VMS Ventures Provides Update on Reed Lake Negotiations With HudBay Minerals
June 01 2010 - 2:42PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) (the "Company") announced in
its March 4, 2010 news release that "it had entered into a
non-binding Letter of Intent with a subsidiary of HudBay Minerals
Inc. (TSX: HBM) ("HudBay") respecting VMS' Reed Lake Discovery
Zone, the copper-rich Reed Lake property claims optioned from
HudBay, the two southern claims adjoining the Reed Lake property
and certain exploration properties adjacent to the Reed Lake
property, that are 100% held by VMS. These properties are all
located in Manitoba's Flin Flon Greenstone belt near Snow Lake."
The March 4, 2010 press release contemplated that definitive
agreements would be completed by May 31, 2010. While this target
has not been achieved, the parties are making good progress and VMS
anticipates that definitive agreements will be completed before
June 18, 2010.
VMS Ventures CEO Rick Mark states: "We are pleased with the
progress both companies have made to this point and believe the
most time consuming tasks are behind us. Despite the number of
agreements involved, and the complexity of the mining and milling
arrangements, both companies are confident the June 18, 2010 target
for completion is achievable."
VMS Ventures Inc. is focused primarily on acquiring, exploring
and developing copper-zinc-gold-silver massive sulphide deposits in
the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS
project property portfolio consists of the Reed Lake Project,
Copper Project, McClarty Lake Project, Sails Lake Project, Puella
Bay Project and Morton Lake Project. Outside of the Snow Lake camp,
the Company holds massive sulphide prospective properties near the
past producing Fox Lake and Ruttan copper-zinc mines, near the
communities of Lynn Lake and Leaf Rapids in northern Manitoba. All
VMS Ventures Inc. properties are located in the mining friendly
province of Manitoba, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal B.Sc., President & Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: VMS Ventures Inc. Keith Patey Director of
Communications (604) 986-2020 or Toll Free: 1-866-816-0118 (604)
986-2021 (FAX) www.vmsventures.com Coal Harbor Communications Dale
Paruk (604) 662-4505 or Toll Free: 1-877-345-3399
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