VMS Announces Closing of Acquisition of Assean Lake Claims
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 10, 2015) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS" or the "Company") announces that it has closed the acquisition of a 100% interest in the Assean Lake gold claims in Manitoba ("Assean Lake"), subject to certain underlying royalties, as detailed in its news release of February 16, 2015.
In accordance with the terms of the agreements with NGEx Resources Inc. ("NGEx"), as to a 60% interest, and Harvest Gold Corporation ("Harvest"), as to a 40% interest VMS has paid NGEx $15,000 and issued it 600,000 shares and has paid Harvest $140,000, of which $90,350 was satisfied by the forgiveness of a like amount of debt otherwise owing to the Company by Harvest.
Further, upon the earlier to occur of the completion of a preliminary economic assessment, a prefeasibility study or a feasibility study on Assean Lake, the Company is to issue another 600,000 shares to NGEx and 100,000 shares to Harvest and, upon the commencement of commercial production from Assean Lake, is to issue an additional 600,000 shares to NGEx and an additional 100,000 shares to Harvest.
The 600,000 shares of the Company issued to NGEx on closing are subject to a hold period expiring July 27, 2015.
About VMS Ventures Inc.
VMS Ventures is a mining and mineral exploration company currently in partnership with Hudbay on the producing Reed mine near Flin Flon Manitoba. VMS Ventures holds a 30% interest in the Reed mine which is operated by Hudbay and achieved full production during Q2 of 2014. In addition, VMS Ventures is exploring a large prospective property package in Manitoba. The Company is actively evaluating new growth opportunities to build on the success achieved at Reed. The Company also holds approximately 22% of the shares of North American Nickel (TSX VENTURE:NAN) which is exploring a new district scale nickel-copper-cobalt PGE deposit belt in S.W. Greenland.
For more information on North American Nickel Inc., please visit www.northamericannickel.com.
Forward Looking Statement
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc.,
Interim CEO, President, Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.