VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

October 17, 2007 14:13 ET

VMS Ventures to Option Copperman Claims in Snow Lake, Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2007) - VMS Ventures Inc. (TSX VENTURE:VMS) (the "Company") has entered into a Letter of Intent to acquire the Copperman claims. Drilling on the Copperman property in 1967 by Western Nuclear Mines Ltd. indicated that the "A" zone contains 149,672 tonnes with 3.08% Cu and 3.08% Zn. Combined reserves of 221,308 tonnes with 2.63%Cu and 4.46% Zn were reported in Manitoba Mineral Deposit Series Report 21. Grab samples from the trenches assayed up to 12% Zn and 2.3% Cu. (Note: these are historic results and are not considered compliant with today's NI 43-101 reporting requirements). The reported mineralization is associated with altered felsic volcanic rocks that are exposed at the edge of the limestone cover rocks found in this area of Manitoba.

The Company's recent VTEM survey of the Copper claims indicates a moderate VTEM anomaly in the vicinity of the existing trenches and where the known mineralization on the Copperman claims occurs. A number of short strike length conductors exist on the property and some of the formational conductors can be traced for approximately 7 km along strike. This package of rocks is considered to be highly prospective and currently the Company is reviewing all available drill data and evaluating geochemical survey data to identify new drill targets. It is anticipated that drilling will commence on this property during the Company's planned 2007/2008 winter program.

The letter of intent (the "LOI") is dated August 16, 2007 between the Company (the "Purchaser") and a private investor group (the "Vendors") concerning the acquisition of all of the Optionor's right, title and interest (the "Interest") in and to Mineral Lease 28 (ML-28) located in the Province of Manitoba and referred to as the Copperman claims. The Copperman claims are approximately 300 ha in size and are contiguous with and situated at the north end of the Company's 100 % owned Copper claims.

View the map by clicking on this link. http://www.vmsventures.com/image019.asp

Pursuant to the terms and conditions set forth in the LOI, the Company will pay the annual lease fee of $2,800 and issue an aggregate of 1,100,000 common shares in the capital stock of the Company to the Vendors over a four year period, following which the Company shall be deemed to have exercised the option. The Optionor shall retain a 3% net smelter royalty on the Property. There is no provision for an Area of Influence with respect to the Copperman claims in the agreement.

The LOI is subject to approval by the TSX Venture Exchange.

VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc properties in the Flin Flon-Snow Lake VMS Belt. The Company also holds the largest land package considered prospective for nickel-copper mineralization at Lynn Lake, which is to date Canada's third largest nickel producing camp. The Company's project portfolio consists of the Snow Lake VMS project, the Lynn Lake Gabbros nickel-copper project, the Nickel Belt project, the South Bay nickel-copper-cobalt PGE property, and the Eden Lake Carbonatite Complex, Specialty Metals property. All VMS Ventures Inc. properties are located in the mining friendly province of Manitoba, Canada.

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, CEO & Chairman

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • VMS Ventures Inc.
    Keith Patey
    Director of Communications
    (604) 986-2020 or Toll Free: 1-866-816-0118
    Website: www.vmsventures.com
    or
    Coal Harbor Communications
    Steve Kubota
    (604) 662-3237 or Toll Free: 1-866-405-3955