Virgin announces the TSX is conducting a Remedial Review Process of its common shares and it has engaged Haywood Securities to advise on strategic alternatives



    TSX
    Symbol: VGM
    Shares Outstanding: 87,881,246

    TORONTO, April 2 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals" or
"The Company") announces that it has received notice from the Toronto Stock
Exchange that the Exchange is reviewing the common shares of the Company with
respect to meeting the continued listing requirements of the Exchange. The
Company has been granted 210 days in which to regain compliance with these
requirements, pursuant to the Remedial Review Process. The TSX requires a
minimum market value of listed securities of three million dollars and a
market value of publicly held securities of two million dollars for 30
consecutive days over the next 210 days to comply with the requirements for
continued listing.
    The Company has engaged Haywood Securities Inc. to seek and advise on
potential transactions that will enable progress to be maintained on the
Company's projects, including possible business combinations and/or the sale
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 prefeasibility
study and is expected to evolve rapidly towards production while the other,
Cuatro Hermanos, has been the focus of an intense exploration effort
demonstrating a substantial resource of copper and molybdenum mineralization.

    FORWARD-LOOKING STATEMENTS

    This press release includes certain "forward-looking information" within
the meaning of applicable securities laws, including, but not limited to the
following: the continued trading of the Company's common shares on the TSX;
potential transactions involving the Company and/or its assets; statements as
to estimated reserves and resources of the Los Verdes project; assumptions
regarding development of a mine at Los Verdes; the timing of mining and
processing operations at Los Verdes; and, statements as to estimated resources
of the Cuatro Hermanos project. This 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 securities commissions in Canada, the
Toronto Stock Exchange and other regulatory authorities. Important factors
that could cause actual results to differ materially from this forward-looking
information include: the results of the Company's strategic review; the
outcome of assays and additional exploration sampling and drilling efforts;
delays in completing or less favorable than anticipated results of a
feasibility study on Los Verdes; increases in anticipated cash costs,
operating costs, mining costs, capital expenditures and other costs; decreases
in anticipated plant molybdenum and copper recoveries and molybdenum and
copper prices; delays or problems in construction, permitting and start-up;
variations in ore grade, mining, or processing problems or issues. 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.




For further information:

For further information: Kookie Miller, (416) 364-9988,
kmiller@virginmetals.com

Organization Profile

VIRGIN METALS INC.

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