VMS Ventures Updates the Reed Copper Project Which Remains Within Budget and on Schedule; Winter Drilling Budget Set
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2012) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS" or the "Company") is pleased to update shareholders on the Reed Copper project near Snow Lake, Manitoba. Reed is a high grade copper deposit scheduled to begin production in Q4, 2013. VMS Ventures owns 30% and is carried to production. HudBay Minerals (TSX:HBM)(NYSE: HBM) ("Hudbay") owns 70% and is the Operator.
VMS Ventures COO Neil Richardson, states: "We are impressed with Hudbay's diligence in keeping the project moving forward, on schedule and within budget. The development of the portal and the early phases of ramp progress are critical to the project's success and we are very pleased that the underground phase of the project's development has now commenced."
In September, the focus was on the completion of the portal trench excavation and installation of ground control support that includes mesh, shotcrete, and spilings. The main power cables, pipelines and services are now installed and power to the ramp face and site was established via onsite diesel generators. The new office and dry complex is complete and staff has moved in. At the end of September, Hudbay development miners, electricians and mechanics were working on site and staying in camp.
Foundations for the shop and warehouse were poured in September and it is anticipated that the building will be operational in December. All remaining equipment transfers from the Trout Lake mine site have arrived on the property. Installation of a temporary ventilation fan, silencer and heater has been completed at the portal in preparation of ramp development and onset of winter conditions. The first portal development round was taken in October.
Mining at the Reed Copper Project is expected to begin by Q4 2013, and is anticipated to ramp up to full production of approximately 1,300 tonnes per day by Q1 2014.
The VMS geological team met recently to review drill targets for testing in the winter 2013 exploration season. The Company plans to spend approximately $1.4 million on target definition and drilling on its 100% held properties in the Flin Flon Snow Lake Belt.
Pictures of the development at the Reed Copper Deposit are available on our website at http://vmsventures.com/Projects/Manitoba-Properties/VMSHudBayJointVentures/VMS-Ventures---HudBay-Joint-Venture-Project/default.aspx.
VMS announced a high-grade copper discovery at Reed grading 10.50 meters of 11.19% copper within 43.05 meters of 4.38% copper on October 4, 2007 (http://vmsventures.com/Newsroom/Press-Releases/Press-Release-Details/2007/1050Metresof1119CopperWithin4305Metresof438CopperinDrillHole2atVMSVenturesReedLakePropertySnowLakeManitoba/default.aspx).
About VMS Ventures Inc:
VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc-gold-silver massive sulphide deposits in the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS project property portfolio consists of the Reed Lake Mine, which is subject to a 70-30 JV with HudBay Minerals and is scheduled for production in Q3- 2013, Copper Project, McClarty Lake Project, Sails Lake Project, Puella Bay Project and Morton Lake Project. Outside of the Snow Lake camp, the Company holds massive sulphide prospective properties near the past producing Fox Lake and Ruttan copper-zinc mines, near the communities of Lynn Lake and Leaf Rapids in northern Manitoba. These properties are located in the mining friendly province of Manitoba, Canada. The Company also has optioned three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
VMS Ventures owns approximately 27M shares of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.
All technical information in this release has been reviewed by Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the Company and Vice President of Exploration and Technical Services, VMS Ventures Inc.
Forward Looking Statement
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc., President
VMS Ventures Inc.
FOR FURTHER INFORMATION PLEASE CONTACT:
VMS Ventures Inc.
(604) 986-2020 or Toll Free: 1-866-816-0118