Post by Franko10 ™ on Apr 19, 2006 19:16:40 GMT -5
Virgin Metals Inc. Announces Acquisition of Option to Cuatro Hermanos Property from CH Copper International
TORONTO, ONTARIO -- (MARKET WIRE) -- 04/19/2006 -- Virgin Metals Inc. ("Virgin Metals") is pleased to announce that it has acquired (the "Acquisition") the right to earn a 100% interest in the Cuatro Hermanos Copper Molybdenum Project (the "Cuatro Project") previously held by CH Copper International Ltd. ("CH Copper") and its Mexican subsidiary under an option agreement (the "Option Agreement") with Morgain Minerals Inc. ("Morgain") and Morgain's Mexican subsidiary. As a result of the Acquisition, Virgin Metals and its Mexican subsidiary can earn a 100% interest in the Cuatro Project by making annual royalty payments of US$150,000 to Morgain until commercial production commences on the Cuatro Project, at which time Virgin Metals will become the owner of a 100% interest in the Cuatro Project subject to royalty payments to Morgain of the greater of US$150,000 and 3% net smelter returns. Virgin Metals has issued 7,200,000 of its common shares to the shareholders of CH Copper as consideration for the Acquisition. In addition, Virgin Metals has issued 1,000,000 units to Morgain as consideration for providing its consent to the Acquisition pursuant to the terms of the Option Agreement, each unit comprised of one common share of Virgin Metals and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase one common share of Virgin for 24 months at an issue price of $0.60.
Contacts:
Virgin Metals Inc.
Chris Berlet
(416) 364-9988
(416) 364-2595 (FAX)
SOURCE: Virgin Metals Inc.
TORONTO, ONTARIO -- (MARKET WIRE) -- 04/19/2006 -- Virgin Metals Inc. ("Virgin Metals") is pleased to announce that it has acquired (the "Acquisition") the right to earn a 100% interest in the Cuatro Hermanos Copper Molybdenum Project (the "Cuatro Project") previously held by CH Copper International Ltd. ("CH Copper") and its Mexican subsidiary under an option agreement (the "Option Agreement") with Morgain Minerals Inc. ("Morgain") and Morgain's Mexican subsidiary. As a result of the Acquisition, Virgin Metals and its Mexican subsidiary can earn a 100% interest in the Cuatro Project by making annual royalty payments of US$150,000 to Morgain until commercial production commences on the Cuatro Project, at which time Virgin Metals will become the owner of a 100% interest in the Cuatro Project subject to royalty payments to Morgain of the greater of US$150,000 and 3% net smelter returns. Virgin Metals has issued 7,200,000 of its common shares to the shareholders of CH Copper as consideration for the Acquisition. In addition, Virgin Metals has issued 1,000,000 units to Morgain as consideration for providing its consent to the Acquisition pursuant to the terms of the Option Agreement, each unit comprised of one common share of Virgin Metals and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase one common share of Virgin for 24 months at an issue price of $0.60.
Contacts:
Virgin Metals Inc.
Chris Berlet
(416) 364-9988
(416) 364-2595 (FAX)
SOURCE: Virgin Metals Inc.