VMS Reports Update on Reserves and Resources at Reed Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 1, 2015) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased to announce an update on the Reed mine mineral reserve and mineral resource estimates. VMS Ventures owns 30% of the mine. HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("Hudbay") owns 70% and is the Operator.
The Reed mine commenced commercial production in April, 2014 and achieved full production in the second quarter of 2014. In 2014 the mine produced 415,736 tonnes at a grade of 2.50 % copper, 1.58 % zinc, 0.74 g/t gold and 9.04 g/t silver.
The Reserve and Resource tables below are stated at 100% and VMS holds a 30% joint venture interest.
| Reed - Mineral Reserves - January 1, 2015 (1)(2) | ||||||
| Tonnes | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) | ||
| Reed Mine | ||||||
| Proven | 488,000 | 3.33 | 0.67 | 0.38 | 5.82 | |
| Probable | 1,076,000 | 4.01 | 0.29 | 0.37 | 4.50 | |
| Total Mineral Reserve | 1,564,000 | 3.80 | 0.41 | 0.38 | 4.91 | |
| Notes: |
| (1) The zinc price used for the mineral reserve estimations was US$1.07 per pound (includes premium), the copper price used for the mineral reserves estimation was US$3.15 per pound, the gold price was US$1,260.00 per ounce and the silver price was US$21.00 per ounce using an exchange rate of 1.10 C$/US$. |
| (2) For additional details relating to the estimates of mineral reserves and resources at the Reed mine, including data verification and quality assurance/quality control processes refer to the "Pre-Feasibility Study Technical Report on the Reed Copper Deposit, Central Manitoba, Canada" as filed on SEDAR by VMS Ventures Inc. on May 14, 2012. |
| Reed - Inferred Mineral Resources - September 30, 2014(1) | ||||
| Tonnes | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) |
| 205,000 | 4.80 | 0.53 | 0.41 | 5.14 |
| Notes: |
| (1) Mineral resources that are not mineral reserves do not have demonstrated economic viability. The above mineral resources are exclusive of reserves and were estimated using the same metals prices as were used for the estimate of mineral reserves at Reed. |
About VMS Ventures Inc.
VMS Ventures is a mining and mineral exploration company currently in partnership with Hudbay on the producing Reed mine near Flin Flon Manitoba. VMS Ventures holds a 30% interest in the Reed mine which is operated by Hudbay and achieved full production during Q2 of 2014. In addition, VMS Ventures is exploring a large prospective property package in Manitoba. The Company is actively evaluating new growth opportunities to build on the success achieved at Reed. The Company also holds approximately 22% of the shares of North American Nickel (NAN: TSX.V) which is exploring a new district scale nickel-copper-cobalt PGE deposit belt in S.W. Greenland.
For more information on North American Nickel Inc., 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., Interim CEO, President, Director
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