|By Marketwired .||
|January 20, 2014 03:02 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/20/14 -- 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 December. 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 December from its joint venture partner and operator Hudbay. During the month of December the project reached a number of milestones including:
-- Project development advanced 217 metres for a total 2,296 metres to date -- 658 consecutive days without a lost time accident -- Mined from the first production longhole stope, #85 - 30 - 1 -- Commissioned new mine ventilation heater -- Completed a ventilation raise from 110 to 85 metre level -- Project remains on budget and on schedule
In the month of December 217 metres of underground development were completed, reaching a total of 2,296 metres. Project development reached 1,873 metres with an additional 423 metres of pre-production development to date.
The focus for January will remain on safety and continued ramp development down to the 160 metre level and pre-production development at the 110 and 135 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 were very pleased to see our first production stope (#85 - 30 - 1) come on-line during the month of December. The mining of this stope is the start of advancing Reed towards commercial production in Q2 2014. Focus will continue on ramp development to access mining horizons."
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