VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2012) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce an update on the development of the Reed Copper deposit. The Reed Copper deposit is located 120 kilometres from Flin Flon, Manitoba and is the subject of a Joint Venture with Hudbay Minerals (TSX:HBM)(NYSE:HBM) ("Hudbay"). VMS owns 30% of the Reed Joint Venture.
Construction activity on-site at the Reed Copper deposit is advancing on schedule. Initial production is expected by third quarter of 2013, and is anticipated to ramp up to full production of approximately 1,300 tonnes per day by the first quarter of 2014.
The main access road to the project is now complete and clearing and leveling has begun for ore stockpiles, office and storage buildings, and settling ponds.
Grouting is on-going and progressing well in preparation for trenching of the portal entrance. Placement of limestone gravel fill for the warehouse and shop is in progress.
VMS Ventures COO Neil Richardson , states: "We are excited to see the development of the Reed Copper deposit take shape and it remains on schedule for full production. Equipment is on the ground opening up the mine site for surface infrastructure and we are confident that Hudbay will continue to develop Reed on schedule and within budget."
A status report is expected from Hudbay regularly. VMS shareholders will be kept informed throughout the Reed Copper deposit's development.
Details on the NI 43-101 geological resource or the Preliminary Economic Assessment of the Reed Lake Copper deposit are available at www.sedar.com
All technical information in this release has been reviewed by Dr. Mark Fedikow , P.Geo, who is the Qualified Person for the Company and Vice President of Exploration and Technical Services, VMS Ventures Inc.
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 Lake Project, 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 three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
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.
Contact: Evan Sleeman
Company Name: VMS Ventures Inc.
Contact Title: Director
Phone: (604) 986-2020 or Toll Free: 1-866-816-0118