Progress at the Reed Mine
534 Meters of Underground Development Completed
Vancouver, B.C., May 24, 2013 VMS Ventures Inc. (TSX-V:VMS) (“VMS Ventures” or the “Company”) is pleased to update shareholders on the progress made in the month of April at the Reed Copper Project, near Flin Flon, Manitoba. 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.
Considerable progress was made at the Reed Copper Project in the month of April, including:
• Underground development advanced 171 metres and represents the greatest monthly advance rate since development commenced on the project; underground development at the project is now 534 metres;
• Sinking of the 16 ft diameter ventilation raise from surface is now 66% complete;
• Two permanent 1.6 Mw generators and the electrical house were commissioned into service, replacing three temporary generators;
• A new communication system was installed; and
• A fire-fighting well pump was commissioned.
The focus during the month of May is the continued development of the underground ramp and the vent raise, along with ongoing construction activities.
COO Neil Richardson states: “We were pleased with the improvements to the advance rates of the ramp and ventilation raise during the month of April, which are key components to the Reed project’s development. Reed continues to develop as planned and remains on budget. It is noteworthy to mention that mine and camp construction have now proceeded for 412 days with no lost time accidents”.
On May 1, 2013, Hudbay reported that approximately $37 million of the $72 million capital construction budget for the project has been invested as of the end of the first quarter of 2013 with an additional $13 million committed as of that date.
Summary of the Reed Mine’s Economic Assessment
Initial production at Reed is expected by Q 4 - 2013 and will ramp up to full production of approximately 1,300 tonnes per day by Q1 - 2014.
Average expected reserve ore grades of 3.83% copper, 0.48 g/t gold and 6.02 g/t silver, slightly better than PEA due to the exclusion of the inferred resources in the pre-feasibility study.
Assumed metal recoveries in HudBay’s Flin Flon Concentrator of 94% copper, 58% gold and 62% silver.
Production ~ 17,000 tonnes of copper metal concentrate per year.
Total operating costs estimated to average approximately $90 per tonne milled ($67 per tonne mining, $16 per tonne milling and $7 per tonne administration) over a five year mine life.
Sustaining capital expenditures are expected to total approximately $52 million over the five year mine life.
Pre-Feasibility pre-tax NPV (8%) of $57.4 million using weighted average metal prices of US$2.95/lb. for copper, US$1,269.09/oz. for gold and US$24.78/oz. for silver.
Forecasted cash flow of $102 million dollars to the JV or a 34.7% IRR.
VMS Ventures Inc. - Home
534 Meters of Underground Development Completed
Vancouver, B.C., May 24, 2013 VMS Ventures Inc. (TSX-V:VMS) (“VMS Ventures” or the “Company”) is pleased to update shareholders on the progress made in the month of April at the Reed Copper Project, near Flin Flon, Manitoba. 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.
Considerable progress was made at the Reed Copper Project in the month of April, including:
• Underground development advanced 171 metres and represents the greatest monthly advance rate since development commenced on the project; underground development at the project is now 534 metres;
• Sinking of the 16 ft diameter ventilation raise from surface is now 66% complete;
• Two permanent 1.6 Mw generators and the electrical house were commissioned into service, replacing three temporary generators;
• A new communication system was installed; and
• A fire-fighting well pump was commissioned.
The focus during the month of May is the continued development of the underground ramp and the vent raise, along with ongoing construction activities.
COO Neil Richardson states: “We were pleased with the improvements to the advance rates of the ramp and ventilation raise during the month of April, which are key components to the Reed project’s development. Reed continues to develop as planned and remains on budget. It is noteworthy to mention that mine and camp construction have now proceeded for 412 days with no lost time accidents”.
On May 1, 2013, Hudbay reported that approximately $37 million of the $72 million capital construction budget for the project has been invested as of the end of the first quarter of 2013 with an additional $13 million committed as of that date.
Summary of the Reed Mine’s Economic Assessment
Initial production at Reed is expected by Q 4 - 2013 and will ramp up to full production of approximately 1,300 tonnes per day by Q1 - 2014.
Average expected reserve ore grades of 3.83% copper, 0.48 g/t gold and 6.02 g/t silver, slightly better than PEA due to the exclusion of the inferred resources in the pre-feasibility study.
Assumed metal recoveries in HudBay’s Flin Flon Concentrator of 94% copper, 58% gold and 62% silver.
Production ~ 17,000 tonnes of copper metal concentrate per year.
Total operating costs estimated to average approximately $90 per tonne milled ($67 per tonne mining, $16 per tonne milling and $7 per tonne administration) over a five year mine life.
Sustaining capital expenditures are expected to total approximately $52 million over the five year mine life.
Pre-Feasibility pre-tax NPV (8%) of $57.4 million using weighted average metal prices of US$2.95/lb. for copper, US$1,269.09/oz. for gold and US$24.78/oz. for silver.
