Virgin Metals Announces Long Intervals of Copper-Molybdenum Mineralization at its Cuatro Hermanos Property



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    Symbol: VGM
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    TORONTO, Nov. 29 /CNW Telbec/ - Virgin Metals Inc. (TSX: VGM) ("Virgin
Metals" or the "Company") presents assay results for an additional eight
reverse circulation drill holes at the Company's 100% owned Cuatro Hermanos
copper-molybdenum porphyry property located 145 km southeast of Hermosillo in
Sonora, northern Mexico. Assay results presented here, for drill holes
CHRC05-07 through CHRC12-07 represent part of an on-going 6,000 m drill
program for which sixteen holes totaling 4,008.17 meters have been completed.

    Highlights from the drill results include:

    Hole CHRC06-07, 294.14m of 0.234% Cu; CHRC07-07 306.33m of 0.256% Cu;
    CHRC11-07 256.35m of 0.226% Cu; CHRC12-07 253.48m of 020% Cu.

    Virgin Metals' President and CEO, Chris Davie, commented, "With assay
results now available for a dozen drill holes, we continue to demonstrate that
Cuatro Hermanos is a copper-moly porphyry of immense scale. It has a surficial
expression of more than 4.5 square kilometers of which only a small portion
has been adequately explored and drill tested. The significance of these
results lies in the substantial intervals of mineralization intersected, in
some cases from surface and most ending in mineralization. Recognizing that
many of the drill holes are bottoming in mineralization, we plan to follow up
the reverse circulation phase of this exploration campaign with a diamond
drill program, targeting substantially greater depths, scheduled to begin
during the first quarter of 2008."
    The drill holes lie within a 1,200 m long x 600 m wide band of
hydrothermal alteration located along the northern and eastern sides of the
porphyry system, in areas historically called the Sulfate Zone and the Main
Zone, respectively. Virgin Metals believes that mineralization is continuous
between the two zones and accordingly the present campaign is aimed at
demonstrating this potential continuity, then calculating a resource for the
area. Current drilling has targeted depths of up to 300 m, but some holes were
stopped short of this depth due to mechanical, water, or geotechnical issues.
Assay results for Virgin Metals' drill holes are summarized in Table 1 below:

    
    Table 1. Reverse Circulation Drilling - Cuatro Hermanos Project

    -------------------------------------------------------------------------
    Hole #
               Inclina-   Total   From      To   Inter-   True     Cu     Mo
                  tion    Depth                   cept   Thick-
                                                          ness
              (degrees)      (m)    (m)     (m)     (m)     (m)    (%)    (%)
    -------------------------------------------------------------------------
    CHRC05-07 -90/Vert.  220.98  86.87  158.50   71.63   71.63  0.155  0.022
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CHRC06-07 -90/Vert.  309.38  15.24  309.38  294.14  294.14  0.234  0.019
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Including                   105.16  135.64   30.48   30.48  0.323  0.014
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CHRC07-07 -90/Vert.  306.33      0  306.33  306.33  306.33  0.256  0.018
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Including                   242.32  306.33   64.01   64.01  0.314  0.022
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CHRC08-07      -70   156.97  27.43  156.97  129.54  121.72  0.123  0.004
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Including                    27.43   57.91   30.48   28.64  0.224  0.004
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CHRC09-07      -70   254.51  28.96  254.51  225.55  225.55  0.163  0.016
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CHRC10-07 -90/Vert.   304.8  22.86  304.80  281.94  281.94  0.176  0.030
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Including                    22.86  245.37  222.51  222.51  0.197  0.036
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Including                    97.54  124.97   27.43   27.43  0.379  0.041
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CHRC11-07      -70   297.18  24.38  297.18  272.80  256.35  0.226  0.029
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Including                   137.16  230.13   92.97   87.36  0.330  0.046
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CHRC12-07      -70   303.28  33.53  303.28  269.75  253.48  0.200  0.010
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Including                   204.22  263.66   59.44   55.86  0.302  0.013
    -------------------------------------------------------------------------
    

