Virgin Metals Announces Ratification of Shareholder Rights Plan

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2011) - Virgin Metals Inc. (TSX VENTURE:VGM) today announced that it has ratified and approved a shareholder rights plan (the "Rights Plan"). The Rights Plan is effective immediately and was approved by an 89% majority of holders of common shares ("Shareholders") of Virgin Metals who voted at the Company's special meeting held on November 16, 2011. In making the announcement, the Company stated that it is not aware of any pending or threatened take-over bid. The Rights Plan has been accepted by the TSX Venture Exchange in accordance with its rules and policies.

The Rights Plan provides the board and the shareholders with more time to evaluate any unsolicited take-over bid and, if appropriate, to pursue alternatives to maximize shareholder value.

The Rights Plan is similar to rights plans adopted by other Canadian corporations. Subject to the terms of the Rights Plan, the rights issuable under the Rights Plan will become exercisable in the event any person, together with persons related to it, acquires or announces its intention to acquire 20% or more of Virgin Metals' outstanding shares without complying with the "Permitted Bid" provisions of the Rights Plan or without approval of the Board. In that event Rights holders (other than the acquiring person and related persons) are entitled to purchase shares of Virgin Metals at one-half the prevailing market price at the time the rights become exercisable.

The Rights Plan is not intended to prevent take-over bids. Under the Rights Plan, a bid that, among other things, is made to all shareholders on identical terms and conditions and that is open for at least 60 days may constitute a "Permitted Bid".

The Rights Plan is available at www.sedar.com or on request from Virgin Metals.

About Virgin Metals

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 currently the subject of a pre-feasibility study while the other, Cuatro Hermanos, is the focus of ongoing exploration efforts.