VMS FILES NI 43-101 MINERAL RESOURCE FOR THE REED LAKE DEPOSIT AT 2.55
MILLION TONNES @ 4.52% COPPER IN THE INDICATED CATEGORY
Vancouver, B.C., May 13, 2011. VMS Ventures Inc. (TSX-V:VMS) ("VMS") is
pleased to announce the National Instrument 43-101 Technical Report of the Reed
Lake polymetallic deposit near Snow Lake, Manitoba
with Joint Venture partner HudBay Minerals Inc. (TSX:
HBM, NYSE:HBM) is now filed on SEDAR. The report entitled "Technical
Report, Reed Deposit, Central Manitoba, Canada"
was prepared by Mr. Trevor Allen, P.Geo and Robert
Carter, P. Eng, Qualified Persons under NI 43-101, on behalf of HudBay Minerals Inc. The Reed Lake deposit report is
available for viewing on www.sedar.com.
The
Mineral Resource Statement prepared by HudBay
Minerals Inc. of the Reed Lake deposit is presented below.
Reed Copper Project (1-5)
|
Mineral
Resource
|
Contained
Metal
|
|
Category
|
Tonnes
|
Au (g/t)
|
Ag (g/t)
|
Cu (%)
|
Zn (%)
|
Au oz
|
Ag oz
|
Cu lbs
|
Zn lbs
|
|
Indicated
|
2,550,000
|
0.64
|
7.86
|
4.52
|
0.91
|
52469
|
644382
|
253572000
|
51051000
|
|
Inferred
|
170,000
|
0.38
|
4.55
|
4.26
|
0.52
|
2077
|
24868
|
15932400
|
1944800
|
Notes:
1)
CIM definitions were followed for the estimation of mineral resources. Drilling
was included up to February 2011.
2)
Mineral resources are estimated at a CUEQ cut-off of 1.5% (CUEQ% equals Cu% +
Zn% x 0.211 + Au g/t x 0.359 + Ag g/t x 0.006) and a minimum two metre core length.
3)
Long term $US metal prices of $900/oz gold, $15.00/oz silver, $2.50/lb copper
and $1.00/lb zinc were used for the estimation of CUEQ. These prices may
be conservative, considering the near-term commencement of operations.
4)
Metal recovery assumptions of 65% gold, 60% silver, 95% copper and 50% zinc
were used for the estimation of CUEQ..
5)
Specific gravity measurements were taken on a portion of the samples, where
actual measurements were not available either stoichiometric
values were calculated or average SG values were used.
The
NI 43-101 compliant resource was filed today for the Reed Lake copper project.
The new resource provides the basis to conduct a prefeasibility study. The
project, in which HudBay has a 70% joint venture
interest, represents a high grade near surface copper deposit that can be
accessed via a ramp and ore can be trucked to the Flin
Flon concentrator. Permitting and pre-feasibility
efforts will be conducted throughout 2011 with the expectation of a
construction decision by year end.
Neil W. Richardson, P.Geo, Chief Operating Officer of VMS Ventures Inc., a
Qualified Person in accordance of Canadian Regulatory requirements as set out
in NI 43-101, is responsible for the information in this release. CLICK HERE TO READ MORE
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