Business
Virgin Metals Completes Acquisition of Cuatro Hermanos Property
Virgin Metals Completes Acquisition of Cuatro Hermanos Property.
About this update from Minera Alamos Inc.
[{"type":"text","content":"\n\n\n\nTSX\n\n\nSymbol: VGM\n\n\nShares Outstanding: 77,989,385\n\n\nTORONTO, July 3 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals" or the\n"Company") (TSX: VGM) reports that it has completed the previously announced\nacquisition of 100% ownership (including the 3% net smelter royalty) of the\nCuatro Hermanos copper/molybdenum property located in State of Sonora, Mexico\nfrom Morgain Minerals Inc. ("Morgain") in exchange for a payment of\nU.S. $2.5 million and the issuance of 500,000 common shares of Virgin Metals\nto Morgain.\n\n\nCuatro Hermanos is a copper/molybdenum porphyry exploration target that\nhas been the subject of a number of drill campaigns over the past four\ndecades. Prior surface mapping and drilling have outlined porphyry\nmineralization over an area of about 4.5 square kilometers. The Company\nexpects to mobilize a drill to the property within a few days to begin further\nexploration of the property.\n\n\nThe Company also reports that it has engaged Valerie Kimball as Manager,\nInvestor Relations. Valerie comes to us with extensive experience in both the\nsecurities industry and in investor relations with junior resource companies.\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, is expected to evolve rapidly towards\nproduction while the other, Cuatro Hermanos, is expected to be the focus of\nexpanded exploration effort.\n\n\nFORWARD-LOOKING STATEMENTS\n\n\nThis press release includes certain "forward-looking information" within\nthe meaning of the Securities Act (Ontario), including, but not limited to,\nstatements as to timing and extent of exploration programs and the\navailability of exploration results. As such, forward-looking information\naddresses future events and conditions and so involves inherent risks and\nuncertainties, as disclosed under the heading "Risk Factors" and elsewhere in\nVirgin Metals documents filed from time to time with the Ontario Securities\nCommission and other regulatory authorities. Actual results could differ\nsignificantly from those currently projected as a result of, among those\nfactors, adverse weather, regulatory changes, delays in receiving permits,\naccidents and delays in comp...