VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2013) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased to update shareholders on the progress made during the month of July at the Reed Copper Project, near Flin Flon Manitoba. 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.
Highlights for the month include:
- Underground development at the project was advanced a further 182 metres in July for a current total of 1,001 metres.
- Construction of the surface ore pad and excavation of the 60 metre level refuge station was completed as well as the foundation forms for the 600 horse power main ventilation fan.
Neil Richardson, VMS Ventures' COO states: "The project remains within budgetary parameters and the scheduled completion date of Q1 2014. Safety during construction of the mine remains a priority with over 500 consecutive days of no time lost accidents. The focus at the Reed copper project continues to be the advancement of the underground ramp and development of escape and ventilation raises as we advance towards production
To the end of July, 2013, $49.6 million has been spent on the project with an additional $11.8 million committed to Service and Rental Requisition and Purchase Orders.
The Reed Copper Project remains on track to be completed by the end of March, 2014.
Please visit the VMS website at http://www.vmsventures.com/investors/photo-gallery to view a slide show of 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 Copper Project, which is subject to a 70-30 JV with HudBay Minerals and is scheduled for 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 27.5% 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.