VANCOUVER, BRITISH COLUMBIA--(May 13, 2011) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce the National Instrument 43-101 Technical Report of the Reed Lake polymetallic deposit near Snow Lake, Manitoba with Joint Venture partner HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) is now filed on SEDAR. The report entitled "Technical Report, Reed Deposit, Central Manitoba, Canada" was prepared by Mr. Trevor Allen, P.Geo and Robert Carter, P. Eng, Qualified Persons under NI 43-101, on behalf of HudBay Minerals Inc. The Reed Lake deposit report is available for viewing onwww.sedar.com.
The Mineral Resource Statement prepared by HudBay Minerals Inc. of the Reed Lake deposit is presented below.
Reed Copper Project (1-5)
| Mineral Resource |
Contained Metal |
|
|
Au |
Ag |
Cu |
Zn |
Au |
Ag |
|
|
| Category |
Tonnes |
(g/t) |
(g/t) |
(%) |
(%) |
oz |
oz |
Cu lbs |
Zn lbs |
| Indicated |
2,550,000 |
0.64 |
7.86 |
4.52 |
0.91 |
52469 |
644382 |
253572000 |
51051000 |
| Inferred |
170,000 |
0.38 |
4.55 |
4.26 |
0.52 |
2077 |
24868 |
15932400 |
1944800 |
Notes:
- CIM definitions were followed for the estimation of mineral resources. Drilling was included up to February 2011.
- Mineral resources are estimated at a CUEQ cut-off of 1.5% (CUEQ% equals Cu% + Zn% x 0.211 + Au g/t x 0.359 + Ag g/t x 0.006) and a minimum two metre core length.
- Long term $US metal prices of $900/oz gold, $15.00/oz silver, $2.50/lb copper and $1.00/lb zinc were used for the estimation of CUEQ. These prices may be conservative, considering the near-term commencement of operations.
- Metal recovery assumptions of 65% gold, 60% silver, 95% copper and 50% zinc were used for the estimation of CUEQ.
- Specific gravity measurements were taken on a portion of the samples, where actual measurements were not available either stoichiometric values were calculated or average SG values were used.
The NI 43-101 compliant resource was filed today for the Reed Lake copper project. The new resource provides the basis to conduct a prefeasibility study. The project, in which HudBay has a 70% joint venture interest, represents a high grade near surface copper deposit that can be accessed via a ramp and ore can be trucked to the Flin Flon concentrator. Permitting and pre-feasibility efforts will be conducted throughout 2011 with the expectation of a construction decision by year end.
Neil W. Richardson, P.Geo, Chief Operating Officer of VMS Ventures Inc., a Qualified Person in accordance of Canadian Regulatory requirements as set out in NI 43-101, is responsible for the information in this release.
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 Lake Project, 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 three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, CEO
VMS Ventures Inc.
FOR FURTHER INFORMATION PLEASE CONTACT:
Keith Patey
VMS Ventures Inc.
Director of Communications
(604) 986-2020 or Toll Free: 1-866-816-0118
www.vmsventures.com
OR
Matt Harrington
Launch IR
(613) 882-7467
OR
Dean Hanisch
Launch IR
(613) 882-7467
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.
