Virgin Metals Inc. Announces Initial Drill Results at Los Verdes

Virgin Metals Inc. Announces Initial Drill Results at Los Verdes

August 22, 2006 - Toronto, ON - Virgin Metals Inc. "(the "Company " or
"Virgin Metals") (VGM TSX-V) announces that it has received assay results
for the first three holes of its drill program currently under way 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 thirty five years ago, is now well
in hand and some 10 reverse circulation drill holes totaling 1375 m. in
length have been completed. The holes were, where possible, collared
adjacent to the historic Cominco / Penoles drill holes. Most holes will,
like the historic holes, be vertical but two drill sites are inaccessible
and angle holes will be used.

The assay results for molybdenum, copper, tungsten and silver for drill
holes LVRC0106 through LVRC0306 are as follows:

Table 1. Summary of Drill results

VGM Cominco / Inclination Total From To Intercept Mo Cu W Ag
Penoles Depth (Total)
Drill Hole Drill Hole (metres) (metres) (metres) (metres) % % % g / t

LVRC0106 C-10 vertical 172.26 25.91 99.08 73.17 0.24 1.08 0.08 5.6

including 25.91 60.96 35.05 0.29 1.54 0.09 9.1
and 64.02 76.23 12.21 0.44 1.45 0.09 3.5

LVRC0206 C-31 vertical 160.06 16.77 147.69 130.92 0.15 0.67 0.09 3.4

including 88.41 143.29 54.88 0.26 0.83 0.12 2.7

LVRC0306 C-20 vertical 153.96 19.82 129.57 109.76 0.10 1.08 0.06 6.4

including 35.06 70.12 35.06 0.05 1.53 0.06 4.4
and 76.22 91.46 15.25 0.67 1.61 0.14 15.2
and 96.05 128.05 32.00 0.23 1.15 0.05 6.5
Note: Old workings, where intersected, are included as intercepts of 0 grade
No high values have been cut

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 to date confirm the presence of a leached cap within an
overlying hydrothermal (quartz- tourmaline) breccia, a secondary enrichment
zone identified by the presence of elevated copper mineralization (above),
and an underlying granodiorite. It is believed that the reported intercepts
represent the true width of the secondary enrichment zone.

The samples, each representing 1.52 linear meters, were riffle split at the
drill with approximately 12% of the recovered material (5 ? 10 kg.) placed
in a plastic bag and immediately fastened with a security tag. Little
moisture has been encountered in drill holes to date resulting in free
flowing material of all size fractions. Where moisture was present, a
sampling cyclone was utilized with drill cuttings collected in buckets then
placed in a large porous bag and immediately fastened with a security tag.
The reject material for all samples have also been secured and stored for
future use.

The samples were securely stored locally then collected by ALS Chemex
personnel and transported to the ALS Chemex laboratory in Hermosillo where
sample preparation was performed. All assay work was carried out at the ALS
Chemex laboratory in Vancouver, BC.

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.

The Company has recently increased its land position surrounding the known
mineralization to a total of 5,176.22 hectares and has commenced a regional
stream sediment sampling program as a first step in identifying additional
exploration targets.

Chris Davie, President and CEO of Virgin Metals, said: ?The average grades
shown in these few holes are consistent with the historical resource
estimates (see Technical Report titled ?Report on the Los-Verdes
Molybdenum-Copper Project, Sonora, Mexico? dated November 14, 2005, as
amended June 17, 2006, which was filed at www.sedar.com on June 28, 2006).
However the extent of some of the higher grade intersections is quite
startling and indicates the potential for early significant cash flow from
the planned pilot scale operation.? A feasibility study has not been
completed for the Los Verdes property, and thus, there is no certainty that
the Company's plans will be realized.

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, the availability
of exploration results, the possibility of future production from the Los
Verdes property and the cash flow to result from such production. 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, delays in completing
exploration activities, results of exploration activities if and when
completed and the price of molybdenum and copper changing from current
levels, 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, please contact:
Mr. Chris J. Berlet: cberlet@virginmetals.com
Director, Chief Financial Officer
Phone: (416) 364-9988


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www.renmarkfinancial.com