Apr 13 2015
VMS Ventures Inc. ("VMS" or the "Company") announces that it has closed the acquisition of a 100% interest in the Assean Lake gold claims in Manitoba ("Assean Lake"), subject to certain underlying royalties, as detailed in its news release of February 16, 2015.
In accordance with the terms of the agreements with NGEx Resources Inc. ("NGEx"), as to a 60% interest, and Harvest Gold Corporation ("Harvest"), as to a 40% interest VMS has paid NGEx $15,000 and issued it 600,000 shares and has paid Harvest $140,000, of which $90,350 was satisfied by the forgiveness of a like amount of debt otherwise owing to the Company by Harvest.
Further, upon the earlier to occur of the completion of a preliminary economic assessment, a prefeasibility study or a feasibility study on Assean Lake, the Company is to issue another 600,000 shares to NGEx and 100,000 shares to Harvest and, upon the commencement of commercial production from Assean Lake, is to issue an additional 600,000 shares to NGEx and an additional 100,000 shares to Harvest.
The 600,000 shares of the Company issued to NGEx on closing are subject to a hold period expiring July 27, 2015.
About VMS Ventures Inc.
VMS Ventures is a mining and mineral exploration company currently in partnership with Hudbay on the producing Reed mine near Flin Flon Manitoba. VMS Ventures holds a 30% interest in the Reed mine which is operated by Hudbay and achieved full production during Q2 of 2014. In addition, VMS Ventures is exploring a large prospective property package in Manitoba. The Company is actively evaluating new growth opportunities to build on the success achieved at Reed. The Company also holds approximately 22% of the shares of 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.
Forward Looking Statement
Source: http://www.vmsventures.com/