TSX Symbol: VGM Shares Outstanding: 102,107,436
TORONTO, July 29 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals" or the "Company") is pleased to announce that the Board of Directors of the Company has appointed Lucas Ewart as Chairman and Chief Executive Officer. Virgin Metals' previous CEO, Chris Davie, has agreed to stay on in the role of President on terms to be defined after finalization of the termination agreement he has entered into with respect to his previous consulting agreement with the Company. In the termination agreement, Chris Davie has agreed to waive a termination payment.
The new management of the Company and the newly appointed board of directors look forward to updating shareholders on the progress of the Company in the coming weeks.
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 pre- feasibility study and is expected to evolve rapidly towards production while the other, Cuatro Hermanos, has been the focus of an intense 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: development of the Los Verdes project; future exploration of the Cuatro Hermanos project; 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 Metals reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur.