As most business organizations grow bigger in size, it becomes more reputable, trustworthy and financially feasible. This is the exact scenario with Virgin Gold. Within the next few years, Virgin Gold will become a global brand.
For the past two and a half years, we have managed to raise more than a billion dollar. A billion dollar is not a lot in this industry and globally, it does not even make us the top 500 in mining related corporations.
Nonetheless, we are proud to say that Virgin Gold is on the right track to achieving its medium term objectives. Our share price has doubled within the period of two and a half years. We are proud to say that our financial viability has allowed us to increase our shareholder’s dividend by 20% recently - a reward which is a difficult find in the investment world.
Looking forward, we anticipate that Virgin Gold CPS price will continue to rise, and the way the corporation is operated and managed, we are confident that the CPS dividend will also increase over time.
We would also like to address two recent issues:
1. Cash Withdrawal – We have successfully implemented a twice a month (1st & 15th) credit withdrawal effective July 2012. This is not to say that every shareholder’s cash withdrawal has been without problems. We do receive occasional complaints and we are working hard with our payment partners to make this process a smooth one in the coming months. By implementing this new measure, Virgin Gold is able to plan and manage its cash flow more efficiently, thus enabling us to generate more returns (dividend) for our shareholders.
2. Incoming Telegraphic Transfer – The regulations with regard to International Wire Transfer changes almost every day. While shareholders may be sending their fund to us, there have been many incidents that our bank rejected the incoming transactions due to administrative reasons and has been very sluggish in returning the fund to the sender. Local and international banking laws give full rights to beneficiary banks to reject transfers from sender if the bank feels that the sender, the sender’s bank or the fund's originating country is under their “suspicious” list.
International financial transactions will continue to remain a challenge for our corporation and its shareholders. However, we give you our full assurance that we will continue to find ways to smoothen this process.
In light of the coming occasion, the management would like to take this opportunity to wish our Muslim shareholders a “Happy Eid Mubarak/ Eid-ul-Fitr”. May you enjoy a blessed festival.
Thank you.
Kenneth Elinger
CEO – Virgin Gold Mining Corporation
Virgin Gold Mining Corporation
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