Dear VMS Followers,
I’m pleased to send along the latest update on Reed.
“On time” and “on budget” is exactly the news we want, and Q4 production and our share of future cash flow is ever closer.
As Neil points out, the HudBay team is doing great work and we all appreciate that.
I really encourage you visit our website to see the pictures of the Reed project; there are some new photos of trucks on the ramp. It certainly helps get a sense of how advanced we are at Reed.
The link is http://www.vmsventures.com/Projects/Manitoba-Properties/VMSHudBayJointVentures/VMS-Ventures---HudBay-Joint-Venture-Project/default.aspx?utm_source=newsletter0411&utm_medium=email&utm_campaign=VMS0411
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, MANITOBA: $30 MILLION INVESTED IN THE PROJECT
Vancouver, B.C., April 11, 2013. VMS Ventures Inc. (TSX-V:VMS) (“VMS Ventures” or the “Company”) is pleased to update shareholders on underground mine development 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 Inc. (TSX: HBM, NYSE: HBM) (“Hudbay”) owns 70% and is the Operator.
VMS Ventures COO Neil Richardson states: "We are particularly pleased that Hudbay’s mine development team is succeeding in the development of good ground control systems for the early phase of development. The rate of advancement of underground development in February was slowed due to the installation of extensive ground support. Ground conditions in the upper portions of the mine at Reed have been difficult, but are expected to improve at depth. Despite these challenges, approximately 81 meters of lateral development was completed in February”.
The Reed project is forecast to remain within budget and on time to production beginning in the fourth quarter of 2013. As of the end of February 2013, the joint venture has invested $30 million and committed an additional $18 million. The project development team has worked 351 days with no lost time accidents. Capital expenditures at Reed are expected to total approximately $44 million in 2013.
The Environmental Act license application for Reed has been submitted to the provincial government which, upon receipt, will allow for full production. Mining at the Reed copper project is expected to begin by the fourth quarter of 2013, and is anticipated to ramp up to full production of approximately 1,300 tonnes per day by the first quarter of 2014.
2013 February Project Highlights:
The underground ramp was advanced 81 meters in February. Development was slower than expected for the month due to the necessary installation of cable bolts and shotcrete to deal with difficult ground conditions. A faster method of securing areas with poor ground conditions was identified and progress of the decline is returning to the expected rate of development. The Escape raise from surface to the 30 meter level was completed and the vent raise started. The Shop-Warehouse building was completed and construction of the ore pad has started. CLICK HERE TO READ MORE
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VMS Ventures Inc.
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EXPLORATEUR |
CODE : VMS.V |
ISIN : CA91828R1091 |
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VMS Ventures est une société d’exploration minière de zinc et d'or basée au Canada. VMS Ventures détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont REED LAKE, LYNN LAKE GABBROS, PUELLA BAY et COVER au Canada. VMS Ventures est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 19,0 millions CA$ (13,9 millions US$, 13,0 millions €). La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 1,76 CA$, et son plus bas niveau récent le 22 janvier 2016 à 0,05 CA$. VMS Ventures possède 146 480 000 actions en circulation. |