Virgin Metals Inc.

Virgin Metals Inc.

April 02, 2009 10:31 ET

Virgin Announces the TSX is Conducting a Remedial Review Process of its Common Shares and It Has Engaged Haywood Securities to Advise on Strategic Alternatives

TORONTO, ONTARIO--(Marketwire - April 2, 2009) - Virgin Metals Inc. ("Virgin Metals" or "The Company") (TSX:VGM) announces that it has received notice from the Toronto Stock Exchange that the Exchange is reviewing the common shares of the Company with respect to meeting the continued listing requirements of the Exchange. The Company has been granted 210 days in which to regain compliance with these requirements, pursuant to the Remedial Review Process. The TSX requires a minimum market value of listed securities of three million dollars and a market value of publicly held securities of two million dollars for 30 consecutive days over the next 210 days to comply with the requirements for continued listing.

The Company has engaged Haywood Securities Inc. to seek and advise on potential transactions that will enable progress to be maintained on the Company's projects, including possible business combinations and/or the sale of the Company.

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 prefeasibility study and is expected to evolve rapidly towards production while the other, Cuatro Hermanos, has been the focus of an intense exploration effort demonstrating a substantial resource of copper and molybdenum mineralization.


This press release includes certain "forward-looking information" within the meaning of applicable securities laws, including, but not limited to the following: the continued trading of the Company's common shares on the TSX; potential transactions involving the Company and/or its assets; statements as to estimated reserves and resources of the Los Verdes project; assumptions regarding development of a mine at Los Verdes; the timing of mining and processing operations at Los Verdes; and, statements as to estimated resources of the Cuatro Hermanos project. This 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 securities commissions in Canada, the Toronto Stock Exchange and other regulatory authorities. Important factors that could cause actual results to differ materially from this forward-looking information include: the results of the Company's strategic review; the outcome of assays and additional exploration sampling and drilling efforts; delays in completing or less favorable than anticipated results of a feasibility study on Los Verdes; increases in anticipated cash costs, operating costs, mining costs, capital expenditures and other costs; decreases in anticipated plant molybdenum and copper recoveries and molybdenum and copper prices; delays or problems in construction, permitting and start-up; variations in ore grade, mining, or processing problems or issues. 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.

Shares Outstanding: 87,881,246

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