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Virgin Metals Inc. (CVE:VGM) reports an update on the progress of Los Verdes copper-molybdenum deposit in Sonora Mexico.
The press release is quoted as saying:
The company continues to receive positive results from its ongoing metallurgical program aimed at optimizing metal recoveries from the Los Verdes deposit. As noted above, recent results have demonstrated the potential for recoveries in excess of 90% for both molybdenum and copper from the ore composite sample into salable metal concentrates. The process flowsheet that has been developed overcomes the limitations identified previously in the project’s prefeasibility study (2008) and produces consistently high grade copper concentrates approaching 30% contained copper. The current program which is intended to further demonstrate the stability of the new process is aimed to be completed later this month. Following that some additional testing will be completed to examine the impact of variations in the global ore reserve composition.
Virgin’s President & CEO, Chris Frostad says:
“It is important for investors to remember that the 2008 Los Verdes Pre-Feasibility report supported a project pre-tax net present value of $97 million or $2.99 per share” .”It remains our objective this year not only to confirm those economics but to identify opportunities to significantly enhance them”