VMS/HudBay Reed Exploration Properties JV

On October 23rd, 2012, VMS Ventures announced a joint venture with HudBay Minerals respecting four separate but contiguous claims blocks surrounding the Reed Lake Copper Project. The joint venture properties will consist of the Tower Zone, Super Zone, Northeast Zone and Northwest Zone and were originally under option from VMS to HudBay pursuant to option agreements entered into on July 5th, 2012. HudBay completed its obligations under the option agreements and the parties formed  the ‘Reed Exploration Properties Joint Venture’, in which VMS holds a 30% interest and HudBay holds a 70% interest. Under the terms of the agreement, HudBay has made a  payment of $610,000 to VMS.

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