VMS Ventures reports investment continues in the Reed Copper Project near Snow Lake, a joint venture between VMS which owns 30 percent and Hudbay which owns 70 percent and is the operator.
They report the Reed Project is forecast to remain within budget and on time to production beginning in the fourth quarter of this year ramping up to full production of around 13 hundred tonnes per day by the first quarter of next year. The Environmental Act License application has been submitted to the provincial government which will allow for full production when received.
The underground ramp continues to advance with development slower than expected in February due to the installation of cable bolts and shotcrete to deal with difficult ground conditions.
As of the end of February the joint venture has invested 30 millions dollars and committed to an additional 18 million.