Business
Virgin Metals Inc. Announces Expansion of Los Verdes Project Through Acquisition of Adjoining Potreritos Deposit
TORONTO, Sept. 28, 2011 /CNW/ - Virgin Metals Inc. (the "Company" or "Virgin Metals") (TSX-V:...
About this update from Minera Alamos Inc.
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Sept. 28, 2011 /CNW/ - Virgin Metals Inc. (the \"Company\" or\n \"Virgin Metals\") (TSX-V:VGM) is pleased to announce that it has\n acquired, at auction from the General Mines Direction of Mexico, a 100%\n title to the Potreritos deposit concessions in Sonora Mexico. The\n Potreritos deposit neighbors the Company's Los Verdes copper/molybdenum\n reserves and has the potential to significantly enhance the economics\n of that project.\n\n\n\"Since the new management group became involved with Virgin Metals one\n of our primary goals has been to increase the size of the reserves\n available for the development of the Los Verdes project.\" said Chris\n Frostad, President and Chief Executive Officer.  \"The proximity,\n mineralogy and composition of the Potreritos deposit will allow for its\n incorporation into to the development of the Los Verdes operation with\n minimal adjustments to the engineering plans or expected capital\n costs.  We now have a second source of mineralized rock that\n potentially can feed the common processing facility being planned for\n Los Verdes.\"\n\n\nHighlights\n\n\nThe 1,070 h Potreritos property sits to the north of, and adjacent to,\n the Los Verdes concessions;\n\nThe concessions were purchased at a public auction in Mexico City on\n September 27, 2011 for CDN $1,590,000.  The purchase price will be\n largely financed through a debt to the General Mines Direction of\n Mexico, terms to be determined pending certain conditions;\n\nHistorically mineralized rock from both the Los Verdes and Potreritos\n deposits was mined simultaneously and processed at a common plant\n facility located at the Potreritos site;\n\nVirgin Metals is now undertaking to confirm the historic estimates\n provided by the General Mines Direction of Mexico.  These figures will\n be released once our Qualified Person has reviewed the data including\n sampling, analytical and test data underlying information and opinions\n stated, how data was verified and any limitations on the verification\n process as well as an explanation of any failure to verify the data;\n and\n\nVirgin Metals is also currently reviewing the Los Verdes development\n schedule so as to allow for the inclusion of Potreritos in the economic\n analysis of the project.  That revised schedule will be released\n sho...