VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

April 27, 2012 06:30 ET

VMS Announces Filing of Statement of Claim in Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2012) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS" or "the Company") announces that a statement of claim has been filed against the Company in Manitoba Court of Queen's Bench by W. Bruce Dunlop Limited (N.P.L.) ("Dunlop"), the vendor of certain of the claims comprising the Reed Lake Joint Venture, pursuant to an agreement signed by both parties on December 2, 2008 (the "Dunlop Agreement").

The claim seeks to compel the Directors of the Company to give up VMS' 30 per cent participating, carried to production, interest and to elect to become a non-participating party to the Reed Lake Joint Venture in order to trigger certain alleged royalty entitlements, largely benefiting Dunlop at the expense of all other VMS shareholders.

The Company views this claim to be completely without merit and acquiescing to the Dunlop demand to be not in the best interest of the Company and its shareholders. The Board of Directors has instructed VMS' Manitoba litigation counsel to vigorously defend same.

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, 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.

VMS Ventures owns approximately 45% of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.

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.

Contact Information

  • VMS Ventures Inc.
    John Roozendaal
    President
    (604) 986-2020 or Toll Free: 1-866-816-0118

    VMS Ventures Inc.
    Evan Sleeman
    Director
    (604) 986-2020 or Toll Free: 1-866-816-0118
    www.vmsventures.com