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TSX Venture Exchange
Symbol: VGM
Shares Outstanding: 58,346,540
TORONTO, Feb. 26 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals") (TSX-V: VGM) announces that it has agreed to acquire a 55 hectare mining claim, known as the Bacanora claim, which is adjacent to its Los Verdes project, from Minera Teck Cominco, S.A de C.V. ("Minera Teck"), a Mexican subsidiary of Teck Cominco Limited, in exchange for 1,200,000 common shares of Virgin Metals, a cash payment of US$25,000, and a 2% net smelter royalty on production from the Bacanora claim. In addition, Virgin Metals has agreed to issue to Minera Teck 287,269 common shares of Virgin Metals to compensate for value added tax expenses in Mexico.
Completion of the transaction is subject to the approval of the TSX Venture Exchange.
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, is expected to evolve rapidly towards production while the other, Cuatro Hermanos, is expected to be the focus of expanded exploration effort.
FORWARD-LOOKING STATEMENTS
This press release includes certain "forward-looking information" within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, 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 the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Virgin Metals. 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.