VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2012) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to update shareholders on the ongoing developments at the Reed copper project. The Reed project is located 120 kilometres from Flin Flon, Manitoba and is the subject of a joint venture with Hudbay Minerals (TSX:HBM)(NYSE:HBM) ("Hudbay"), which operates the project and has a 70% ownership interest while VMS owns the remaining 30%.
Construction activity on-site at the Reed copper project is advancing on schedule and highlights since the last update in May include:
- 84% of the grouting for the portal entrance area is now complete and this phase of the program is expected to be finished within the next week.
- Portal trench excavation has commenced with the first three metres of overburden now removed.
- Materials and equipment from the Trout Lake mine have begun arriving at the property.
VMS Ventures Chief Operating Officer
Neil Richardson, states: "The progress report at our latest Joint Venture management meeting was encouraging and we are pleased with the progress our partners at Hudbay Minerals are making in the development of the Reed Copper project. The grouting program is almost complete and we expect to commence trenching the portal area later this month."
In the previous project update dated May 10, 2012, it was reported that the main access road to the project was completed and clearing and leveling had begun for ore stockpiles, office and storage buildings, and settling ponds. Placement of limestone gravel fill for the warehouse and shop was in progress.
Initial production at the Reed copper project is expected by the fourth quarter of 2013, and is anticipated to ramp up to full production of approximately 1,300 tonnes per day by the first quarter of 2014.
Hudbay provides a monthly status report to VMS and our shareholders will be kept informed throughout Reed's development.
Further details of the Reed Copper deposit can be found in the National Instrument 43-101 Technical Report entitled "Pre-Feasibility Study Technical Report on the Reed Copper Deposit, Central Manitoba, Canada" dated April 2, 2012, available at www.sedar.com.
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 Project, Reed East/West Project, 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 26M shares 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.