Welcome!

News Feed Item

VMS Reports Update on Reserves and Resources at Reed Mine

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/27/14 -- VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased to announce an update on the Reed mine reserves and resources. VMS Ventures owns 30% of the project and is carried to production. Hudbay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("Hudbay") owns 70% and is the Operator.

Of Hudbay's estimated $72 million capital construction budget for the Reed mine project, approximately $64.9 million has been spent to February 28, 2014. As of that date, project development had advanced 2,927 metres with the mine producing 82,062 tonnes of ore from a combination of drift development in ore and longhole stope mining. The project is on budget and on schedule and is expected to reach commercial production by the second quarter of 2014.

The Reserve and Resource tables below are stated at 100% and VMS holds a 30% joint venture interest in the Reed mine.


----------------------------------------------------------------------------
Reed Mine Probable Mineral Reserves - January 1, 2014(1)                    
                                                                            
     Tonnes          Cu (%)         Zn (%)        Au (g/t)       Ag (g/t)   
    2,121,000         3.80           0.50           0.42           5.28     
                                                                            
Notes:                                                                      
(1)The zinc price used for the mineral reserve estimation was US$1.06 per   
pound (includes premium), the copper price was US$3.00 per pound, the gold  
price was US$1,250.00 per ounce and the silver price was US$25.00 per ounce 
using an exchange of 1.05 C$/US$                                            
                                                                            
                                                                            
----------------------------------------------------------------------------


----------------------------------------------------------------------------
Reed Mine Inferred Mineral Resources - September 30, 2013(1)                
                                                                            
     Tonnes          Cu (%)         Zn (%)        Au (g/t)       Ag (g/t)   
     233,000          4.31           0.52           0.38           4.57     
                                                                            
Notes:                                                                      
(1)Mineral resources that are not mineral reserves do not have demonstrated 
economic viability. The above mineral resources are exclusive of mineral    
reserves and were estimated using the same metals prices as were used for   
the estimate of mineral reserves at the Reed mine.                          
                                                                            
                                                                            
----------------------------------------------------------------------------

--  To estimate the mineral reserves, Hudbay applies their 12-step process
    to the measured and indicated mineral resources, which includes
    determination of the integrity and validation of the data collected,
    including confirmation of specific gravity, assay results and methods of
    data recording. The process also includes determining the appropriate
    geological model, selection of data and the application of statistical
    models including probability plots and restrictive kriging to establish
    continuity and model validation. The resultant estimates of measured and
    indicated mineral resources are then converted to proven and probable
    mineral reserves by the application of mining dilution and recovery, as
    well as the determination of economic viability using full cost
    analysis. Other factors such as depletion from production are applied as
    appropriate. 
    
--  Hudbay used a similar 12-step process to estimate the measured and
    indicated resources. 
    
--  The zinc price used for mineral reserve and resource estimations was
    US$1.06 per pound (includes premium), the copper price was US$3.00 per
    pound, the gold price was US$1,250.00 per ounce and the silver price was
    US$25.00 per ounce using an exchange of 1.05 C$/US$. Mineral resources
    are exclusive of and additional to stated mineral reserves. Mineral
    resources that are not mineral reserves do not have demonstrated
    economic viability. 
    
--  For additional details relating to the estimates of mineral reserves and
    resources at the Reed mine, including data verification and quality
    assurance/quality control processes refer to the "Pre-Feasibility Study
    Technical Report on the Reed Copper Deposit, Central Manitoba, Canada"
    as filed on SEDAR by VMS Ventures Inc. on May 14, 2012. 

Please visit the VMS website at http://www.vmsventures.com/investors/photo-gallery to view a slide show of the latest progress on the Reed mine.

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 mine, which is subject to a 70-30 JV with Hudbay Minerals and reached initial 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 the Black Creek property in the Sudbury mining camp.

VMS Ventures owns approximately 23.9% of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.

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.

Contacts:
VMS Ventures Inc.
Evan Sleeman
Director
(604) 986-2020 or Toll Free: 1-866-816-0118
www.vmsventures.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...