VMS Reports HudBay Minerals Completes Exploration Expenditures for Year One on Four Option Properties Surrounding the Reed Coppe
July 07 2011 - 1:58PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
that HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) ("HudBay") has
completed year one option commitments on four properties
surrounding the Reed Copper project. The four option properties
are: Super Zone, Northeast, Northwest and Tower, in which HudBay
has the right to earn a 70% joint venture interest and, upon
earning such interest, VMS would retain a 30% interest.
HudBay has completed 17 exploration diamond drill holes to date
on the option and Joint Venture properties, including four holes on
the Reed Copper project (not including definition and geotechnical
holes), eight holes and one deepened hole on the Super Zone option,
three holes on the Tower Zone option, three holes in the Northwest
option and one hole in the Northeast option. On May 17, 2011 VMS
and HudBay announced the discovery of 7.18 meters of 7.44% copper
(from 133.89 to 141.07 metres) in hole RLE006. Follow-up work has
been on-going including additional drilling, and surface and
borehole pulse electromagnetic surveys. Assays from additional
holes on the new discovery and other exploration targets are
expected in a few weeks.
Neil Richardson, VMS' Chief Operating Officer states: "We are
pleased with HudBay's commitment to the option properties and the
continuing advancement of the Reed Copper project. HudBay is
continuing exploration with two diamond drills testing geophysical
and geological targets on the option properties."
Reed Copper Project Joint Venture
A preliminary economic assessment and technical activities
required for permitting, including metallurgical and geotechnical
testing and mine design, are underway with the expectation of a
mine construction decision by year-end.
On July 6, 2010 VMS and HudBay announced they had entered into a
joint venture agreement in which HudBay and VMS have 70% and 30%
interests, respectively, in the Reed Copper project property. The
parties have also entered into four option agreements which grant
HudBay the right to earn a 70% interest in properties surrounding
the joint venture property held by VMS.
For additional details on the Reed deposit, see VMS' NI 43-101
compliant technical report entitled "Technical Report Reed Deposit,
Central Manitoba, Canada" dated March 31, 2011, available at
www.sedar.com.
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 Copper 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
John Roozendaal, President, 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 or Dean Hanisch (613)
882-7467
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