VMS Ventures Announces Reed Exploration Properties Joint Venture With Hudbay
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2012) - VMS Ventures Inc. (VMS.V) ("VMS" or the "Company") is pleased to report that the Company has formed a joint venture with Hudbay Minerals Inc. (HBM.TO)(HBM) ("Hudbay") respecting four separate but contiguous claim blocks surrounding the Reed Copper Project, near Snow Lake, Manitoba. The joint venture properties, consisting of the Tower Zone, Super Zone, Northeast Zone and Northwest Zone, were under option from VMS to Hudbay pursuant to option agreements entered into on July 5, 2010. Hudbay completed its obligations under the option agreements and the parties formed the Reed Exploration Properties Joint Venture, in which VMS holds a 30% interest and Hudbay holds a 70% interest.
CEO Rick Mark states: "The merging of the four separate claim groups into a single joint venture simplifies the administration of these properties and ensures that exploration activities can be focused on the most prospective areas, regardless of where they are located. There are a number of promising targets on these properties and we look forward to continued exploration success with Hudbay."
Under the terms of the joint venture agreement, Hudbay will make an immediate payment of $610,000 to VMS.
The Company's geological team is currently meeting to review and assess drill targets for the upcoming winter exploration season on properties in Manitoba that are 100% owned by VMS. Development work on the mine at the Reed Copper Project is progressing well and VMS expects to update shareholders soon.
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 Mine, which is subject to a 70-30 JV with HudBay Minerals and is scheduled for production in Q3- 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 three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
VMS Ventures owns approximately 27M shares of North American Nickel Inc. (NAN.V). For more information on North American Nickel Inc., please visit www.northamericannickel.com.
Qualified Person
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.
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.
Contact:
VMS Ventures Inc.
Evan Sleeman
Director
(604) 986-2020 or Toll Free: 1-866-816-0118
