open to depth: The EZ conductor plunges from surface through the 500-metre depth extent of the 3-D voxel model; amplitude strengthens and volume increases with depth, and is open.

The new conductor at EZ offers the potential to discover a mineralized porphyry stock that is the source of the system of mineralized, sheeted quartz veins exposed on surface over a four-kilometre strike. Why?:

1. There are bona fide polyphase stockwork vein geometries of quartz with copper sulphide, at surface.
2. There are bona fide dacite porphyry dikes together with quartz monzonite stocks, at surface.
3. There are bona fide high-temperature potassic alteration mineral assemblages with biotite and magnetite.

Site visit and field video

VR completed a site visit to New Boston last week; a short field video is available on the home page of the company's website. The purpose of the trip was to meet with potential drill contractors in person, in the field, to discuss the logistics for the planned first-pass drill program at EZ.

Chief executive officer comment

From VR's CEO, Dr. Michael Gunning: "We are ready. The east zone permit is in hand and a field meeting with drill companies to discuss how best to approach the east zone conductor holes is now under our belt, so planning can begin.

"Conoco branded New Boston as world class and perhaps one of the largest known moly systems in the world at the time -- during the porphyry exploration boom in Western North America from the 1950s through the 1970s, before exploration came to a grinding halt in 1981. We intend to finish what Conoco started at New Boston, by using new DCIP technology to image and discover a porphyry stock that they inferred at the heart of the system of sheeted veins, but could not identify and therefore did not drill test. In addition, we will demonstrate, with the aid of modern, ICP-MS geochemistry, the polymetallic grade potential of the system at New Boston for copper and silver, in addition to the moly.

"The U.S. government has recently added copper to the top of its critical metal list for domestic, raw material supply for sustainable, downstream technologies and industries as the green economy emerges. Nevada has both a long history in mining and a well-established pedigree and endowment in copper, and we believe that New Boston has both the size and polymetallic grade composition to contribute.

"I encourage shareholders to review the figures herein and on our website in order to fully appreciate the size, amplitude and clarity of the conductivity anomaly at east zone that we intend to drill, especially the consistent correlation between copper and conductivity [...] and as underscored by photos of copper mineralization at New Boston provided in the previous news release on Oct. 31."

Description of DCIP geophysical survey

Satellite image showing the ground-based 3-D IP geophysical survey completed in April by DIAS Geophysical Ltd. using its proprietary DIAS32 DCIP technology and grid array of transmitter and receiver stations with real-time radio frequency data collection.

An equant grid of 200-metre-spaced stations over a survey a 1.6-kilometre-by-2.2-kilometre block covers the 2,100-m strike of sheeted veins exposed on surface in the main part of the skarn and porphyry system exposed on surface at New Boston.

The survey generated more than 80,000 data points for inversion modeling and resultant 3-D models of chargeability and resistivity.

Technical information

Summary technical and geological information for the company's various exploration properties, including New Boston, is available at the company's website.

Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Justin Daley, PGeo, vice-president of exploration and a non-independent qualified person, oversees and/or participates in all aspects of the company's mineral exploration projects, and the content of this news release has been reviewed on behalf of the company by the CEO, Dr. Michael Gunning, PGeo, a non-independent qualified person.

About the New Boston property

Location

New Boston is within the Walker Lane mineral belt and structural province in west-central Nevada. More specifically, it is within the co-spatial belts of Jurassic- and Cretaceous-aged copper and moly porphyry deposits, including the Yerington camp and Hall deposit.

New Boston is located in the Garfield range in Mineral county, approximately 150 kilometres southeast of Reno. Vegetation is sparse in the range; outcrop or colluvium predominate on the property itself, with quaternary cover developed off its eastern border and eastern flank of the range.

The property location facilitates cost-effective exploration, year-round. Access is from the nearby town of Luning, located just five kilometres to the east on state Highway 95 connecting Reno and Las Vegas. The property itself is criss-crossed by a myriad of active, historic trails and roads, which are reachable from the highway.

Property description

The New Boston property is large. It consists of 77 claims in one contiguous block approximately three kilometres by five kilometres in size and covering 583 hectares in total (1,441 acres). It covers the entire extent of the known copper-moly-silver porphyry-skarn mineral system exposed on surface between Blue Ribbon and east zone, and its inferred downdip potential to the north.

The property is on federal land administered by the Bureau of Land Management (BLM). There are no state or federal land use designations or privately owned land which impede access to the property, nor is the property within the BLM's broadly defined area of sage grouse protection.

The property is owned 100 per cent by VR. There are no underlying annual lease payments, nor are there any joint venture or back-in interests. The vendor of the property retains a royalty.

About VR Resources Ltd.

VR is an established junior exploration company based in Vancouver. VR evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, U.S., and Ontario, Canada, and most recently a kimberlite breccia pipe discovery in Northern Ontario. VR applies modern exploration technologies and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR is the proven record of its board in early-stage exploration, discovery, and mergers and acquisitions. The company is well financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on a continuing basis, whether by staking or acquisition.

We seek Safe Harbor.