VMS VENTURES INC. VMSTF

VMS & Hudbay Ventures Completes Reed Under Budget

[bullorbear22]

Considering many miners are pointing at "cost overuns" these days, this is very good on VMS Ventures & Hudbay's.



B*B22

The Reed copper project advanced to mine status after achieving commercial production on March 31, 2014.

 -- Averaging 60% of full production tonnage (1,300 tonnes per day) over the last 90 days, having operated at 792 tonnes per day in the first quarter of 2014. -- During the first quarter Reed mined 71,236 tonnes of ore at a copper grade of 1.92% and a zinc grade of 2.14% from a combination of ore development and longhole stope mining. -- The project has invested $66 million to the end of Q1, 2014 and approximately $4 million of project capital will be spent as sustaining capital over the life of mine. -- The project was completed under budget and ahead of guidance with no lost time accidents. -- Sale of copper and zinc concentrates will start to pay back the Company's project loan and advance VMS towards cash flow. -- During the month of March development advanced 288 metres or 9.3 metres per day, for a total of 3,215 metres project to date. -- 27,407 tonnes of ore were mined in March.   Wall Street Journal