Virgin Metals’ Announces New PEA on Los Verdes Project

Virgin Metals Inc. (TSXV:VGM) announced the results of its preliminary economic assessment in Los Verdes project in Sonora, Mexico.

Virgin Metals’ President and CEO, Chris Frostad said:

Over the past year we have been able to re-cast our resource estimate, successfully optimize the metal processing recoveries, complete a detailed metallurgical simulation and re-engineer the operational plant and facilities at the Los Verdes project. These results not only demonstrate significant economic improvement and clarity over the 2008 Pre-Feasibility, but new opportunity for additional cost savings and significant project growth. We are especially excited to see that the Potreritos acquisition has added the potential for 10′s of millions of dollars to the value of the project.

As quoted in the press release:

The Los Verdes property is a historic molybdenum producer, which was extensively drilled in the 1970s. Repetition and expansion of that drilling by Virgin in 2006 and 2007 resulted in the completion of a pre-feasibility study in 2008. That pre-feasibility study demonstrated, in considerable detail, a robust project based on molybdenum and copper recovery only; with upside existing in tungsten and silver recovery as well as improvements in copper and molybdenum recoveries. The Los Verdes resource comprises a modest sized, compact zone of molybdenum, copper and tungsten mineralization located at the crest of a steep ridge. The geometry of the deposit is ideal for low cost open pit mining.

Click here to read the Virgin Metals Inc. (TSXV:VGM) press release.