Virgin Metals buying Nevada moly project

Dec 29, 2008 | 01:05 PM | Mick Bowen

Virgin Metals Inc., a Toronto-based junior exploration and development company, has agreed to buy Nevada Eagle Resources LLC's Topper molybdenum project in Nevada for 3 million common shares.

Virgin Metals' shares ended Monday at Canadian 2.5 cents (2 cents) apiece on the Toronto Stock Exchange, valuing the deal at around C$75,000 ($60,000).

France's Seremin Inc. carried out exploration work at the Topper site from 1978 to 1982, and Chris Davie, Virgin Metals' chairman, president and chief executive officer, said his company would repeat what Seremin did and then determine at what molybdenum price the project would be viable. "We won't rush to do anything," he said.....

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