We have successfully implemented an upgrade for “Beneficiary Bank Registration” and “Credit Withdrawal” at the end of August 2012. The implementation has been carried out in stages so as to minimize any interruptions to our shareholders’ daily account activities. A few smaller upgrades may still need to be implemented from time to time.
These new implementations will make the processing of outgoing payments to shareholders more efficient in most countries. The details are listed below:
1.- Specific Banks have been designated in many countries, especially those with local payment partners. These banks were carefully selected based on the input from our shareholders and payment partners. Payment partners have given their assurance that payments to selected banks will be even more efficient than they currently are.
2.- In those countries with designated banks, the approval for “Beneficiary Bank Registration” will take place within 48 hours. Countries with no designated banks will still have to wait for 3 – 5 working days for administrative approval (as was the practice before). New designated banks may be added from time to time, even to countries which currently have no designated banks.
3.- Expiration of Beneficiary Bank accounts. Shareholders in countries where designated banks have been selected will need to re-register their Beneficiary Bank details. All beneficiary bank records registered under the previous module have expired with this new implementation. Shareholders are strongly advised to be extremely careful when registering their bank details, especially account numbers, to avoid any complications from occurring with future withdrawals.
4.- In order to make the processing of payments to shareholders even more efficient and as a follow-up of cases where payments were not received, management has decided to implement a Monthly Credit Withdrawal policy, which is effective as of the 1st of September of 2012. The result of this policy is that shareholders may only request a Credit Withdrawal on the 1st of every month. We are confident that all credit withdrawals will be fully processed within the first two weeks, while problematic cases should be able to be resolved before the next payment window opens.
Thank you for your understanding and cooperation.
Matthew Jacobsen
Virgin Gold Mining Corporation
Vice President – Investor Relations
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