Dear VMS followers,
I’m pleased to send along this morning’s news regarding progress at the Reed Cooper Project and our plans for our 100% owned properties this winter.
Reed is moving quickly to becoming a mine. VMS COO Neil Richardson meets regularly with the HudBay team and is impressed with their progress. In just one year, now, we expect to see production begin.
The geological team met last week in Winnipeg. They have designed a plan to spend about $1.4 million dollars to drill priority targets this winter on our 100% owned properties in Manitoba. I expect our newly acquired Reed East and Reed West property targets will be high on the list.
We all await results for North American Nickel’s Maniitsoq nickel copper project. VMS owns about 23% of the Company. It appears we will see the first of those results the week of November 12 to 16.
Please stay in touch. We value your feedback.
Best regards,
Rick Mark
CEO
VMS Ventures Inc.
VMS owns ~27M shares of North American Nickel Inc.
VMS VENTURES UPDATES THE REED COPPER PROJECT WHICH REMAINS WITHIN BUDGET AND ON SCHEDULE; WINTER DRILLING BUDGET SET
Vancouver, B.C., October 31, 2012. VMS Ventures Inc. (TSX-V:VMS) (“VMS” or the “Company”) is pleased to update shareholders on the Reed Copper project near Snow Lake, Manitoba. Reed is a high grade copper deposit scheduled to begin production in Q4, 2013. VMS Ventures owns 30% and is carried to production. HudBay Minerals (TSX: HBM, NYSE: HBM) (“Hudbay”) owns 70% and is the Operator.
VMS Ventures COO Neil Richardson, states: "We are impressed with Hudbay's diligence in keeping the project moving forward, on schedule and within budget. The development of the portal and the early phases of ramp progress are critical to the project’s success and we are very pleased that the underground phase of the project’s development has now commenced.”
Project Highlights:
In September, the focus was on the completion of the portal trench excavation and installation of ground control support that includes mesh, shotcrete, and spilings. The main power cables, pipelines and services are now installed and power to the ramp face and site was established via onsite diesel generators. The new office and dry complex is complete and staff has moved in. At the end of September, Hudbay development miners, electricians and mechanics were working on site and staying in camp.
Foundations for the shop and warehouse were poured in September and it is anticipated that the building will be operational in December. All remaining equipment transfers from the Trout Lake mine site have arrived on the property. Installation of a temporary ventilation fan, silencer and heater has been completed at the portal in preparation of ramp development and onset of winter conditions. The first portal development round was taken in October.
Mining at the Reed Copper Project is expected to begin by Q4 2013, and is anticipated to ramp up to full production of approximately 1,300 tonnes per day by Q1 2014. CLICK HERE TO READ MORE
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VMS Ventures Inc.
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EXPLORATION STAGE |
CODE : VMS.V |
ISIN : CA91828R1091 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
VMS Ventures is a zinc and gold exploration company based in Canada. VMS Ventures holds various exploration projects in Canada. Its main exploration properties are REED LAKE, LYNN LAKE GABBROS, PUELLA BAY and COVER in Canada. VMS Ventures is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 13.9 millions as of today (US$ 10.1 millions, € 9.3 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.76, and its lowest recent point on January 22, 2016 at CA$ 0.05. VMS Ventures has 146 480 000 shares outstanding. |