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VIRGIN GOLDMINING CORPORATION
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Virgin Gold is committed to integrityin all that we do, always, everywhere
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About Virgin GoldWho We AreWhat We Aim
Corporate ValuesCorporate GovernanceBoard o DirectorsExecutive BoardsCommitteesRemunerationAuditOur StructureStandard & Policies
OperationsGold MiningSouth AmericaArica
Our Investors
Why GoldWhat We OerWhy It WorksHow It WorksRisk Factors
Corporate ResponsibilityEnvironment
Environmental PolicyEnvironmental AccountabilityBiodiversity
CommunityHealth & SaetyPeoplePhilantrophy
Future ChallengesContact
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GovernanceThe way we interact with our stakeholders is undamental or our business and oursuccess. We strive to act with integrity, responsibility, airness, transparency and
discretion at all times in order to secure the trust o our stakeholders.
Virgin Golds corporate governance complies with internationally accepted standards. We recognize the importance o goodcorporate governance and know that transparent disclosure o the same helps stakeholders assess the quality o the Groupand our management and assists investors in their investment decisions.
Complying With Rules and RegulationsWe ully adhere to the principles and comply with the rules and
regulations o any jurisdiction where we operate, with a ewminor exceptions where the rules are not applicable to oreignparties.
Our Corporate Governance FrameworkOur corporate governance policies and procedures are laidout in a series o documents governing the organization andmanagement o Virgin Gold Mining Corporation. The Board oDirectors has adopted a set o Corporate Governance Guidelinesaimed at explaining and promoting an understanding o ourgovernance structure.
Managing Risk
Our Risk Management unction occupies a central role inour organization as it osters a disciplined risk culture andcreates appropriate transparency by providing a soundbasis or the management to dene a suitable risk prole.Risk Management is instrumental in ensuring a prudentand intelligent approach to risk-taking that appropriatelybalances risk and return and optimizes the allocation ocapital throughout the corporation. Moreover, through a
proactive risk management culture and the use o cutting-edge quantitative and qualitative tools we strive to minimize
the potential or undesired risk exposure in our operations.
Committed to ComplianceWe strive ceaselessly to ensure that our employees maintainthe highest standards o compliance with all legal, regulatoryand internal requirements. Our employees are asked to observestrict standards o proessional conduct at all times. Complianceconsiderations are critically important when selectingemployees, developing training tools, and dening processesand rules and is a vital element o all our supervisory and controlsystems.
Rewarding Excellence
We are committed to employing a compensation approachthat rewards excellence, encourages personal contribution andproessional growth and aligns the employees interests withthose o Virgin Gold, thus motivating the creation o shareholdervalue. Long-term corporate success in the exploration, miningand trading industry depends on the strength o human capital,and our goal is to be the employer o choice in the markets andbusiness segments in which we operate.
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Board ofDirectors
The Board o Directors o Virgin Gold is responsible or the overall direction,supervision and control o the corporation.
Ricardo Luigi OlivieraBorn: 1956Citizenship: PanamaFunction: Chairman
Peter TorgensenBorn: 1961Citizenship: NorwayFunction: Board o Director
Bradley NevisBorn: 1960Citizenship: USAFunction: Board o Director
James GibsonBorn: 1968Citizenship: United KingdomFunction: Board o Director
Pavel Nunek ValenskiBorn: 1964Citizenship: UkraineFunction: Board o Director
Lucas M. CookshankBorn: 1952Citizenship: CanadaFunction: Advisor
William Richard Smith
ExecutiveBoardsThe Board o Directors generally delegates management authority and the power toimplement its resolutions to management bodies or executive ofcers.
President and Chie Executive Ocer
Johann HansenVice President o Finance
Kenneth Elinger
Vice President o Operation
Paulo Marcus NolinskiVice President o Legal and External Aairs
Stephan Karl Burke
Vice President o Exploration, Discovery and DevelopmentKierran P. Radosky
Vice President o Investors RelationsMatthew Jacobsen
Honorary Chairman CorporateSecretary
Chie Inormation OcerBrutus Van Bommel
Vice President o Health, Saety and Loss PreventionManos Zalayeta
Chie Accounting Ocer
Ruby ChristensenChie Sustainability Ocer
Jamie Johnson
Vice President o Human ResourceSusan Crocker
Vice President o Business CreationRobert Marcus Delaney
Vice President o Risk ManagementManual Sanchez Enrique
Chie Auditing OcerJustin Wills
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Chairmans and Governance Committee
The Chairmans and Governance Committee acts as an advisorto the Chairman and discusses a broad variety o topics inpreparation or Board meetings.
