Vancouver, B.C. January 29, 2008. VMS Ventures Inc. (TSX.V: VMS) (the "Company") is pleased to report assay results and an update on the progress of its ongoing drill program at the Reed Project Discovery Zone near Snow Lake, Manitoba.

 

Highlights:

 

Hole RD 07 07: ������ 26.27m (86.19 feet) of 1.0% Cu & 4.48% Zn

 

����� - Including 2.03 m of 4.06% Cu & 3.8 m of 10.75% Zn

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Hole RD 07 10:������� 43.08m (141.34 feet) of 0.72% Cu & 4.27% Zn

 

������ -Including 10.26m of 8.26% Zn

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Hole RD 07 12: ������ 32.73m (107.38 feet) of Near Solid Sulphide, Assays Pending

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Hole RD 08 14: ������ 31.39m (102.99 feet) of Near Solid Sulphide, Assays Pending

 

Hole RD 08 20: ������ 48.39m (158.73 feet) of Near Solid Sulphide, Assays Pending

 

Vice-President of Exploration, Dr. George Gale states "We are very encouraged by the initial follow-up results to the discovery hole announced in October, 2007. We have intersected additional mineralization with similar lengths and values typical of those in operating mines in the area. We have intersections of Near Solid Sulphides at depths as shallow as 30m and as deep as 170m from surface. Preliminary Deep EM results also suggest that the deposit is open at depth. Drill results to date indicate a near vertical dip to the mineralization."

 

Hole #	From (m)	To (m)	Int (m)	Cu %	Zn %	Ag g/tn	Au g/tn	PULSE EM	Off Hole Conductor
RD07-07	123.43	150.10	26.27	1.00	4.48	12.34	0.81
� Inc	127.10	130.90	3.80	0.70	10.75	8.86	0.53
� Inc	134.76	136.24	1.48	3.84	1.88	43.92	1.86
� Inc	141.00	143.03	2.03	4.06	2.30	31.73	1.41
��Inc	143.03	149.54	6.51	0.35	4.38	4.37	0.37
RD07-08			NSI					Surveyed	YES
RD07-09			NSI					Surveyed	YES
RD07-10	98.28	141.36	43.08	0.72	4.27	9.39	0.62
� Inc	100.23	110.49	10.26	0.68	8.26	14.74	0.52
� Inc	124.05	129.75	5.70	0.27	4.26	3.61	0.07
RD07-11			NSI
RD07-12**	172.21	204.94	32.73
RD07-13			NSI
RD08-14**	70.79	102.18	31.39
RD08-15			NSI
RD08-16**	63.44	66.46	3.02
RD08-17			NSI
RD08-18			NSI
RD08-19			IP
RD08-20**�	41.61	90.00	48.39

    ** = Near Solid Sulphide intercept (assays pending)

    NSI = no significant interval; IP = in progress

 

 

The analysis of the Discovery Zone continues with the following activities, all designed to assist in defining the deposit as quickly and efficiently as possible:

 

UPCOMING DRILL TARGETS:

 

The two drills operating on the discovery zone will continue to test the mineralization on 25m spaced sections to confirm the strike, dip and extent of the body and to explore for additional sulphide lenses. In addition, A third drill has been mobilized onto the Tower Zone area, located approximately 1 km east of the discovery zone, where alteration and minor mineralization typical of VMS deposits were intersected in the summer program in holes RD 07 04, RD 07 05 and RD 07 06.

 

DOWN-HOLE PROBE/PULSE EM

 

Down-hole PULSE EM surveys of holes RD07-08 and RD07-09, (which did not intersect near solid sulphides) indicate the presence of strong off-hole conductors. Late time channel responses, indicative of good conductivity, show off-hole responses near the end of the boreholes. The geophysical responses of the borehole EM surveys are complex and show that extensive conductivity is located near the boreholes. The off-hole anomalies will be tested in this drill program. The Company has left the casing in each completed drill hole and plans to probe a number of these holes when the system returns to the property, anticipated for mid-February.��

 

DEEP EM SURVEY

 

In anticipation of drill testing deeper targets, the Company contracted to utilize a Deep EM ground survey which is capable of detecting more subtle and deeper targets than the VTEM airborne survey. Four lines of a planned twenty-two line ground DEEPEM survey have been completed. The survey is estimated to detect conductive bodies to a depth of at least 300m. The initial four lines of the DEEPEM survey, though only covering 300 meters of the earlier identified 800 meter long VTEM airborne anomaly, indicates a southerly plunging and strongly conductive body. Further drilling will be required to confirm this interpretation.��

 

HLEM SURVEY

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Due to the fact that mineralization has been intersected within 30m of surface (hole RD 08 20), a Horizontal Loop EM survey is being sourced to accurately delineate the near surface portion of the deposit. These deposits often occur as multiple sheets, so the HLEM survey will help to identify the presence of additional mineralized lenses near the surface in the area surrounding the discovery. 

 

VTEM SURVEY

 

Geotech is currently flying the southern portions of the Reed Property which were not surveyed in the spring 2007 program. As part of this survey, the area surrounding the discovery is being flown in a north-south orientation to provide greater definition to the original VTEM anomalies.

 

Location of holes drilled on the Reed Project Discovery Zone:

 

HOLE ID	NORTH	EAST	LENGTH	DIP	AZ
RO-07-01	6048741	393926	250.00	-50	325
RO-07-02	6048735	394004	300.00	-45	340
RO-07-03	6048922	393959	200.00	-70	160
RO-07-07	6048759	393998	200.00	-45	340
RD-07-08	6048748	394046	335.00	-45	340
RD-07-09	6048703	394014	329.00	-45	300
RD-07-10	6048784	394005	225.00	-45	340
RD-07-11	6048787	393946	277.00	-45	340
RD-07-12	6048752	393988	284.00	-45	340
RD-07-13	6048784	394061	303.73	-60	340
RD-08-14	6048787	393946	309.98	-45	25
RD-08-15	6048709	394041	316.99	-45	340
RD-08-16	6048787	393946	267.31	-45	45
RD-08-17	6048814	393997	128.00	-45	45
RD-08-18	6048839	393955	111.86	-45	45
RD-08-19	6048814	393997	������� IP	-60	45
RD-08-20	6048817	393940	151.48	-45	45

 

Dr Gale summarizes "Although we are still in the very early stages of delineating this deposit, we are encouraged to find that we have similar textures and compositions to the deposits of the Snow Lake camp. And while it is well known that these deposits are fractured and faulted and difficult to follow, I am impressed by the number of significant intercepts we have been able to discover so far. The challenge now is to maintain momentum, especially in the harsh winter conditions of northern Manitoba. I'm confident our team can meet that challenge. "

 

VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc properties in the Flin Flon-Snow Lake VMS Belt. The Company also holds the largest land package considered prospective for nickel-copper mineralization at Lynn Lake, which is to date Canada's third largest nickel producing camp. The Company's project portfolio consists of the Snow Lake VMS project, the Lynn Lake Gabbros nickel-copper project, the Nickel Belt project, the South Bay nickel-copper-cobalt PGE property, and the Eden Lake Carbonatite Complex, Specialty Metals property. All VMS Ventures Inc. properties are located in the mining friendly province of Manitoba, Canada.

ON BEHALF OF THE BOARD OF DIRECTORS

 

John Roozendaal B.Sc.

President & Director