vms has optioned some of Hudbay property - this is right beside the vms property that is being drilled by an extended drill programme (as menioned). they also just gave themselves 4.5 million share options at .22.
i see a picture building....
News Release
VMS Ventures Announces Property Agreement Deal with Hudbay Minerals Inc.
August 8, 2007
Vancouver, B.C. August 8, 2007. VMS Ventures Inc. (TSX.V: VMS) (the "Company") is pleased to announce that it has finalized the terms of an option agreement whereby it can earn a 100% interest in Claim Blocks CB 5503 (377ha) and FRE 5030 (196ha) near Snow Lake, Manitoba from HudBay Minerals Inc (TSX: HBM).
The agreement requires the Company to make cash payments of $55,000 and exploration expenditures of $300,000 over a term of three (3) years. Subject to the Company’s completion of these expenditures, HudBay Minerals Inc. can elect to exercise a back-in right that enables it to earn up to a 70% interest in the property by making certain exploration expenditures, a one-time cash payment of $1,500,000 and bringing the property to commercial production.
These claims are contiguous to the Company’s Reed Lake project and contain HudBay’s Cu-Zn Highway Zone that was originally discovered by Freeport Exploration in 1974. The property is located 52 km southwest of Snow Lake MB. The property has historical drilling information to assist in exploration planning.
VMS Ventures Inc. is focused on acquiring, exploring and developing copper-zinc properties in the Flin Flon-Snow Lake VMS Belt. The Company also holds the largest package of land considered prospective for nickel-copper mineralization at Lynn Lake, which, historically, is Canada’s third largest nickel producing camp. The Company’s project portfolio consists of the Snow Lake VMS project, the Lynn Lake Gabbros nickel-copper project, the South Bay nickel-copper-cobalt PGE property, and the Eden Lake Carbonatite Complex, Specialty Metals property. All VMS Ventures Inc. properties are located in the mining friendly province of Manitoba, Canada.
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