VMS Ventures Receives Joint Venture and Option Agreement Payments From HudBay Minerals
August 16 2010 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
that it has received, from HudBay Minerals Inc. (TSX: HBM), the
payment required under the Reed Lake joint venture agreement and
the initial payments under the four property option agreements with
HudBay that were announced July 6, 2010. The payments received by
VMS total $2.85 million.
The payments were made by HudBay following VMS' confirmation
that certain mineral claims under the joint venture and option
agreements have been put into good standing under applicable
Manitoba mining law.
Under the joint venture agreement, HudBay has a 70% interest in
the copper-rich Reed Lake property and VMS has a 30% interest. For
detail on the recently-announced diamond drilling program at Reed
Lake, please see VMS' August 10, 2010 press release.
About VMS Ventures Inc.
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.
These properties are located in the mining friendly province of
Manitoba, Canada. The Company also has optioned three properties in
the Sudbury mining camp. They are Terra Incognita, Golden Pine and
Black Creek.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, CEO, VMS Ventures Inc.
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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