Audit Committee
The primary unction o the Audit Committee is to assist theBoard in ullling its oversight role by monitoring and assessingthe integrity o the nancial statements o the corporation.
Remuneration Committee
The Remuneration Committee determines and/or recommendsto the Board or approval the overall remuneration pools andthe remuneration payable to the members o the Board, theExecutive Board, the head o Internal Audit and certain othermembers o senior management.
Risk Committee
The Risk Committees main duties are to assist the Board inassessing the dierent types o risk to which the Group isexposed, as well as its risk management structure, organizationand processes.
Environmental, Health and Saety Committee
This committee helps the Board ensure environmental andemployee saety issues are complied with and implemented atevery operational level.
Exploration and Business Development Committee
The Exploration and Business Development Committee helpsthe board identiy, evaluate and decide on a new investmentront or the company.
Ad-hoc CommitteesSeveral ad-hoc committees that report directly to the Board areset up to address special and important issues that may aectthe company periodically.
Committees
The Committees support the Board o Directors in assessing risks, settingremuneration, and monitoring the integrity o the nancial statements.
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Standard & PoliciesVirgin Golds standards and policies comply with most international laws, international corporate governancerequirements and best practice. We maintain the highest standards o corporate governance, ethics and honesty in all oour dealings, and operate in compliance with the law wherever we work.
Corporate Governance Guidelines
The Groups corporate governance policies and procedures are dened in a series o documents governing the companyorganization and management. The Board o Directors o Virgin Gold has adopted a set o Corporate GovernanceGuidelines aimed at explaining and promoting an understanding o its governance structures. These guidelines orm thebasis o a sound corporate governance ramework and reer to other documents that regulate aspects o governance ingreater detail.
Abbreviations and Denitions
The titles and functions used in this document apply to both genders.
PreambleThe BoD o VGMC, upon recommendation o the CGC, has adopted these Guidelines to summarize certain principlespromoting the appropriate unctioning o the BoD and its committees and ensuring the eective and efcient governanceo the Group.
1. Director Qualication
1.1 Board Composition
The BoD consists o a minimum o ve members. The BoD believes that the size o the BoD mustbe such that the standing committees can be staed with qualied members, but, at the same
time, the BoD must be small enough to enable an eective and rapid decision-making process.
The BoD shall have a majority o directors who meet the criteria or independence set orth in section 3.2 othe OGR. VGMCs independence denition is based on the New York Stock Exchange Corporate GovernanceStandards and takes into account other governance standards as appropriate. The CGC shall review, at leastannually, BoD member independence and present its assessment to the BoD or nal determination. Eachyear ollowing the AGM the BoD appoints a Chairman and up to two Vice-Chairmen rom among its members.
1.2 Selection o Directors
The CGC is responsible or selecting BoD member nominees to be proposed to the AGM or election. The CGCestablishes criteria or BoD membership, which reect the requirements o applicable laws and regulationsand take into consideration such actors as it deems appropriate. These actors may include independence,diversity, age, skills, management experience in businesses and other organizations o comparable size,
the extent to which the candidate and his experience complements or supports the BoD or its committees.
The CGC evaluates proposals put orward by the Chairman, the CEO or any member o the BoD and submitsthe proposals to the BoD. When evaluating a candidate the CGC also considers whether the individual holdsany other mandates that could lead to conicts o interests and makes an assessment as to whether thenominee has the capacity to devote the necessary time to appropriately discharge the responsibilities as a
AGMAoABoD
CCCEOCGC
ChairmanVGMCGroup
GuidelinesGxB
OGR
Annual General MeetingArticles o AssociationBoard o DirectorsCompensation CommitteeChie Executive OfcerChairmans and Governance Committee o the BoDChairman o the BoDVIRGIN GOLD MINING CORPORATIONVIRGIN GOLD MINING CORPORATION and its subsidiariesCorporate Governance Guidelines o VGMCGroup Executive BoardRegulations Governing the Conduct o Business o VGMC
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member o the BoD o VGMC. Upon recommendation o the CGC the BoD proposes the candidate or electionor re-election to the shareholders.
