TSX
Symbol: VGM
TORONTO, July 8 /CNW/ - Virgin Metals Inc. ("Virgin Metals" or the "Company") provides the following update to the Company's press release of June 29, 2009. The Company has now completed the mailing of new proxies to shareholders of the Company as described in that press release. On July 7, 2009, the Dissident Shareholders discussed in that earlier press release appeared before the Superior Court of Justice - Ontario requesting that the court make an order that would, among other things, have invalidated any proxies voted during the adjournment of the Company's annual and special meeting. Although written reasons by the court have not been received at this time, the court has advised the parties that the application brought by the Dissident Shareholders has been denied, and as a result, any proxies received prior to 5:00 p.m. (Toronto time) on July 21, 2009 will be counted for the adjourned shareholder meeting to be held on July 23, 2009. The Company is pleased with this decision as it allows all shareholders to have a vote on the future direction of the Company.
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 Metal's reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur.