357 Bay Street, SUITE 902
TORONTO
Ontario
Canada,
M5H 2T7
Phone: +1 416 364 9988
Fax: +1 416 364 6624
|
|
Virgin Metals Inc. is a junior exploration and development company; its projects include two copper-molybdenum porphyry properties in Sonora, northern Mexico. One of these, Los Verdes, is undergoing a feasibility study and is expected to evolve rapidly towards production while the other, Cuatro Hermanos, is presently the focus of an intense exploration effort.
Los Verdes is an advanced-stage, moderate-size, high grade porphyry-related Mo-Cu system which is rapidly being advanced to production. A pre-feasibility study has demonstrated in considerable detail a robust project based on molybdenum and copper recovery only; upside exists in tungsten recovery and improved molybdenum recovery. Reserve of 7.05 million tonnes at 0.137% Mo and 0.657% Cu gives a project life of 8 years and NPV of $96.9 million and IRR of 23%. Direct cash costs of $22.7/tonne of ore, cost per lb Mo less than $1/lb after copper credits.
Mineralization is contained in a prominent ridge with favourable geometry for a simple mining operation. As the molybdenum market is projected to be strong for the medium to long term, the Company is taking a measured approach to the preparation of its Feasibility Study for 1 million tonne/year operation
Cuatro Hermanos hosts a large Cu-Mo porphyry complex with multiple mineralized centers, and outstanding exploration potential. Drilling during the past year on one of the targets has resulted in a NI 43-101 compliant indicated resource of 206 million tonnes containing 896 million pounds of Cu and 95 million pounds of Mo, together with an inferred resource of 557 million tonnes, containing 2,141 million pounds of Cu and 277 million pounds of Mo. Currently a core drilling program is underway to explore the deep potential of this huge porphyry environment
Company NewsMonday, June 29, 2009 Virgin Metals Inc. announces that the company has adjourned the annual and special meeting of shareholders of the company scheduled for June 30, 2009. The adjourned Shareholder Meeting has now been scheduled for July 23, 2009 at the same time and place as set out in the Shareholder Meeting materials previously delivered to shareholders. The record date will remain May 26, 2009, so all shareholders who have already sent in proxies do not need to resubmit proxies as the proxies previously sent in will be recognized for the adjourned meeting to be held on July 23, 2009. The company has determined that an adjournment of the Shareholder Meeting is necessary to protect the interests of the minority shareholders of the company. Late in the day on Thursday, June 25, 2009, one day prior to the last day that proxies could be submitted for use at the Shareholder Meeting, the Company's transfer agent received blank proxies from approximately 10 shareholders (the "Dissident Shareholders") representing approximately 27.8 million shares of the Company, which represent approximately 27% of the issued and outstanding shares of the company. News ReleasesWednesday, December 17, 2008 Wednesday, December 17, 2008 Map Legend: Producer Past Producer  Development  Exploration |
