VMS Ventures reports they continue to move forward at their Reed Mine near Snow Lake in which they hold at 30 percent interest and Hudbay a 70 percent interest.

Of their 72 million dollar estimated capital construction budget they report they have invested approximately 63 million dollars as of December 31st and have entered into an additional 4 million dollars in commitments.  To the end of January they had surpassed 26 hundred meters of total underground project and pre-production development and continue to focus on safety and ramp development. They add the project is on budget and on schedule and is expected to reach commercial production by the second quarter of this year.