The CGC shall also review any applications or BoD membership submitted rom outside the Group in lighto VGMCs BoD member criteria. The CGC may dismiss candidates, who do not meet the criteria or BoDmembership.
In evaluating candidates, the CGC does not discriminate against race, religion, color, gender, national origin,disability, citizenship, marital status or sexual orientation.
1.3 Conficts o Interests
Members o the BoD must duly saeguard the interests o the Group. Directors must avoid any conicts ointerests and the appearance o such conicts. They shall disclose any personal interests, or those o closelyrelated person or company, that they might have in a particular matter and shall abstain rom participating inany decisions involving those interests.
1.4 Terms o Oce and Retirement
Each member o the BoD is elected individually or a period o three years and is eligible or re-election. One yearo ofce is understood to be the period o time rom one AGM to the close o the next AGM. VGMC does not imposea term limitation or its directors. However, the VMGC considers the number o terms an individual has servedon the VGMC BoD when deciding whether the BoD member concerned should be proposed or re-election.
Directors shall retire at the AGM in the year in which they reach the age o 70.
2. Director Responsibilities
The BoD shall be responsible or the overall direction, supervision and control o the Group. It shall set
guidelines or the Groups general policy and strategy and regularly review reports on the operations othe Group. By establishing the OGR the BoD delegates certain tasks to BoD committees and delegates themanagement o the Group and the preparation and implementation o its resolutions to certain managementbodies or executive ofcers, to the extent permitted by law.
2.1 Board Meetings
The BoD shall hold at least six regular meetings per year, one o which shall be dedicated to assessing thestrategic planning o the Group. Additional meetings may be scheduled i required to discuss or resolve onurgent matters. The Chairman calls the meetings with sufcient notice and prepares an agenda or eachmeeting. Appropriate preparatory documents shall be made available to the Directors in a timely ashion. Atmost meetings the BoD holds separate private sessions, without management present, to discuss particularissues. Minutes are kept o all meetings.
Directors are expected to attend all or substantially all BoD meetings and meetings o the committeeso the BoD on which they serve. Directors are also expected to spend the time needed to discharge theirresponsibilities appropriately.
A majority o the members o the BoD must be present in person in order to pass resolutions. Participation viatelephone or video-conerence shall be permitted. Resolutions o the BoD require the approval o an absolutemajority o the votes cast. Resolutions may also be passed by way o written consent provided the text o theresolution is sent to all members o the BoD and provided that a majority o the members cast a vote. Eachmember has the right to request within the period stipulated or the vote, that the matter be discussed in ameeting.
2.2 Board Committees
The BoD has established the ollowing regular committees:
the Chairmans and Governance Committee the Audit Committee the Compensation Committee the Risk Committee
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The members o the committees are appointed by the BoD or a period o one year. Re-appointment is possibleand desirable to oster the development o specic knowledge o the businesses, continuity and efciency othe committees work.
Each committee has its own charter, which is approved by the BoD. The charter sets orth the purpose, goals andresponsibilities o the committee as well as qualications or committee membership, meetings and reportingto the BoD. Each committee perorms an annual sel-assessment. The committee charters are available on theGroups website.
3. Director Access to Inormation
The members o the BoD have access to all inormation concerning the Group as necessary to ulll their dutiesas a BoD member. Should a member o the BoD require inormation or wish to review documents outside ameeting, he shall address his request to the Chairman.
In general, the members o the GxB shall attend the meetings o the BoD to ensure eective interaction withthe BoD. The Chairman may rom time to time invite members o management to make presentations at BoDmeetings in order to provide particular insights into aspects o the Groups businesses.
The BoD and the BoD committees are entitled, at the expense o the Group, to engage such independent legal,nancial or other advisors as they deem appropriate, without consulting or obtaining the approval o any o-cer o the Group, with respect to any matters subject to their respective authority.
