VMS Ventures reports the Reed Copper Project near Snow Lake continued to move forward on schedule last month. VMS holds a 30 percent interest in the project while Hudbay holds 70 percent and is the operator.
Underground development was advanced a further 182 meters in July for a current total of just over one thousand meters. Construction of the surface ore pad and excavation of the 60 meter level refuge station was completed as well as the foundation forms for the main ventilation fan.
VMS Chief Operation Officer Neil Richardson says the project remains within budgetary parameters and the scheduled completion date is March next year. He adds the focus continues to be the advancement of the underground ramp and development of the escape and ventilation raises as they advance toward production.
To the end of July 49.6 million dollars has been spent on the project.