VMS Ventures Updates Progress at the Reed Copper Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/03/13 -- VMS
Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is
updating shareholders on the progress being made at the Reed Copper
Project, near Flin Flon Manitoba.
Wednesday the Company's joint venture partner on the Reed Copper
Project, HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM), reported the
following update on progress being made towards construction of the
"During the first quarter, Hudbay's focus for its 70% owned Reed
copper project near Flin Flon, Manitoba was advancing the underground
ramp and sinking the escape and ventilation raises from surface. Of
Hudbay's $72 million capital construction budget, the company has
invested approximately $37 million on the project to March 31, 2013
and has entered into an additional $13 million in commitments.
Capital expenditures at Reed are expected to total approximately $44
million in 2013.
After completing the first portal development round in October 2012,
the underground ramp had advanced approximately 363 metres as of
March 31, 2013. In March 2013, Hudbay was able to start hauling waste
from underground via haul trucks, which is expected to reduce cycle
times and improve the rate of ramp development."
Neil Richardson, VMS Ventures' COO states: "We are very pleased with
the progress being made at Reed and in particular the efforts being
made to keep the project within budget. The project team is doing an
excellent job in overcoming the challenges that accompany a project
like this and in particular at the early phases of the development."
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 Copper Project, 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 com
munities 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 two
properties in the Sudbury mining camp. They are Terra Incognita and
VMS Ventures owns approximately 27.5% of North American Nickel Inc.
(TSX VENTURE:NAN). 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., 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.
VMS Ventures Inc.
(604) 986-2020 or Toll Free: 1-866-816-0118
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