VMS Ventures Incorporation: Provides Update on Reed Mine
01.11.2013 | Marketwire
VANCOUVER, November 1, 2013 - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased to update shareholders on the progress made at the Reed mine, near Flin Flon, Manitoba. VMS Ventures owns 30% of the project and is carried to production. HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("Hudbay") owns 70% and is the Operator. VMS Ventures announced today that Hudbay has completed a total of 1,505 metres of lateral development on the project to the end of September, which includes an advance of 250 metres in September that averaged 8.3 metres per day. The first Reed ore batch test was processed at Hudbay's Flin Flon mill in September.
Other highlights during the month include completion of the underground powder and cap magazine, wash bay and the refuge station. A new production drill was received and the camp is now finalized for the crews. The operation has worked over 565 days without a lost time accident as of the end of September.
Full production remains on schedule to commence by the second quarter of 2014 and the project remains within the estimated budget parameters.
Neil Richardson, VMS Ventures' COO states: "The critical path to full production is the development of the main ramp, which will allow us to access the three lenses which make up the Reed deposit. The development crews achieved an average of 8.3 metres per day which is the highest monthly development recorded at the project to date. The second ore batch test was recently completed." Please visit the VMS website at http://www.vmsventures.com/investors/photo-gallery to view a slide show of progress on the Reed mine.
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 mine, which is subject to a 70-30 JV with Hudbay Minerals and is scheduled for production in Q4-2013, 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 the Black Creek property in the Sudbury mining camp.
VMS Ventures owns approximately 23.9% of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel, please visit www.northamericannickel.com
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
VMS Ventures Inc.
Evan Sleeman, Director
(604) 986-2020 or Toll Free: 1-866-816-0118
www.vmsventures.com