gab es heute auch noch. VGM erweitert sein Portfolio und startet innerhalb der nächsten Wochen mit Probebohrungen. Das Handelsvolumen in Kanada liegt auch schon bei über 500.000, und das vor dem langen Wochenende in K.
Könnte nächste Woche ordentlich nach oben gehen.
Friday May 18, 2007 - Virgin Metals Acquires Ownership of Cuatro Hermanos Property
FOR IMMEDIATE RELEASE TSX
May 18th 2007 Symbol: VGM
Shares Outstanding: 77,153,553
Virgin Metals Acquires Ownership of Cuatro Hermanos Property
Virgin Metals Inc. ("Virgin Metals" or the "Company") reports that it has signed a binding letter agreement (the "Purchase Agreement") with Morgain Minerals Inc. ("Morgain") to acquire 100% ownership of the Cuatro Hermanos copper/molybdenum property located in State of Sonora, Mexico, including the 3% NSR. Under the option agreement ("Option Agreement") for the Cuatro Hermanos property, which was assigned to Virgin Metals in April 2006, Virgin Metals had the right to earn a 100% interest in the Cuatro Hermanos property by commencing commercial production on the property, upon which the property would become subject to a 3% NSR or an annual payment of US$150,000, whichever was the greater. Under the terms of the Purchase Agreement, Morgain has agreed to transfer 100% ownership of the Cuatro Hermanos property to Virgin Metals and eliminate all obligations under the Option Agreement in exchange for a payment of US$2.5 million from Virgin Metals to Morgain and the issuance of 500,000 common shares of Virgin Metals to Morgain.
The acquisition, which is scheduled to close no later than June 30, 2007, unless otherwise agreed to by the parties, is subject to the acceptance by the TSX and the TSX Venture Exchange.
Cuatro Hermanos is a copper/molybdenum porphyry exploration target that has been the subject of a number of drill campaigns over the past four decades. Prior surface mapping and drilling have outlined porphyry mineralization over an area of about 4.5 square kilometers. The Company expects to mobilize a drill to the property within the next few weeks.
Virgin Metals 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 expected to evolve rapidly towards production while the other, Cuatro Hermanos, is expected to be the focus of expanded exploration effort.
FORWARD-LOOKING STATEMENTS
This press release includes certain “forward-looking information” within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Virgin Metals documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Virgin Metals. The forward-looking information contained herein is Virgin Metal's reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur.
For further information, please contact:
Chris Davie, President & CEO
Phone: (416) 364-9988
Renmark Financial Communications Inc.
Mr. Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Phone: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com |
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