Dear VMS Followers,
This morning's release provides more strong results from our Reed Lake drilling. As George points out below, it also indicates additional continuity in the A and B lenses discovered to date. The deposit is growing and the grades continue to raise eyebrows among many experienced geologists and investors in our shareholder base.
Outside of our control, the scope and speed of this most recent chapter of the international financial crisis and its impact on outlooks for economic growth and commodity prices has been stunning and disappointing, to say the least.
In large part, due to that, the most frequently asked question I hear is "How much money do you have left?" Obviously, cash is more significant than ever. To that end, we have slowed our spending since the middle of July to preserve operating capital while we enhance the value of our Reed Lake deposit and interpret and collate our geophysical and geochemistry data on our sizable VMS property package in preparation for future drilling.
We expect to carry approximately $14,000,000 into January, 2009. We will prioritize and monitor spending carefully.
By year end, I expect we will have utilized our complete 2008 flow through budget by:
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having completed an extensive VTEM airborne geophysics survey...all our properties have now been flown,
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having drilled approximately 67 holes in and around the Reed Lake Discovery Zone,
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having executed detailed ground geophysics and gravity surveys at Reed Lake, and
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having sent out ground crews to map and collect geochemistry samples at Copperman, Sails, 9-7, Wekusko and South Bay to assist in developing our next generation of drill targets.
We have discovered an asset at Reed Lake that has forever changed the face of this company. We are committed to finding a way to unlock its true value today and, as importantly, its even bigger potential value as the deposit grows, by determining the best pathway to mining this deposit, sooner rather than later.
Finally, even though this is a message difficult to hear in the noise of the financial Tsunami, our exploration potential is greater than ever. Remember, our now "ready to drill" property package in this fertile VMS belt was selected before the staking rush that followed our discovery. We are looking forward to getting drills turning on our new targets.
Please stay in touch. We appreciate your feedback through your calls and e-mails.
Best Regards,
Rick Mark,
CEO, VMS Ventures Inc.
