Mr. John Roozendaal reports
VMS REPORTS 37.10 METRES OF 5.60% COPPER FROM IN-FILL HOLE RLD024 AT REED LAKE JOINT VENTURE
VMS Ventures Inc. has released the latest drill and assay results from the infill diamond drill program at the Reed Lake copper-zinc-gold-silver deposit, near Snow Lake, Man., Canada. These latest results including holes RLD023 to RLD026, were testing Zone 20. The in-fill program for the upper two lenses is now complete and the next in-fill drilling will focus on Zone 10 between the 300 and 530 metre levels.
Reed Lake Joint Venture Results
Two drills are currently operating at the Reed Lake Joint Venture site. Both drills are conducting in-fill drilling on the copper-rich lens (Zone 10) to define the extent of mineralization up-plunge from hole RLD015. This drill hole intersected significant copper mineralization and was announced in a press release dated December 10, 2010.
Neil Richardson, VMS' Chief Operating Officer states: "We are pleased with the latest results for the upper lenses (Zones 20 and 30) that confirm the extent of mineralization and provide us with definition required to complete a resource estimate. Geological models are being updated in preparation for a NI 43-101 technical report slated for completion in the latter part of Q1 2011."
The program is the first phase of drilling at the Reed Lake project under a joint venture formed between VMS and HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) ("HudBay"). The Reed Lake deposit is a base metal, polymetallic, massive sulphide-type deposit and is located approximately 100 kilometres from HudBay's concentrator in Flin Flon, Manitoba. The program is proceeding on schedule with the completion of 30 drill holes.
Assays have been received for holes RLD023 to RLD026 and are tabled below:
Reed Lake Assay Data:---------------------------------------------------------------------------Hole From To Length Cu Zn Au AgNumber (m) (m) (m) % % (g/t) (g/t) Zone---------------------------------------------------------------------------RLD023 290.90 293.78 2.88 5.00 0.31 0.43 7.63 20------------------------------------------------------------------------------------------------------------------------------------------------------RLD024 189.60 226.70 37.10 5.60 0.72 0.46 6.62 20------------------------------------------------------------------------------------------------------------------------------------------------------ 156.75 184.12 27.37 4.66 0.61 0.25 4.75 20RLD025 ------------------------------------------------------------- 240.62 244.20 3.58 4.76 0.11 0.01 2.64 10------------------------------------------------------------------------------------------------------------------------------------------------------RLD026 141.14 149.49 8.35 4.93 0.86 0.36 7.90 20--------------------------------------------------------------------------- True widths unknown
On July 6, 2010 VMS and HudBay announced they had entered into a joint venture agreement in which HudBay and VMS have 70% and 30% interests, respectively, in the Reed Lake property and two claims immediately south of the deposit. The parties have also entered into four option agreements which grant HudBay the right to earn a 70% interest in properties held by VMS and adjacent to the Reed Lake property.
For additional details on exploration at the Reed Lake deposit, see VMS press releases issued between September 17, 2007 and December 10, 2008, available at www.sedar.com.