Progress At The Reed Copper Mine
VMS Ventures is pleased to update shareholders on the progress made at the Reed mine, near Flin Flon, Manitoba. VMS Ventures owns 30% of the project and is carried to production. Hudbay Minerals Inc. ("Hudbay") owns 70% and is the Operator.
VMS Ventures announced today that Hudbay has completed a total of 1,505 metres of lateral development on the project to the end of September, which includes an advance of 250 metres in September that averaged 8.3 metres per day. The first Reed ore batch test was processed at Hudbay's Flin Flon mill in September.
Other highlights during the month include completion of the underground powder and cap magazine, wash bay and the refuge station. A new production drill was received and the camp is now finalized for the crews. The operation has worked over 565days without a lost time accident as of the end of September.
Full production remains on schedule to commence by the second quarter of 2014 and the project remains within the estimated budget parameters.
Neil Richardson, VMS Ventures' COO states: "The critical path to full production is the development of the main ramp, which will allow us to access the three lenses which make up the Reed deposit. The development crews achieved an average of 8.3 metres per day which is the highest monthly development recorded at the project to date. The second ore batch test was recently completed."
Please visit the VMS website at www.vmsventures.com
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