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VMS Ventures Announces Acquisition of the Puella Bay Project, Manitoba
June 27, 2007
Vancouver, B.C. June 27, 2007.
VMS Ventures Inc. (TSX.V: VMS) (the "Company") is pleased to announce that it
has entered into a Letter of Intent with Ken de Graff (the “Vendor”) of Snow
Lake to option up to 100% subject to a 2% NSR, the Jol 3753 claim situated on
the southeastern shore of Herb Lake, near the town of Snow Lake, Manitoba.
The claim covers a stratabound Zn-rich occurrence that has
been interpreted as a volcanogenic massive sulphide occurrence by Dr. M. Fedikow
of the Manitoba Geological Survey. The property is situated adjacent to a large
poorly exposed felsic volcanic complex. The company has staked an additional
seven claims in the area to cover the along strike projection of the Puella Bay
strata, as well as the remainder of the felsic volcanic complex. The area
covered by these 8 claims is approximately 17 km2.
Previous exploration and government reports indicate that the
Puella occurrence contains widespread pyrite mineralization and near solid
laminae of pyrite, sphalerite and galena as well as minor chalcopyrite and
arsenopyrite. These minerals and alteration are commonly present in VMS type
mineralization. Grab samples from trenches at the occurrence contain up to 2.9%
Zn and 1.9% Pb.
As consideration
for the acquisition of up to 80% of the property, the Company has agreed to pay
to the Vendor the aggregate sum of $27,500 and make expenditures of an aggregate
of $500,000 over a four year period as follows:
(i)
$7,500 upon the execution and delivery of this agreement;
(ii)
$5,000 cash payment and $125,000 in expenditures on or before
the first anniversary;
(iii)
$5,000 cash payment and $125,000 in expenditures on or before
the second anniversary;
(iv)
$5,000 cash payment and $125,000 in expenditures on or before
the third anniversary;
(v)
$5,000 cash payment and $125,000 in expenditures on or before
the fourth anniversary;
following which the Company
shall be deemed to have exercised the option (the “Initial Exercise”).
Following the
Initial Exercise, the Company shall have the option to acquire a further 20%
interest in the property upon further payment of $1,000,000 for a total 100%
right, title and interest in and to the Property.
VMS Ventures Inc. is focused on acquiring, exploring and
developing copper-zinc properties in the Flin Flon-Snow Lake VMS Belt. The
Company also holds the largest package of land considered prospective for
nickel-copper mineralization at Lynn Lake, which, historically, is Canada’s
third largest nickel producing camp. The Company’s project portfolio consists of
the Snow Lake VMS project, the Lynn Lake Gabbros nickel-copper project, the
South Bay nickel-copper-cobalt PGE property, and the Eden Lake Carbonatite
Complex, Specialty Metals property. All VMS Ventures Inc. properties are located
in the mining friendly province of Manitoba, Canada.
ON BEHALF OF THE BOARD:
Rick Mark
CEO & Chairman
For further information
contact:
Keith Patey, Director of
Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118
Or visit the website at
www.vmsventures.com
Coal Harbor Communications
Steve Kubota
Telephone: (604) 662-3237
Toll Free:
1-866-405-3955
The TSX Venture exchange does not accept responsibility for the
adequacy or
accuracy of this release. |
