Virgin Metals continues to encounter high grade molybdenum mineralization at Los Verdes: results include 0.33% molybdenum over 28 meters

Virgin Metals Inc. has received assay results for drill holes LVRC0406 through LVRC1006 from its drill program currently underway at its Los Verdes copper, molybdenum, tungsten project in the State of Sonora, northern Mexico. The drill program, designed to replicate the drill pattern completed by Cominco Ltd. and Industriales Penoles some 35 years ago, is advancing on schedule with 22 holes totaling 2,631.94 metres in length completed to date.

Hole no LVRC0406 appears to have been drilled at the southern edge of mineralization. LVR0506, collared at the same location, was drilled north at an inclination of – 45 degrees and returned some of the highest grades seen to date on the project. Hole LVRC0806 was drilled immediately behind the face of the existing open pit and may also be too far south to intersect mineralization.

As previously reported, the mineralization occurs in a prominent ridge and consists of typical porphyry style mineralization which is modified by leaching at the surface and accompanied by re-concentration in a zone of secondary enrichment. Drill hole intersections further confirm the presence of a leached cap within an overlying hydrothermal (quartz- tourmaline) breccia and a secondary enrichment zone identified in holes LVRC0506 – 0706 by discreet intersections of elevated copper and more local, molybdenite mineralization.

The CEO of Virgin Metals, Chris Davie, commented that “We continue to see continuity of high grade values of both molybdenum and copper in this compact and readily accessible zone of mineralization. We anticipate completing drilling in October and to have a NI 43-101 compliant resource calculation completed by about the end of November. We are meanwhile continuing with permitting activities for a planned small-scale plant that we anticipate being in production during 2007. The plans for such a plant have not been the subject of a feasibility study and should not be relied upon. It is anticipated that a feasibility study will also be commenced in 2007 that will be based on a future production rate of 2,500 to 3,000 tonnes per day.”

Sampling practice for earlier holes was reported in the August 22, 2006 Press Release. Sampling practice continued unchanged through the drilling of these holes.

In addition to the routine quality control work carried out by ALS Chemex, the Company has established a quality control protocol consisting of the routine use of sample duplicates, blank samples and certified sample assay standards obtained from WCM Sales Ltd., Burnaby B.C.

This report has been prepared by Mr. Gary Lohman, a registered Professional Geologist and Qualified Person (QP) as defined by NI 43-101 of the Canadian Securities Administrators. Mr. Lohman is the QP for the Los Verdes exploration program.

FORWARD-LOOKING STATEMENTS

This press release includes certain “forward-looking information” within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading “Risk Factors” and elsewhere in Virgin Metals documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Virgin Metals. The forward-looking information contained herein is Virgin Metal’s reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur.

About Virgin Metals Inc.:

Virgin Metals is a junior exploration and development company rapidly evolving to production status. It has two advanced exploration stage molybdenum – copper porphyry properties in Sonora State, northern Mexico.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.

For further information

Mr. Chris J. Berlet, Director, Chief Financial Officer, (416) 364-9988, cberlet@virginmetals.com Renmark Financial Communications Inc.: Mr. Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com

Barbara Komorowski: bkomorowski@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com

Source: VIRGIN METALS INC.