VMS Ventures Inc. (TSX VENTURE:VMS) is updating shareholders on the progress being made at the Reed Copper Project, near Flin Flon, Manitoba. Wedne
VMS Ventures Inc. (TSX VENTURE:VMS) is updating shareholders on the progress being made at the Reed Copper Project, near Flin Flon, Manitoba.
Wednesday the company's joint venture partner on the Reed Copper Project, HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM), reported the following update on progress being made towards construction of the mine:
"During the first quarter, Hudbay's focus for its 70 per cent owned Reed copper project near Flin Flon, Manitoba was advancing the underground ramp and sinking the escape and ventilation raises from surface. Of Hudbay's $72 million capital construction budget, the company has invested approximately $37 million on the project to March 31, 2013 and has entered into an additional $13 million in commitments. Capital expenditures at Reed are expected to total approximately $44 million in 2013.
After completing the first portal development round in October 2012, the underground ramp had advanced approximately 363 metres as of March 31, 2013. In March 2013, Hudbay was able to start hauling waste from underground via haul trucks, which is expected to reduce cycle times and improve the rate of ramp development."
Neil Richardson, VMS Ventures' COO said, "We are very pleased with the progress being made at Reed and in particular the efforts being made to keep the project within budget. The project team is doing an excellent job in overcoming the challenges that accompany a project like this and in particular at the early phases of the development."
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 Copper Project, which is subject to a 70-30 JV with HudBay Minerals and is scheduled for production in Q4-2013, 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 two properties in the Sudbury mining camp. They are Terra Incognita and Black Creek.
VMS Ventures owns approximately 27.5% of North American Nickel Inc. (TSX VENTURE:NAN). For more information visit North American Nickel Inc.
