VMS Ventures’ Reed Copper Project on Track

VMS Ventures Inc. (TSXV:VMS) provided updates on underground mine development at the Reed copper project in Manitoba.

As quoted in the press release:

The Reed project is forecast to remain within budget and on time to production beginning in the fourth quarter of 2013. As of the end of February 2013, the joint venture has invested $30 million and committed an additional $18 million. The project development team has worked 351 days with no lost time accidents. Capital expenditures at Reed are expected to total approximately $44 million in 2013.

VMS Ventures COO, Neil Richardson, said:

We are particularly pleased that Hudbay’s mine development team is succeeding in the development of good ground control systems for the early phase of development. The rate of advancement of underground development in February was slowed due to the installation of extensive ground support. Ground conditions in the upper portions of the mine at Reed have been difficult, but are expected to improve at depth. Despite these challenges, approximately 81 meters of lateral development was completed in February.

To view the whole press release, click here.