Virgin Metals Inc.

Virgin Metals Inc.

January 19, 2010 16:30 ET

Virgin Metals Announces a Corporate Update and a Change to Its Board of Directors

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2010) - Virgin Metals Inc. ("Virgin Metals" or the "Company) (TSX:VGM) is pleased to provide its shareholders with an update on the Company's exploration and development plans and its corporate developments.

Exploration and Development Plan

The company has recently completed a new business plan for 2010 that focuses primarily on its Los Verdes project. Starting immediately a detailed program of regional mapping and sampling will be initiated to identify additional prospective targets contained within the 5,559 hectare claim area. In parallel with these efforts will be a focused program aimed at evaluating potential improvements to the development plan for the known copper/molybdenum resource. This work will include additional metallurgical studies, mine plan optimization and strategic alternatives for processing of the Los Verdes mineralization.

Listing on the TSX Venture Exchange

The Company's Board of Directors has decided to apply to list the Company's common shares on the TSX Venture Exchange (the "TSXV"). Upon listing on the TSXV, the Company will voluntarily delist from the Toronto Stock Exchange. The Board of Director's believe that a listing on the TSXV is appropriate for an emerging junior exploration company such as Virgin Metals.

Change in the Board of Directors

In August 2009, the Company restructured its board of directors. Four new board members joined the board and three board members, Bruce Higson-Smith, David Winfield and Chris Davie, remained on the board of the Company for continuity reasons. Announced on January 7, 2010, Bruce Higson-Smith resigned from the board of directors. Today the Company announces that Chris Davie and David Winfield have resigned from the board of directors of the Company. The Company plans to add one new board member in the near future and maintain a 5 member board of directors on a go-forward basis.

About Virgin Metals

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, has been the subject of a pre-feasibility study and is expected to evolve rapidly towards production while the other, Cuatro Hermanos, has been the focus of an intense exploration effort.

Contact Information

  • Virgin Metals Inc.
    Lucas Ewart
    (416) 488-2590