    Vertical hole CHRC05-07, drilled in the Sulfate Zone approximately 270 m
northeast of CHRC01-07 (results for which were announced in a September 5th
news release) intersected 71.63 m grading 0.155% Cu and 0.022% Mo. The
mineralization occurs near the northern margin of the intrusive and is hosted
by phyllically and to a lesser extent propylitically altered diorite and
quartz diorite, containing pyrite, chalcocite, chalcopyrite, and molybdenite
as disseminations and veinlets.
    Drilled in the Main Zone approximately 670 m southwest of CHRC01-07,
vertical hole CHRC06-07 returned a 309.38 m intercept (starting at a depth of
15.24 m) averaging 0.234% Cu and 0.019% Mo. The hole bottoms in
mineralization, cutting an impressive thickness of phyllically-altered quartz
diorite containing varying concentrations of pyrite, chalcocite, chalcopyrite,
molybdenite, and minor bornite as disseminations and veinlets. Had limitations
with the drill rig not prevailed, drilling would have continued to greater
depth.
    Vertical drill hole CHRC07-07 was completed on the eastern flank of Cerro
San Felipe, at a site located approximately 150 m north of CHRC06-07. The hole
returned a 306.33 m intercept, across its entire length, which averaged
0.256% Cu and 0.018% Mo. As in the previous drill hole, CHRC07-07 bottoms in
mineralization cutting a long interval of phyllically altered quartz diorite
containing sulfide minerals as disseminations and veinlets. What is perhaps
most intriguing about the hole is that the final 64.01 m (from 242.32 to
306.33 m) returned 0.314% Cu and 0.022% Mo in an interval where patchy, pink
potassic feldspar/orthoclase alteration has been logged by Company geologists.
    CHRC08-07 was drilled to the north at -70 degrees from a site located
approximately 290 m northwest of CHRC06-07, and 250 m west of CHRC07-07.
CHRC08-07 was completed at a depth of 156.97 m, cutting variably phyllically
altered and propylitized quartz porphyry and diorite. Although the hole
stopped short of its target depth of 300 m due to difficult drilling
conditions, it returned a modest intercept of 129.54 m (from 27.43 to     
156.97 m) grading 0.123% Cu and minor molybdenum. Within this zone a 30.48 m
interval (from 27.43 to 57.91), developed in a chalcocite-enriched shear zone,
returned 0.224% Cu and similar low Mo grades.
    West directed angle hole CHRC09-07 located approximately 360 m northeast
of CHRC06-07 was completed at a depth of 254.51 m. Much of the hole intersects
phyllically altered quartz diorite containing varying yet significant
concentrations of chalcocite, chalcopyrite, and lesser molybdenite as
disseminations and veinlets. CHRC09-07 returned a 225.55 m intercept (from
28.95 m to 254.51 m) averaging 0.163% Cu and 0.016% Mo, ending in low grade
mineralization.
    Vertical drill hole CHRC10-07 was completed at a depth of 304.80 m from a
site located 320 m northwest of CHRC09-07. Almost the entire drill hole cuts
phyllically altered quartz diorite containing varying quantities of pyrite,
chalcocite, chalcopyrite, and molybdenite, as disseminations and veinlets.
CHRC10-07 returned a 281.94 m intercept (beginning at a depth of 22.86 m)
which averages 0.176% Cu and 0.030% Mo. The hole ended in low grade
mineralization, and also contains a 27.43 m higher grade interval (from    
97.54 m to 124.97 m) which assayed 0.379% Cu and 0.041% Mo.
    CHRC11-07 was drilled to the west at -70 degrees from a site located    
175 m northeast of CHRC07-07, and 135 m southwest of CHRC10-07, cutting
strongly quartz-sericite-pyrite dominant phyllically altered quartz diorite
and minor diorite. CHRC11-07 returned 272.80 m intercept (from 24.38 m to
297.18 m) grading 0.226% Cu and 0.029% Mo. Mineralization is associated with
chalcocite, chalcopyrite, molybdenite, and minor bornite which occurs as
disseminations and veinlets accompanied with varying amounts of pyrite. Within
this intercept, a 92.97 m interval (from 137.16 m to 230.13 m) averaged
0.330% Cu and 0.046% Mo.
    Drilled to the west at -70 degrees from a site located approximately    
120 m east of CHRC07-07, CHRC12-07 cuts a long interval of phyllically altered
quartz diorite containing pyrite, chalcocite, chalcopyrite, and minor
molybdenite as disseminations and veinlets. CHRC12-07 returned a 268.75 m
intercept (beginning at a depth of 33.53 m) which averages 0.200% Cu and
0.010% Mo. Within this zone a 59.44 m interval (from 204.22 m to 263.66 m)
returned 0.302% Cu and 0.013% Mo.
    Recently the drill rig was moved to another Cu-Mo porphyry target located
2.5 kilometers west of the Main Zone, in an area known for its high grade
molybdenum values and historically called the West Zone. Here an additional
four drill holes will be completed while awaiting assay results for holes
CHRC13-07 through CHRC16-07 completed in the Main and Sulfate Zones. Present
plans call for continued drilling into mid-December followed by a short recess
over the holiday season. An induced polarization-resistivity geophysics survey
is then scheduled to begin at Cuatro Hermanos in January 2008. This will be
followed by an approximately 6,000 m diamond drill program which will allow
the Company greater flexibility to target depths unattainable via reverse
circulation drilling.
    Samples of drill cuttings at Cuatro Hermanos are being collected at    
1.52 m (5 ft.) intervals, and reduced in size whenever necessary to (ideally)
3 to 4 kg using a Jones riffle splitter. Plastic sample bags are immediately
sealed on-site using pre-numbered security tags. The samples are stored for a
short time at the Company's field office near the project, until they can be
transported by Company personnel to ALS Chemex's sample preparation facility
in Hermosillo. A duplicate pulp and the reject material for all samples are
being securely stored for possible future use. All assay work is being carried
out at ALS Chemex's ISO 9001-2000 certified laboratory in Vancouver, Canada.
Virgin Metals has incorporated quality control measures for the analytical
work including the insertion of standards, blanks, and duplicate samples,
details for which will be made available in a future news release.
    Exploration at the Cuatro Hermanos project is being supervised by the
Company's recently appointed Vice President of Exploration: John C. Spurney.
Mr. Spurney, a qualified person as defined under the terms of National
Instrument 43-101, has reviewed the contents of this press release.
    A map showing the location of the drill holes along with other
information about the Company and its projects is available at:
www.virginmetals.com.

    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 Verde, is undergoing a feasibility study and is
expected to evolve rapidly towards production while the other, Cuatro
Hermanos, is presently 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 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.




For further information:

For further information: Valerie Kimball, Investor Relations,
vkimball@virginmetals.com, (303) 703-1210; Renmark Financial Communications
Inc.: Barbara Komorowski: bkomorowski@renmarkfinancial.com; Neil Murray-Lyon:
nmurraylyon@renmarkfinancial.com; Media - Vanessa Napoli:
vnapoli@renmarkfinancial.com; (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com

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