Forecasted cash flow of $102 million dollars to the JV or a 34.7% IRR.
VMS Ventures Inc. - Home
I don't think so, with a major billion dollar mining company HudBay Minerals as a partner, $10m cash, $100M future cash flow, I don't think this is a OTC typical pump & dump, IMO more of a buy and hold for future earnings & growth.
djk
djk
seems to me like djk is doing the pumping..he's doing something similar on another mining operation. I reckon we'll start getting cold calls about these in the very near future
hmm, that's a penny stock not looking to go anywhere anytime soon.
I doubt any attempt to pump it will have any significant effect.
here's my view why -
vms is just the partner with a minority share, with hudbay the major owner and operator.
so let's look at the bigger player and see what their share price is doing. oh, not so good, share price has halved since 2011. any chance of a pick up? maybe, but it doesn't look so good short term.
when hudbay moves, it will move vms, the tail isn't wagging the dog, so don't expect any moves from vms on it's own.
I doubt any attempt to pump it will have any significant effect.
here's my view why -
vms is just the partner with a minority share, with hudbay the major owner and operator.
so let's look at the bigger player and see what their share price is doing. oh, not so good, share price has halved since 2011. any chance of a pick up? maybe, but it doesn't look so good short term.
when hudbay moves, it will move vms, the tail isn't wagging the dog, so don't expect any moves from vms on it's own.
Fyi To ALL
No pumping just info for investor who trade Isn't this site called trade2win ?????
and there is an office and the company is real.
Contact Information
Head Office :
VMS Ventures Inc.
301-260 West Esplanade,
North Vancouver, BC
Canada V7M 3G7
Toll Free: 1-866-816-0118
Phone: (604) 986-2020
Fax: (604) 986-2021
eMail: [email protected]
PS maybe you guys out there in the OTC land can give me a dynamite blockbuster penny stock that will move from 0.0001 to .00002 !!!!! on trillions of phony trading !
No pumping just info for investor who trade Isn't this site called trade2win ?????
and there is an office and the company is real.
Contact Information
Head Office :
VMS Ventures Inc.
301-260 West Esplanade,
North Vancouver, BC
Canada V7M 3G7
Toll Free: 1-866-816-0118
Phone: (604) 986-2020
Fax: (604) 986-2021
eMail: [email protected]
PS maybe you guys out there in the OTC land can give me a dynamite blockbuster penny stock that will move from 0.0001 to .00002 !!!!! on trillions of phony trading !
what ever happened to CENTRAM EXPLORATION LTD that was peddled out in 2006 on a "$500,000 private placement" from the same address. is it still going? news items appear to cease as of 2007.
would there be more if we looked? and what would we make of that if it is so? and where does all the money go that comes in from these share sales of various companies?
would there be more if we looked? and what would we make of that if it is so? and where does all the money go that comes in from these share sales of various companies?
Pancontinental Uranium Corp
another from the same stable.
just last month completed raising $694,499 !!
another from the same stable.
just last month completed raising $694,499 !!
Cascadero Copper Corporation
i'm not even going to go to page 2 of google as a pattern appears to be emerging :whistling
i'm not even going to go to page 2 of google as a pattern appears to be emerging :whistling
I think its time you got real mate or made for the doorway.
Like PBoyles has already stated, it is a virtual office, I cannot back this up but I'm sure PBoyles can. He rarely gets it wrong.
Also of VERY IMPORTANT NOTE of the 3 recommendations you have made since being here:
North American Nickel is based here at this same address
VMS Ventures is based here at this same address
Global Green Matrix based in Vancouver, different address but same area of the world, it really must be a small place.
COINCIDENCE I'M SURE
This link of business licenses issued in the City of North Vancouver will shed light:
http://www.cnv.org/~/media/19307905D1994A0EB770B4DC3F5F13CA.ashx
Its updated to end of April 2013 so is most recent.
So on the back of my last post, I now state that I don't feel you are innocent at all, in fact it appears you either are 'in bed' with these companies, a broker for these low volume shares or simply a pusher and dumper, you've already admitted to owning the stock so you are connected either way.
This is more than a coincidence, Its more of a conspiracy to make money from others in an immoral or possibly even illegal way.
You're busted mate. Clear off, you're not welcome here.
Lee
To ALL
WARNING DO NOT READ or DO Any due Diligence or even dare buy any of the stocks posted on or by djk as djk is a PUMPER & BASHER and holds millions of shares of Fake / Virtual companies on Fake Virtual Stock Exchanges in Canada a Fake & Virtual Country. He wants to find as many suckers like you to buy into his scheme, posts and statements and sell you all as many shares as possible, so djk can steal millions of dollars from all of your from your trading accounts. djk is Bernard Madoff, sorry I'm still in prison I have limited access to the computer room that's why I can only post occasionally
djk is a scam artist BEWARE !!!You have all been forewarned.