VMS Files NI 43-101 Mineral Resource for the Reed Lake Deposit at 2.55 Million Tonnes @ 4.52% Copper in the Indicated Category
May 13 2011 - 12:32PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
the National Instrument 43-101 Technical Report of the Reed Lake
polymetallic deposit near Snow Lake, Manitoba with Joint Venture
partner HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) is now filed on
SEDAR. The report entitled "Technical Report, Reed Deposit, Central
Manitoba, Canada" was prepared by Mr. Trevor Allen, P.Geo and
Robert Carter, P. Eng, Qualified Persons under NI 43-101, on behalf
of HudBay Minerals Inc. The Reed Lake deposit report is available
for viewing on www.sedar.com.
The Mineral Resource Statement prepared by HudBay Minerals Inc.
of the Reed Lake deposit is presented below.
Reed Copper Project (1-5)
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Mineral Resource Contained Metal
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Au Ag Cu Zn Au Ag
Category Tonnes (g/t) (g/t) (%) (%) oz oz Cu lbs Zn lbs
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Indicated 2,550,000 0.64 7.86 4.52 0.91 52469 644382 253572000 51051000
Inferred 170,000 0.38 4.55 4.26 0.52 2077 24868 15932400 1944800
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Notes:
1. CIM definitions were followed for the estimation of mineral resources.
Drilling was included up to February 2011.
2. Mineral resources are estimated at a CUEQ cut-off of 1.5% (CUEQ% equals
Cu% + Zn% x 0.211 + Au g/t x 0.359 + Ag g/t x 0.006) and a minimum two
metre core length.
3. Long term $US metal prices of $900/oz gold, $15.00/oz silver, $2.50/lb
copper and $1.00/lb zinc were used for the estimation of CUEQ. These
prices may be conservative, considering the near-term commencement of
operations.
4. Metal recovery assumptions of 65% gold, 60% silver, 95% copper and 50%
zinc were used for the estimation of CUEQ.
5. Specific gravity measurements were taken on a portion of the samples,
where actual measurements were not available either stoichiometric
values were calculated or average SG values were used.
The NI 43-101 compliant resource was filed today for the Reed
Lake copper project. The new resource provides the basis to conduct
a prefeasibility study. The project, in which HudBay has a 70%
joint venture interest, represents a high grade near surface copper
deposit that can be accessed via a ramp and ore can be trucked to
the Flin Flon concentrator. Permitting and pre-feasibility efforts
will be conducted throughout 2011 with the expectation of a
construction decision by year end.
Neil W. Richardson, P.Geo, Chief Operating Officer of VMS
Ventures Inc., a Qualified Person in accordance of Canadian
Regulatory requirements as set out in NI 43-101, is responsible for
the information in this 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
www.vmsventures.com Launch IR Matt Harrington (613) 882-7467 Launch
IR Dean Hanisch (613) 882-7467
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