4. Compensation
4.1 Management Compensation
Upon recommendation by the CC the BoD approves the Groups compensation principles. The BoD also
approves amendments to existing or the establishment o new management and employee compensationplans. The CC reviews and approves the compensation proposals or the members o the executivemanagement and inorms the BoD on the decisions taken.
VGMC is committed to employing compensation principles that reward excellence, encourage personalcontribution and proessional growth, retain talent and align the employees values with the Groups coreethical and perormance values as stated in the Code o Conduct thus creating shareholder value.
4.2 Board Compensation
The CC proposes individual compensation or BoD members to the BoD or approval. When discussing theproposals, the BoD member concerned shall abstain rom the decision. BoD compensation shall be competitivecompared to peers and consistent with market practices. BoD compensation should be partly paid in VGMCregistered shares in order to align the directors interests with those o shareholders.
5. Director Orientation and Continuing Education
New directors shall participate in an orientation program, which shall generally be conducted as promptlyas practicable ollowing the AGM at which the new director is elected. The program shall be tailored to therespective director and appropriately consider his proessional background. The program shall among otherareas address the ollowing:
the Groups legal and management structure, corporate governance, legal and regulatory ramework andthe Code o Conduct
the Groups goals and strategic business plans the Groups nancials and capital management
the Groups risk management ramework
The BoD holds periodic strategic workshops to discuss the Groups strategic direction. The Chairman, uponconsultation with the CEO, shall regularly add items to the BoD meeting agendas that support the amiliariza-tion o the BoD members with current developments in the nancial industry. The BoD urther encourages alldirectors to participate in continuing education programs.
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6. Management Evaluation and Succession Planning
The VGMC or the BoD perorm an annual perormance assessment o the CEO and the executive management
team. The results o this assessment will also serve the CC as a basis to review and assess the compensationproposals or the executive management in the course o the annual bonus process. The VGMC periodicallyreviews with the Chairman and the CEO the management succession planning and makes recommendationsto the BoD.
7. Principles Governing the Conduct o the Board o Directors
The annex to these Guidelines contains certain ethical principles that shall govern the conduct o the BoD.
8. Revisions to the Guidelines
Periodically, the VGMC shall re-evaluate these Guidelines and recommend to the BoD such revisions as itdeems necessary or appropriate or the BoD to discharge its responsibilities most eectively and to ensurethe eective governance o the Group.
Annex
Principles Governing the Conduct o the Board o Directors
A. Conficts o InterestThe members o the BoD shall abstain rom participating in any discussions and decisions that might aect their ownpersonal interests or those o a closely related person or company.
B. Corporate OpportunitiesDirectors are prohibited rom taking or themselves personally opportunities or potential opportunities that arediscovered through the use o corporate property, inormation or position without the consent o the BoD. Directorsowe a duty to the Group to advance its legitimate interests when the opportunity to do so arises.
C. CondentialityDirectors must maintain the condentiality o condential inormation entrusted to them by the Group or itscustomers, except when disclosure is authorized or legally mandated. Condential inormation includes all non-public inormation that might be o use to competitors, or harmul to the Group or its customers, i disclosed.
D. Fair DealingEach director should endeavor to deal airly with the Groups customers, suppliers, competitors and employees.None should take unair advantage o anyone through manipulation, concealment, abuse o privileged inormation,misrepresentation o material acts, or any other unair-dealing practice.
E. Protection and Proper Use o Company AssetsAll directors should endeavor to protect the Groups assets and ensure their efcient use. Thereore, all companyassets must be used or legitimate business purposes.
F. Compliance with Laws, Rules and RegulationsObeying the law, both in letter and in spirit, is the oundation on which the Groups ethical standards are built.All directors must respect and obey all applicable laws, rules and regulations, including insider-trading laws andmanagement transaction disclosure rules.
G. WaiversAny waivers o the Principles Governing the Conduct o the Board o Directors may be made only by the BoD and allwaivers granted to the directors will be disclosed to VGMCs shareholders.
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Why GoldF
or centuries, gold has beencoveted or its unique blendo rarity, beauty, and near
indestructibility. Nations haveembraced gold as a store o wealthand a medium o internationalexchange; individuals havesought to possess gold asinsurance against the day-to-dayuncertainties o paper money.
