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VMS Ventures Inc. (TSXV:VMS) is pleased to update shareholders on the progress made at the Reed mine, near Flin Flon Manitoba during the month of February.
VMS Ventures Inc. (TSXV:VMS) is pleased to update shareholders on the progress made at the Reed mine, near Flin Flon Manitoba during the month of February. VMS Ventures owns 30% of the project and is carried to production. Hudbay Minerals Inc. (TSX:HBM, NYSE:HBM) owns 70% and is the Operator.
During the month of February the project completed the following:
- 2927 metres of total underground project and pre-production development to date. The mine advanced 325 metres (108% of budget) or 11.6 metres per day.
- 717 consecutive days with no lost time accidents.
- 22,897 tonnes of ore was mined during the month with 82,062 tonnes project to date.
- Mine is staffing up to meet increased development and production targets.
- Project spending to the end of February is $64.9 million. The project remains on budget and on schedule for commercial production in the second quarter of 2014.