|
VMS VENTURES TO OPTION COPPERMAN CLAIMS IN SNOW LAKE,
MANITOBA
October 17, 2007
Vancouver, B.C. October 17, 2007. VMS Ventures
Inc. (TSX.V: VMS) (the "Company") has entered into a Letter of Intent to acquire
the Copperman claims. Drilling on the Copperman property in 1967 by Western
Nuclear Mines Ltd indicated that the “A” zone contains 149,672 tonnes with 3.08%
Cu and 3.08% Zn. Combined reserves of 221,308 tonnes with 2.63%Cu and 4.46% Zn
were reported in Manitoba Mineral Deposit Series Report 21. Grab samples from
the trenches assayed up to 12% Zn and 2.3% Cu. (Note: these are historic results
and are not considered compliant with today’s NI 43-101 reporting requirements).
The reported mineralization is associated with altered felsic volcanic rocks
that are exposed at the edge of the limestone cover rocks found in this area of
Manitoba.
The Company’s recent VTEM survey of the Copper claims indicates a moderate VTEM
anomaly in the vicinity of the existing trenches and where the known
mineralization on the Copperman claims occurs. A number of short strike length
conductors exist on the property and some of the formational conductors can be
traced for approximately 7 km along strike. This package of rocks is considered
to be highly prospective and currently the Company is reviewing all available
drill data and evaluating geochemical survey data to identify new drill targets.
It is anticipated that drilling will commence on this property during the
Company’s planned 2007/2008 winter program.
The letter of intent (the “LOI”) is dated August 16, 2007 between the Company
(the “Purchaser”) and a private investor group (the “Vendors”) concerning the
acquisition of all of the Optionor’s right, title and interest (the “Interest”)
in and to Mineral Lease 28 (ML-28) located in the Province of Manitoba and
referred to as the Copperman claims The Copperman claims are approximately 300
ha in size and are contiguous with and situated at the north end of the
Company’s 100 % owned Copper claims.
View the map by clicking on this link.
http://www.vmsventures.com/image019.asp
Pursuant to the terms and conditions set forth in the LOI, the Company will pay
the annual lease fee of $2,800 and issue an aggregate of 1,100,000 common shares
in the capital stock of the Company to the Vendors over a four year period,
following which the Company shall be deemed to have exercised the option. The
Optionor shall retain a 3% net smelter royalty on the Property. There is no
provision for an Area of Influence with respect to the Copperman claims in the
agreement.
The LOI is subject to approval by the TSX Venture Exchange.
VMS Ventures Inc. is focused primarily on acquiring, exploring and developing
copper-zinc properties in the Flin Flon-Snow Lake VMS Belt. The Company also
holds the largest land package considered prospective for nickel-copper
mineralization at Lynn Lake, which is to date 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 Nickel Belt 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 OF DIRECTORS
Rick Mark
CEO & Chairman
For further information contact:
|
Keith Patey,
Director of Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118 |
Steve Kubota
Coal Harbor Communications
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. |
