Virgin Metals Announces Closing of $8 Million Private Placement

    TSX Venture Exchange
    Symbol: VGM
    Shares Outstanding: 76,650,130

    TORONTO, April 19 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals")
(TSX-V: VGM) announces that it has completed the previously announced private
placement of 16,000,000 equity units ("Units") at a price of $0.50 per Unit
resulting in gross proceeds of $8,000,000 to Virgin Metals, which included the
exercise of the over-allotment option (the "Financing"). Each Unit consists of
one common share of Virgin Metals ("Common Share") and one-half of one common
share purchase warrant ("Warrant"). One whole Warrant will entitle the holder
to subscribe for one Common Share at $0.75 at any time until April 19, 2009.
    Sprott Asset Management Inc. purchased 6,000,000 Units as part of the
    The net proceeds of the Financing will be used to prepare a feasibility
study for Virgin Metals' Los Verdes molybdenum/copper located in Sonora,
Mexico, commence exploration work on the Cuatro Hermanos copper/molybdenum
located in Sonora, Mexico and for general corporate purposes.
    PowerOne Capital Markets Limited ("PowerOne") has been paid a commission
equal to 6% of the aggregate gross proceeds and has received a broker warrant
to acquire up to 1,600,000 Units ("Broker Unit Warrants") representing 10% of
the number of Units issued under the Financing. One Broker Unit Warrant will
entitle the holder to acquire one Unit for $0.50 at any time until April 19,
    All of the securities issued in connection with the Financing will be
subject to a four month hold period from the date of issue.

    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, is expected to evolve rapidly towards
production while the other, Cuatro Hermanos, is expected to be the focus of
expanded exploration effort.


    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

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.

For further information:

For further information: Mr. Chris J. Berlet,,
Director, Chief Financial Officer, (416) 364-9988; Renmark Financial
Communications Inc.: Barbara Komorowski,;
Neil Murray-Lyon,; (514) 939-3989, Fax: (514)

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