VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

December 19, 2007 06:30 ET

VMS Ventures Inc.: Wekusko Option Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2007) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS" or the "Company") is pleased to announce that it has entered into an Option Agreement with Mr. Bill Hood of Winnipeg that enables VMS Ventures to acquire an initial 80% right to the base and precious metals within the combined 9,787 hectare Wekusko claims and Mineral Exploration License 234A. The property is contiguous with the Company's Copper claims and the recently optioned Copperman VMS deposit on ML 28A in the highly prospective Snow Lake mineral belt.

VMS has agreed to make staged payments totaling $250,000 cash and exploration expenditures of $500,000 over 4 years. If VMS exercises its option to acquire an 80% interest in the property, a Joint Venture is formed whereby the Company can acquire the remaining 20% interest within 2 years by making a one time cash payment of $100,000 and the Optionor retains a 2% NSR. If the Company elects not to acquire the 20% within the 2 year period, it must deliver a bankable feasibility study to the Optionor within 5 years of forming the Joint Venture. Should the Optionor elect to participate in the Joint Venture and fails to contribute its pro-rata share and its interest falls below 10%, that interest is converted to a 1% NSR. If the Optionor elects not to participate in the Joint Venture it has a further option to convert its 20% interest to a 2% NSR.

The Option Agreement is subject to regulatory approval.

About VMS Ventures Inc.

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
    (604) 986-2021 (FAX)
    Website: www.vmsventures.com
    or
    Coal Harbor Communications
    Dale Paruk
    (604) 662-4505 or Toll Free: 1-877-642-6200