Dear VMS followers,
Happy New Year.
2013 promises to be a very important year for VMS Ventures. As you can see by the title of this morning’s release, construction is on schedule and underground development is well underway now at Reed with production expected to begin in Q4 of this year.
We expect to provide an update on winter drill plans for our 100% owned exploration properties in the Snow Lake area, next week.
We will be at the Cambridge show in Vancouver January 20 and 21. John Roozendaal and Neil Richardson will be at our booth for both days, so Vancouver area shareholders, bring your questions for them. More on that to come.
We will also have our full Geo team attending the Roundup conference in Vancouver the following week. This is an excellent professional development setting and networking opportunity. We are presenting at the Map Room this year on Thursday, January 31 at the Bayshore Hotel. It is always an honour to be invited to “show and tell” at the Roundup conference.
Please feel free to call us. Evan Sleeman takes most of our shareholder calls and you will find him helpful, I am sure. I am here to discuss our plans with you, as well.
Best regards,
Rick Mark
CEO
VMS Ventures Inc.
VMS owns ~21M shares of North American Nickel
VMS VENTURES UPDATES PROGRESS AT THE REED COPPER PROJECT NEAR SNOW LAKE, MANITOBA: CONSTRUCTION ON SCHEDULE
Vancouver, B.C., January 9, 2013. VMS Ventures 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 the fourth 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 Neil Richardson, states: "Important progress was made over the last quarter of 2012 with the completion of necessary infrastructure for underground development. We are particularly pleased that the Reed project has completed much of the difficult near surface phase of underground work, including the completion of approximately 72 metres of lateral development in 2012.”
The Reed project is within the planned budget and schedule towards production in the fourth quarter of 2013. As of the end of 2012, the team worked 294 days without a lost time accident, including the critical activity on the project to ensure the decline is well supported near its entrance by installing bolts, screen, arches, spilings and shotcrete.
Hudbay and VMS Ventures have invested $19.7 million on the project to November 30, 2012 and have entered into an additional $17.8 million in commitments for the project. Capital expenditures at Reed are expected to total approximately $44 million in 2013.
The Environmental Act license application for Reed has been submitted to the provincial government. Mining at the Reed Copper Project is expected to begin by the fourth 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. CLICK HERE TO READ MORE