Perhaps more importantly, in the
past ew years, gold has nallybeen treated as an asset classthat investors must keep as parto their portolios. Investment ingold can be in the orm o physicalgold bars (nuggets), paper gold,gold company shares, goldinvestment unds (mutual und),gold utures and options.
Monetary authorities such as Central Banks and International Monetary Fund (IMF) have long held gold intheir reserves. The public takes condence rom knowing that its Central Bank holds gold - an indestructibleasset and one not prone to the inationary worries overhanging paper money. Some countries give explicit
recognition to its support or the domestic currency. Moreover, rating agencies will take comort rom thepresence o gold in a countrys reserves.
Gold is sometimes described as a non income-earning asset. This is untrue. There is a gold lending marketand gold can also be traded to generate prots. There may be an opportunity cost o holding gold but,in a world o low interest rates, this is less than is oten thought. The other advantages o gold may welloset any such costs. The opportunity cost o holding gold may be viewed as comparable to an insurancepremium.
As or private individuals, nobody is suggesting that one should put 100% o their assets into goldinvestment. In any asset portolio, it rarely makes sense to have all your eggs in one basket. Obviously the
price o gold can uctuate - butso too do the exchange andinterest rates o currencies held
in reserves. A strategy o reservediversication will normallyprovide a less volatile return thanone based on a single asset. Mostinvestment consultants suggestexposure ranging between 10 and35%.
The European Central Bank (ECB),or example, holds around 15-20%(depending on the market value)o its reserve in gold.
The question is not why, but
rather how and how much.
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Preerred Stock
Although preerred stock does not oer the same potential orprot as common stock, it is a more stable investment vehiclebecause it guarantees a regular dividend not directly tied to
the market like the price o common stock. This type o stockguarantees dividends, unlike common stock.
The other advantage o preerred stock is that preerredstockholders get priority when it comes to dividend payment.In the event o a companys liquidation, preerred stockholdersget paid beore those owning common stock. In addition, i acompany goes bankrupt, preerred stockholders enjoy prioritydistribution o the companys assets; while holders o commonstock do not receive corporate assets unless all preerredstockholders have been compensated.Like common stock, preerred stock represents ownership in acompany. However, owners o preerred stock do not get votingrights in the business.
Convertible Preerred Stock
Convertible preerred stock is a type o stock which hasa conversion price named at its issuance so that it can beconverted to a companys common stock at the set rate.
Virgin Gold Convertible Preferred Stockmay be converted intoCommon Stock o the company when the company choosesto launch an Initial Public Oering (IPO) by paying 50% o theprice dierence between the subscription price o ConvertiblePreerred Stock and the IPO share price.
Virgin Gold Convertible Preferred Stockholders are entitledto a xed monthly dividend payment as agreed at the timeo subscription. Convertible preerred stockholders mayalso unsubscribe their shares by giving 45 days notice to thecompany or a ull reund o the subscription amount.
Why It WorksFor Stockholders
CPS stockholders get xed monthly shareholder dividends.These are paid in ounces o gold, which are reely convertibleinto monetary value at the spot gold price.
CPS holders may unsubscribe their shares by giving 45 daysnotice to the company.
CPS holders may transer their shares to another willing
buyer at a higher price than their initial subscription price asVirgin Golds share price will increase over time alongsidethe net asset value o the company.
CPS holders are given capital and an interest ree account inwhich to hold paper gold up to 3 times their sharesubscription value. Another great opportunity to urtherincreases their medium to long term return.
CPS holders may convert their shares into Common stockwhen Virgin Gold chooses to go public. I they choosenot to do so, CPS holders will be reunded according to theirsubscription amount.
CPS holders may even enjoy other incentivesor reerring new shareholders to the company.
For Company
Capital rom new shareholders enables the company toengage in bigger and more protable operations.
Higher turnover and liquidity enables the company to reachthe IPO stage aster than its original plan.
CPS holders will not interere with the companys operationsand decision making, thus giving the current management
a ree hand to achieve the companys short, medium andlong term targets smoothly.
What We OfferVirgin Gold is undertaking an exercise o issuing resh Convertible Preerred Stocks (CPS) and
invites willing investors worldwide to take up this oer. The oer price starts at $0.80/share on
1 January, 2010 and will be increased periodically in accordance with the net asset value o the
company. Such oering may be subject to a time limitation and the corporations need or capital.
