VMS Ventures Inc. is updating shareholders on the performance of the Reed mine. VMS Ventures owns 30 per cent, and Hudbay Minerals Inc. owns 70 per cent and is the operator. Management has reviewed the Reed mine financial report received from Hudbay.
Reed mine underground development update
In the month of November, 2014, mining of zone 20 stopes commenced on the 160-metre level, resulting in increased copper grade. The ramp is currently being driven to the 235-metre level, and ore development is continuing on the 160- and 185-metre levels. The focus for December will be on safety, ore production and driving the main decline down to the 235-metre level.
Highlights for November, 2014:
- Ore production of 40,885 tonnes; total 378,421 tonnes year to date;
- Development advanced 254 metres in October; 3,065 metres year to date;
- Occupancy permit was received for the dry addition;
- Dedicated air line to refuge stations installed and operational;
- Lateral development commenced on the 210-metre level.
Neil Richardson, chief operating officer, states: "As of the end November, we have had 192 consecutive days with no lost-time accidents, and there has only been a single lost-time accident through the life of the project and commercial production to date. In November the mining personnel worked safely through some heavily jointed ground while achieving good mine development and production. Year to date we are close to achieving budgeted tonnes and development metres."
Qualified person
All technical information in this release has been reviewed by Dr. Mark Fedikow, PGeo, who is the qualified person for the company, and vice-president of exploration and technical services, VMS Ventures.
