VMS Provides Update on Reed Mine

VMS Ventures Inc. (TSXV:VMS) provided an update to shareholders on the performance of the Reed mine. VMS owns 30 percent of the mine, while Hudbay Minerals Inc. (TSX:HBM,NYSE:HBM) owns 70 percent and is the operator.

As quoted in the press release:

In the third quarter of 2014, mining of Zone 20 stopes commenced on the 160 metre level resulting in increased copper grade for the quarter. The ramp is currently being driven to the 235 metre level and ore development is ongoing on the 160 and 185 metre levels.

Plans for the fourth quarter of 2014 are to produce ore exclusively from multiple levels of Zone 20. Year to date concentrator results closely match the mine tonne and grade forecast. Copper grades have increased due to mining of Zone 20 ore and overall stope dilution is approximately 10%.

Neil Richardson, COO of VMS Ventures, stated:

Today’s release summarizes results from a recent quarterly Joint Venture management meeting with Hudbay. We expect the copper grade to improve in subsequent months as production from Zone 20 is now fully underway. The mine continues to show low stope dilution of approximately 10% accomplished by the mining team at Reed. The mine continues to have a good safety performance rating.

Click here to read the VMS Ventures Inc. (TSX-V: VMS) press release.