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How It Works
Fill up our online Shareholder Application Form. Once your online application is accepted, youwill have a Shareholder ID which you can use to login to your online transaction account usingyour chosen password. You may start your transaction immediately.
Step 1 o 2
All shareholders are required to send us a scanned copy o their International Passport or NationalIdentication card and another document to prove their address, such as a utility bill or bankstatement within 30 days o registration or risk suspension o their account until we have received
the requested documents.
Subscribe or shares
To subscribe or shares, you must top up your credit account. You may do so by:1. Requesting a wire transer to us (minimum amount USD10,000); or2. Arranging an internal transer rom other shareholders.
Accounts
Every shareholder will have: a gold account, value in ounces (oz) a credit account, value in United States Dollar (USD)
a trading account, to hold/trade paper gold positions
Gold can be reely converted to dollars at any time by the account holder wish at real-time spotgold conversion rates and vice versa.
Gold Account Credit Account
The trading account is or shareholders to hold a gold position or medium to long term gain.
Every shareholder is allocated a credit acility equivalent to 3 times their share subscriptionmonetary value to hold a gold position. For example: I John subscribes to 100,000 shares at 1.20/share = USD360,000; John will be given trading margin USD360,000 to hold/trade paper goldpositions. This credit acility comes with zero deposit and zero interest payment. Once a positionis closed, gains or losses are credited into the Credit account.
Withdrawal o und
Shareholder may withdraw monies in their credit account by requesting a wiretranser to their personal bank account anywhere in the world. There will beno wire transer into 3rd party accounts in compliance with International AntiMoney Laundering and Terrorism Law/Act. Minimum withdrawals are set atUSD500.
Step 2 o 2
Real Time Spot Gold Price
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Risk FactorsThere is actually no real risk in subscribing to Virgin Gold
Convertible Preerred Stocks (CPS).
First o all, CPS can be unsubscribed by giving the companyprior notice or a ull reund. I any shareholder is dissatisedwith how the company is being run, they may take back theircapital investment; thus eliminating any urther risk. In any case,CPS holders receive guaranteed monthly dividend paymentsand provided gold remains at around $1,000/oz, are expectedto recover their investment within 1 year.
Secondly, even i the gold price plummets, Virgin Goldwill notace any difculty in ullling its dividend payment obligation toCPS holders as the dividend is paid in gold. The only dierenceis that CPS holders might have to wait longer to recover theirinitial investment because when the gold price is low, themonetary value equivalent is also lower.
The only possible risk is oVirgin Goldgoing bankrupt. However,a company the size oVirgin Goldinvolved in gold exploration
and mining has never been liquidated unless there is massivemismanagement. Our corporate values, governance policy andstructure ensure that decisions are evaluated and monitoredat almost every level o this corporation. Thus the risk oVirginGoldceasing operations can be ruled out. Moreover, Virgin Goldin particular has not been known or taking unnecessary risks. Inact we have proved ourselves to be a rigorous and nanciallydisciplined corporation over the past decade. This corporation
has never over-committed itsel to projects that might not beprotable or dependent on a high gold price.
In the worst scenario o liquidation, CPS holders enjoy prioritydistribution o the companys assets over common shareholders. So the risk o investors losing their investment isseriously negligible.
Nevertheless, it is still advisable or any potential investors totake advice rom their qualied local nancial and legal advisorsbeore subscribing to Virgin Gold Convertible PreerredStocks.
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Our commitment to corporate responsibility is built on a oundation o strongbusiness perormance and nancial results.
Our corporate responsibility principles provide acommon language to guide our work and helpensure we continuously generate value or all o
our stakeholders namely those who entrust us with their
capital, livelihoods, communities, and environments. Thesevalues highlight both the opportunities and responsibilitieso our leadership as a global gold exploration, mining andtrading company in the 21st century.
CORPORATE Responsibility
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EnvironmentVirgin Goldtakes its responsibility or environmental stewardshipvery seriously and regards sound environmental managementand perormance as a key priority at every operation. Weexercise utmost vigilance in protecting the environment andseek ways to minimize our environmental ootprint whereverwe operate; a commitment that is enshrined in our corporateresponsibility principles and our corporate EnvironmentalPolicy. We will always meet, and where possible exceed,
regulatory requirements in our environmental perormance.
