May 27 2013
VMS Ventures Inc. is pleased to update shareholders on the progress made in the month of April at the Reed Copper Project, near Flin Flon, Manitoba.
VMS Ventures owns 30% of the project and is carried to production. HudBay Minerals Inc. owns 70% and is the Operator.
Considerable progress was made at the Reed Copper Project in the month of April, including:
- Underground development advanced 171 metres and represents the greatest monthly advance rate since development commenced on the project; underground development at the project is now 534 metres;
- Sinking of the 16 ft diameter ventilation raise from surface is now 66% complete;
- Two permanent 1.6 Mw generators and the electrical house were commissioned into service, replacing three temporary generators;
- A new communication system was installed; and
- A fire-fighting well pump was commissioned.
The focus during the month of May is the continued development of the underground ramp and the vent raise, along with ongoing construction activities.
COO Neil Richardson states: "We were pleased with the improvements to the advance rates of the ramp and ventilation raise during the month of April, which are key components to the Reed project's development. Reed continues to develop as planned and remains on budget. It is noteworthy to mention that mine and camp construction have now proceeded for 412 days with no lost time accidents."
On May 1, 2013, Hudbay reported that approximately $37 million of the $72 million capital construction budget for the project has been invested as of the end of the first quarter of 2013 with an additional $13 million committed as of that date.
Source: http://www.vmsventures.com