On July 6, 2010 VMS Ventures signed a Joint Venture Agreement with HudBay Minerals Inc. (TSX: HBM) covering the copper-rich Reed Lake Discovery Zone and options on 4 adjacent mineral properties. Under the agreement, HudBay has a 70% interest and VMS has a 30% interest and HudBay has exclusive rights to purchase and market the ore.
Future exploration and development activities will be determined through a management committee comprised of representatives from HudBay Minerals and VMS Ventures Inc.
The Reed Lake Project area is situated approximately 45 km west-southwest of the Town of Snow Lake where active mining and milling of base and precious metals has been ongoing for decades.
Click here to view the PRELIMINARY ECONOMIC ASSESSMENT
Click here to view the REED NWR PEA IRR NPV
Click here to view the 43-101 Technical Report on the Reed Deposit
Click here to view the Prefeasibility Study