Business
Virgin Metals Announces Acquisition and Provides Update on Activities
TSX Symbol: VGM Shares Outstanding: 84,881,246
About this update from Minera Alamos Inc.
[{"type":"text","content":"\n\n\n\nTSX\n\n\nSymbol: VGM\n\n\nShares Outstanding: 84,881,246\n\n\nTORONTO, Dec. 17 /CNW Telbec/ - Virgin Metals ("Virgin Metals" or the\n"Company") announces that it has entered into an agreement with Nevada Eagle\nResources LLC, a wholly owned subsidiary of Gryphon Gold Corporation ("GGC")\npursuant to which Virgin Metals will acquire a group of claims in Mineral\nCounty, Nevada that comprise a project known as the Topper Molybdenum Project\nin exchange for the issuance of 3 million common shares of the Company to GGC,\nsubject to the approval of the Toronto Stock Exchange.\n\n\nPrevious exploration work on this property over the period 1978 to 1982\nby French explorer Seremin Inc. traced mineralization in outcrop and in drill\nholes along a controlling shear for over 1500 meters. Twenty four holes were\ndrilled by the previous operator, giving intercepts of up to 0.202 % Mo over\n170 ft and 0.113%Mo over 291 ft. The Company has obtained these drill results\nfrom the referenced reports, but they have not been independently verified by\nthe Company and should not be relied upon.\n\n\nCompletion of the acquisition is subject to final acceptance of the\ntransfer documentation by the Bureau of Land Management. There are no\nexpenditure commitments on the property.\n\n\nLos Verdes Update\n\n\n-----------------\n\n\nThe Company is currently focusing its efforts on the potential\ndevelopment of the Los Verdes project as a high grade underground project\nusing local milling facilities that have recently become available.\nDiscussions are being held with numerous parties on potential mining\ncontracts, potential milling contracts and potential financing. On site\nfacilities would be reduced to a minimum, leading to substantial savings in\ncapital cost.\n\n\nAbout Virgin Metals\n\n\nVirgin Metals is a junior exploration and development company; its\nprojects include two copper-molybdenum porphyry properties in Sonora, northern\nMexico. One of these, Los Verdes, has been the subject of a prefeasibility\nstudy, while the other, Cuatro Hermanos has been the subject of a number of\ndrill campaigns resulting in the first resource estimate for this property.\n\n\nFORWARD-LOOKING STATEMENTS\n\n\nThis press release includes certain "forward-looking information" within\nthe meaning of applicable securit...