VMS Reports January Reed Mine Highlights
February 20 2014 - 9:30AM
Marketwired
VMS Reports January Reed Mine Highlights
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 20, 2014) - VMS
Ventures Inc. (TSX-VENTURE:VMS) ("VMS Ventures" or the "Company")
is pleased to update shareholders on the progress made at the Reed
mine, near Flin Flon Manitoba during the month of January. VMS
Ventures owns 30% of the project and is carried to production.
Hudbay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("Hudbay") owns 70% and is
the Operator.
During the month of January the project reached a number of
milestones including:
- Surpassing 2600 metres of total underground project and
pre-production development to date.
- 689 consecutive days with no lost time accidents.
- Ramp advanced to the 135 metre level and pre-production
development started.
- Completed the escape raise from the 85 metre level to the 110
metre level.
- Project spending to the end of January is $63 million. The
project remains on budget and on schedule for commercial production
in the second quarter of 2014.
Of our $72 million estimated capital construction budget, we
have invested approximately $63 million at our 30% owned Reed
project in Manitoba to December 31, 2013 and have entered into an
additional $4 million in commitments. As of January 31, 2014,
project development has advanced 2,004 metres with an additional
598 metres of pre-production development for a total 2,602 metres
of advancement.
During the fourth quarter of 2013 the mine produced 29,997
tonnes of ore at a copper grade of 1.96% and a zinc grade of 2.72%.
The majority of the 38,232 tonnes mined in 2013 were from the
zinc-rich Zone 30 resulting in the production of a zinc
concentrate, which was not anticipated in the pre-feasibility
study. In December 2013, mining commenced from the first longhole
production stope on the 85 metre level. The project is on budget
and on schedule and is expected to reach commercial production by
the second quarter of 2014.
The focus for February will remain on safety and continued ramp
development down to the 160 metre level. Ore development and stope
production is scheduled for zones 20 and 30 at the 110 metre
level.
Full production remains on schedule to commence in the second
quarter of 2014 and within the estimated budget parameters.
Neil Richardson, VMS Ventures' COO states: "We toured the
Project in January and are pleased with the caliber of work and
care the team is taking in building the mine. The strong emphasis
on safety both underground and at surface is very apparent. We were
able to see high grade copper mineralization from zone 20 on the
110 metre level. The first stope, 85 - 30 - 1 was mined in early
January and backfilling is in progress. We look forward to
continued advancement of this project to full commercial
production."
Please visit the VMS website at
http://www.vmsventures.com/investors/photo-gallery to view a slide
show of the latest progress on the Reed Copper Project.
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 mine, which is
subject to a 70-30 JV with Hudbay Minerals and reached initial
production in Q4-2013, 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 the Black Creek property in the Sudbury mining camp.
VMS Ventures owns approximately 23.9% of North American Nickel
Inc. (TSX-VENTURE:NAN). For more information on North American
Nickel Inc., please visit www.northamericannickel.com.
Forward Looking Statement
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization
and resources, exploration results, and future plans and objectives
of the Company are forward-looking statements that involve various
risks. The following are important factors that could cause the
Company's actual results to differ materially from those expressed
or implied by such forward-looking statements: changes in the world
wide price of mineral commodities, general market conditions, risks
inherent in mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements. VMS Ventures
Inc. undertakes no obligation to update such forward-looking
statements if circumstances or management's estimates or opinions
should change. The reader is cautioned not to place undue reliance
on such forward-looking statements
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc., 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.
VMS Ventures Inc.Evan SleemanDirector(604)
986-20201-866-816-0118www.vmsventures.com
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