VMS Ventures & HudBay Minerals – Reed Mine News
PROGRESS AT THE REED COPPER PROJECT NEAR SNOW LAKE, MANITOBA: CONSTRUCTION ONSCHEDULE
Vancouver, B.C., January 9, 2013. VMSVentures Inc. (TSX-V:VMS)(?VMS Ventures? or the ?Company?) is pleased to report on developments at the Reed copper project near Snow Lake,Manitoba. Reed is a high grade copper deposit scheduled to begin production in thefourth quarter of 2013. VMS Ventures owns 30% and is carried to production.HudBay Minerals (TSX: HBM, NYSE: HBM) (?Hudbay?) owns 70% and is the Operator.
VMS Ventures COO NeilRichardson, states: “Important progress was made over the last quarter of2012 with the completion of necessary infrastructure for undergrounddevelopment. We are particularly pleased that the Reed project has completedmuch of the difficult near surface phase of underground work, including thecompletion of approximately 72 metres of lateral development in 2012.?
The Reed project is withinthe planned budget and schedule towards production in the fourth quarter of2013. As of the end of 2012, the team worked 294 days without a lost timeaccident, including the critical activity on the project to ensure the declineis well supported near its entrance by installing bolts, screen, arches,spilings and shotcrete.
Hudbay and VMSVentures have invested $19.7 million on the project to November 30, 2012 and haveentered into an additional $17.8 million in commitments for the project. Capital expenditures at Reed are expected tototal approximately $44 million in 2013.
The Environmental Actlicense application for Reed has been submitted to the provincialgovernment. Mining at the Reed CopperProject is expected to begin by the fourth quarter of 2013, and is anticipatedto ramp up to full production of approximately 1,300 tonnes per day by thefirst quarter of 2014.
2012Q4 Project Highlights:
The ramp had advanced72 metres and the shop and warehouse was 75% complete with the steel siding inprogress. The mine rescue trailer wasset-up and training is continuing. Thewinterization is on-going and site preparation is now complete for thedevelopment of the escape and ventilation raises. The ramp is expected to progress at a rate of4 metres of advance per day for the remainder of the project.
We invite you to viewthe latest pictures of the development at the Reed Copper Deposit on ourwebsite at:
About VMS Ventures Inc:
VMSVentures Inc. is focused primarily on acquiring, exploring and developingcopper-zinc-gold-silver massive sulphide deposits in the Flin Flon-Snow Lake VMSBelt of Manitoba. The Company?s VMS project property portfolio consists of the Reed copper project, which is subject to a70-30 JV with HudBay Minerals and is scheduled for production in Q3- 2013,Copper Project, McClarty Lake Project, Sails Lake Project, Puella Bay Projectand Morton Lake Project. Outside of the Snow Lake camp, the Company holdsmassive sulphide prospective properties near the past producing Fox Lake andRuttan copper-zinc mines, near the communities of Lynn Lake and Leaf Rapids innorthern Manitoba. These properties are located in the mining friendly provinceof Manitoba, Canada. The Company also has optioned three properties in theSudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
VMSVentures owns approximately 21M shares of North American Nickel Inc. (TSXVENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com .
Forward Looking Statement
Some of the statementscontained herein may be forward-looking statements which involve known andunknown risks and uncertainties. Withoutlimitation, statements regarding potential mineralization and
resources,exploration results, and future plans and objectives of the Company areforward-looking statements that involve various risks. The following areimportant factors that could cause the Company?s actual results to differmaterially from those expressed or implied by such forward-looking statements:changes in the world wide price of mineral commodities, general marketconditions, risks inherent in mineral exploration, risks associated withdevelopment, construction and mining operations, the uncertainty of futureprofitability and the uncertainty of access to additional capital. There can beno assurance that forward-looking statements will prove to be accurate asactual results and future
events may differmaterially from those anticipated in such statements. VMS Ventures Inc. undertakes no obligation toupdate such forward-looking statements if circumstances or management?sestimates or opinions should change. The reader is cautioned not to place unduereliance on such forward-looking statements
ON BEHALFOF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc.
For further information contact:
Evan Sleeman, Director
Telephone: (604) 986-2020 Toll Free: 1-866-816-0118
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of this release.