VMS Reports Reed Mine Achieves Commercial Production
May 01 2014 - 9:20AM
Marketwired
VMS Reports Reed Mine Achieves Commercial Production
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 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. VMS Ventures owns 30% of the mine
and is carried to production. Hudbay Minerals Inc.
(TSX:HBM)(NYSE:HBM) ("Hudbay") owns 70% and is the Operator.
The Reed copper project advanced to mine status after achieving
commercial production on March 31, 2014.
- Averaging 60% of full production tonnage (1,300 tonnes per day)
over the last 90 days, having operated at 792 tonnes per day in the
first quarter of 2014.
- During the first quarter Reed mined 71,236 tonnes of ore at a
copper grade of 1.92% and a zinc grade of 2.14% from a combination
of ore development and longhole stope mining.
- The project has invested $66 million to the end of Q1, 2014 and
approximately $4 million of project capital will be spent as
sustaining capital over the life of mine.
- The project was completed under budget and ahead of guidance
with no lost time accidents.
- Sale of copper and zinc concentrates will start to pay back the
Company's project loan and advance VMS towards cash flow.
- During the month of March development advanced 288 metres or
9.3 metres per day, for a total of 3,215 metres project to
date.
- 27,407 tonnes of ore were mined in March.
Neil Richardson, VMS Ventures' COO states: "We are very pleased
to see the Reed copper project advance to mine status and achieve
commercial production. The mine continues to advance towards full
production and has operated without any lost time accidents. Thanks
to all the employees and contractors for a job well done."
The focus for May will remain on safety and continued ramp
development while establishing lateral infrastructure headings and
ore development on 160 metre level.
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 Mine. 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 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) 986-2020 or Toll
Free: 1-866-816-0118www.vmsventures.com
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