VMS Ventures Advances Underground Ramp at Reed Copper Project

VMS Ventures Inc. (TSXV:VMS) provided updates on the Reed Copper Project in Manitoba.

As quoted in the press release:

During the first quarter, Hudbay’s focus for its 70% owned Reed copper project near Flin Flon, Manitoba was advancing the underground ramp and sinking the escape and ventilation raises from surface. Of Hudbay’s $72 million capital construction budget, the company has invested approximately $37 million on the project to March 31, 2013 and has entered into an additional $13 million in commitments. Capital expenditures at Reed are expected to total approximately $44 million in 2013.

VMS’ COO, Neil Richardson, said;

We are very pleased with the progress being made at Reed and in particular the efforts being made to keep the project within budget. The project team is doing an excellent job in overcoming the challenges that accompany a project like this and in particular at the early phases of the development.

To view the whole press release, click here.