Oct 31 2014
VMS Ventures Inc. ("VMS Ventures" or the "Company") is pleased to update shareholders on the progress made at the Reed Mine, near Flin Flon Manitoba. VMS Ventures Inc. owns 30% of the Reed Mine and Hudbay Minerals Inc. ("Hudbay") owns 70% and is the Operator.
REED MINE
Reed Mine Activity
During the third quarter of 2014, the Reed Mine produced 109,562 tonnes of ore at a copper grade of 2.23% and zinc grade of 1.79% from a combination of ore development and longhole stope mining. Year to date, as of the end of September, Reed has produced a total of 296,394 tonnes of ore.
Highlights
- Development advanced 260 metres in July, 289 metres in August and 269 metres in September for a total of 2,523 metres year to date.
- At the end of September ramp development reached the 210 metre level of the mine.
- The ventilation raise from the 160 metre level to the 85 metre level and escape raise from the 185 metre level to the 160 metre level is near completion.
Neil Richardson, VMS Ventures Inc. Chief Operating Officer states: "The early stages of any new operation can be challenging but so far Reed has come on stream close to our 2014 mining plan. Ore production started at Zone 30 which is the lowest copper grade zone in the mine. We continue working alongside our joint venture partner Hudbay Minerals to develop the mine and work toward maintaining production levels and safety for our work force."
On September 16th 2014, VMS Ventures and joint venture partner and mine operator Hudbay held a grand opening ceremony at the Reed Mine. Representatives from the Board of directors of VMS Ventures and Hudbay, along with mine employees and representatives from local communities and the provincial government were in attendance. The grand opening was taking place almost seven years to the day of the first announcement of mineralization being discovered at what is now the Reed Mine.
To view photos from the grand opening ceremonies and other recent images from the mine site use following link: http://www.vmsventures.com/investors/photo-gallery/default.aspx
The Company would also like to announce that it has granted incentive stock options to a director of the Company to purchase up to 200,000 common shares in the capital of the Company pursuant to the Company's stock option plan. The options are exercisable, on or before October 28, 2019 at an exercise price of $0.26 per share.
About VMS Ventures Inc.:
VMS Ventures Inc. is a mining and mineral exploration company currently in partnership with Hudbay Minerals on the producing Reed Mine near Flin Flon Manitoba. VMS holds a 30% interest in the Reed Mine which is operated by Hudbay Minerals and achieved full production earlier this year. In addition, VMS is exploring a large prospective property package in Manitoba. The Company is actively evaluating new growth opportunities to build on our success with Reed. The Company also holds approximately 22% of the shares in North American Nickel (TSX VENTURE:NAN) which is exploring a new district scale nickel-copper-cobalt PGE deposit belt in S.W. Greenland.
For more information on North American Nickel Inc., please visit www.northamericannickel.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc., Interim CEO, President, Director
Source: http://www.vmsventures.com/