Jan 3 2014
Virgin Metals Inc. ("Virgin" or the "Company") announced today the sale of their Cuatro Hermanos project in Sonora Mexico to Insumos Y Fertilizantes Agricolas Sacramento S.A. De C.V. a privately held corporation with head office in Culiacan, Sinaloa, Mexico. The project was purchased for $1,500,000 in cash payable immediately upon the close of the transaction. The transaction has been approved by the TSX Venture Exchange.
"We are very pleased with the opportunities affording us through the sale of this non-core asset." said Chris Frostad, President & CEO, Virgin Metals Inc. "The proceeds allow the Company to focus on the advancement of our flagship project at Los Verdes and the review of new projects more closely aligned with an appropriately balanced pipeline."
The Company also provided today an update of the proposed transaction to amalgamate with Alpaca Resources Inc. (see press release June 28, 2013). The companies have agreed to end that agreement based on certain expired conditions.
About Virgin Metals Inc.
Virgin Metals is a junior exploration and development company; its projects include the Los Verdes copper-molybdenum porphyry project in Sonora, northern Mexico which is currently the subject of a pre-feasibility study.