Virgin Metals Inc.

Virgin Metals Inc.

March 30, 2010 16:30 ET

Virgin Metals Announces a Delay in Filing of Its Audited Financial Statements

TORONTO, ONTARIO--(Marketwire - March 30, 2010) - Virgin Metals Inc. ("Virgin Metals" or the "Company) (TSX:VGM) today announced that the filing of its annual audited financial statements for the year ended December 31, 2009 and related management discussion and analysis (collectively, the "Filings") will be delayed past the March 31, 2010 deadline.

The delay is principally related to the delay in the commencement of the audit due to the non-payment to the auditor of outstanding fees from the 2008 audit and 2009 first quarter filings. The Company has settled is obligations to the auditor and the audit has commenced.

As a result of the delay in filing, the Company anticipates that the Ontario Securities Commission ("OSC") and other applicable Canadian securities regulators may issue a temporary management cease trade order that prohibits the chief financial officer, the chief executive officer and possibly the directors, other officers and other insiders of the Company from trading in securities of the Company for so long as the Filings are not filed. The issuance of such cease trade order does generally not affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company's securities. In the event that the Filings are not filed by May 31, 2010, the OSC and other applicable Canadian securities regulators may impose an issuer cease trade order that all trading in securities of the Company, either permanently, or for such period as is specified in the order.

This default announcement is provided further to National Policy 12-203. As per Section 4.3 of National Policy 12-203, the Company intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of a specified requirement.

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