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WEKUSKO OPTION AGREEMENT
19 December, 2007
Vancouver, BC – December 19,
2007. VMS Ventures Inc. (TSX-Venture: VMS) (“VMS” or the “Company”) is pleased
to announce that it has entered into an Option Agreement with Mr. Bill Hood of
Winnipeg that enables VMS Ventures to acquire an initial 80% right to the base
and precious metals within the combined 9,787 hectare Wekusko claims and Mineral
Exploration License 234A.The property is contiguous with the Company’s Copper
claims and the recently optioned Copperman VMS deposit on ML 28A in the highly
prospective Snow Lake mineral belt.
VMS has agreed to make staged
payments totaling $250,000 cash and exploration expenditures of $500,000 over 4
years. If VMS exercises its option to acquire an 80% interest in the property, a
Joint Venture is formed whereby the Company can acquire the remaining 20%
interest within 2 years by making a one time cash payment of $100,000 and the
Optionor retains a 2% NSR. If the Company elects not to acquire the 20% within
the 2 year period, it must deliver a bankable feasibility study to the Optionor
within 5 years of forming the Joint Venture. Should the Optionor elect to
participate in the Joint Venture and fails to contribute its pro-rata share and
its interest falls below 10%, that interest is converted to a 1% NSR. If the
Optionor elects not to participate in the Joint Venture it has a further option
to convert its 20% interest to a 2% NSR.
The Option Agreement is subject
to regulatory approval.
About VMS Ventures Inc.
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:
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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.
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