In recent years, in accordance with our corporate EnvironmentalPolicy, we have been implementing a company-wideEnvironment, Health and Saety (EHS) Management System.
This system provides the structure, guidelines and standardsthrough which we strive or continuously improved inenvironmental perormance in all our global operations.
Environmental Policy
Environmental leadership in the mining industry is astrategic business objective o Virgin Gold. Maintaining highproessional standards or our environmental practices is vitalto our long-term sustainable success and orms the oundationo our corporate reputation. Virgin Gold acknowledges itsresponsibility to manage the environmental eects associatedwith its operations as we pursue our goal o generating valueor our shareholders, our employees and our local communities.Virgin Gold will:
Comply with applicable environmental laws and regulationsat all times, at all locations, and at all stages o exploration,development, operations and closure
Establish and maintain standards, procedures andmanagement controls to ensure that environmentalconsiderations are balanced equally with competingpriorities and other key business activities
Ensure that all employees and contractors are trained tounderstand their environmental responsibilities and createan environment conducive to adhering to the Companyspolicies, procedures and applicable regulations
Hold leadership accountable or the environmentalperormance o our operations and projects, basedinherently on the act that accountability represents thecommitment o senior management to provide resources
and create an environment that spawns success
Reward and recognize behavior that supports environmentalstewardship
Implement procedures to measure environmentalperormance, including regular operationalaudits to veriy compliance with the CompanysEnvironmental Policy and applicable regulations
Communicate openly with employees, the regulatory
community, the public and stakeholders on environmentalissues
Work proactively with other mining companies, policymakers and the public to dene environmental prioritiesand contribute to the development o responsible laws andregulations to protect the environment
Actively engage with credible third parties to developcontinuous improvements in our environmental policies andpractices
Continuously review environmental achievements andtechnology to share and promote the implementation obest practices
Develop and maintain reclamation and closure costestimates, account or those costs in the Companysbusiness plans, and address the Companys reclamation andclosure obligations in a way that demonstrates excellenceand establishes industry-wide leadership by example
Require that the Environmental, Health and Saety Committeemeets on a regular basis in order to monitor perormance
and conrm that Virgin Goldadheres to these principles
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Environmental Accountability
Environmental protection is the responsibility o everyemployee
Environmental perormance is reported to the BoardsEnvironmental, Health and Saety Committee quarterly andto senior corporate management monthly
Environmental perormance improvement targets are setannually
Front-line managers have direct responsibility or
environmental perormance in their areas The general manager o each mine is accountable or
environmental perormance at that site At exploration projects and residual properties, the project
manager is responsible or ensuring that the EHSManagement System in place at that location is consistentwith corporate standards and compliant with all applicablelaws, regulations and permit requirements
Biodiversity
Protecting biodiversity is one element in the environmentalmanagement system associated with the expansion o ourphysical operations. Environmental stewardship at VirginGold includes the identication and assessment o biologicalcommunities in the vicinity o our operations. Where there ispotential or impacts on those communities, mining operationsare designed to avoid, minimize or mitigate their eects.
As a standard part o all environmental impact analyses,we evaluate any potential impact on biodiversity, and isuch impact occurs, we outline the proposed steps that willbe taken to mitigate it. In general, none o our operationswill have signicant impact on any sensitive listed species.
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ContactOur Customer Service department works 24 hours around the clock
to give you the best available services.
Admin OceVirgin Gold Mining Corporation
Torre Global Bank BuildingCalle 50 & Calle 58 EstePiso 31, Ocina 3105Panama City, Republic o Panama
Telephone+ 507 - 8365099
Fax+ 507 - 3925420
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142.14 px
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3 4
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5 6 7
1. Costa del Este
2. Casco Viejo
3. Atalaya Church
4. Albrook Mall
5. Atlapa Convention Center
6. Centenial Bridge
7. Bahai Temple
8. Boquete Chiriqui
9. Amador Causeway
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10. Las Bovedas
11. Mi pueblito
12. El Carme Church
13. Panama Canal
14. Virgin Gold Oce
15. Virgin Gold Logo
16. Virgin Gold CEO desk.
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