May 27, 2009 / 12:55 PM / in 9 years

UPDATE 1-Virginia Mines to sell property to Agnico

* Virginia Mines to sell property to Agnico

* Agnico to buy asset with $1 mln worth of its own shares

TORONTO, May 27 (Reuters) - Canada’s Virginia Mines Inc VGQ.TO said on Wednesday it plans to sell a 100 percent participating interest in 52 mining claims, located in the Abitibi region of Quebec, to Agnico Eagle Mines AEM.TO.

Agnico will pay Virginia Mines $1 million worth of its own shares for the asset. The agreement also includes an additional issuance of $1 million in shares of Agnico Eagle, in case of confirmed indicated resource of 1 million ounces of gold on the property. (Reporting by Euan Rocha, editing by Dave Zimmerman)

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