|By Marketwired .||
|December 17, 2013 02:24 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/17/13 -- VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS Ventures" or the "Company") is pleased to update shareholders on the considerable progress made at the Reed mine, near Flin Flon Manitoba, during the month of November. 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.
VMS Ventures has received the Reed mine update for November from its joint venture partner and operator Hudbay. During the month of November the project reached a number of milestones including:
-- Surpassing 2,000 metres of total underground project and pre-production development -- 627 consecutive days without a lost time accident -- Completion of 85 metre level ore development from zones 30 and 20 and production of 13,154 tonnes of ore -- Completion of two ventilation raises from the 85 to 50 metre levels -- Commissioning of the main fresh air ventilation 600 HP fan on 50 metre level -- Project remains on budget and on schedule
In the month of November 294 metres of underground development were completed, reaching a total of 2,079 metres. Project development reached 1,662 metres with an additional 417 metres of pre-production development.
The focus for December will remain on safety and continued ramp development down to the 135 metre level and pre-production development at the 110 metre level of the mine.
The project remains on budget and on schedule and is expected to reach commercial production by the second quarter of 2014.
Neil Richardson, VMS Ventures' COO states: "We are very pleased to see that the rate of advancement reached 9.8 metres per day in November. This helped achieve the milestone of over two kilometers of underground development to date for the project. Also, the mine operations have prepared the first production stope which is very good news, as well. We expect this pace of progress to continue through December and into 2014 as we work towards commercial production at the Reed copper mine."
Please visit the VMS website at http://www.vmsventures.com/investors/photo-gallery to view a slide show of the latest progress on the Reed mine.
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 mine, which is subject to a 70-30 JV with Hudbay Minerals and achieved initial 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 23.9% 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.
VMS Ventures Inc.
(604) 986-2020 or Toll Free: 1-866-816-0118