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F E B R U A R Y / M A R C H 2 0 1 5 www.resourceworld.com 29 per within 43.05 metres of 4.38% copper in drill hole #2. Now the company was clearly in the sights of neighboring HudBay Minerals and finally, in June 2010, the two companies signed a Joint Venture on the Reed property giving operator HBM 70% and VMS 30% with a carried interest funded into production. HudBay has operated in the Flin Flon Greenstone Belt for over 85 years, mining approximately 145 million tonnes of ore during that time. The Reed Mine, located 120 km east of Flin Flon, is a high-grade copper deposit. The mine achieved commercial pro- duction ahead of guidance and completed construction under budget with the grand opening in September 2014 at 1,300 tonnes per day. During the third quarter of 2014, the Reed Mine produced 109,562 tonnes of ore grading 2.23% copper and 1.79% zinc from a combination of ore development and longhole stope mining. The property itself is 917 hectares. Secondary metals are gold, sil- ver and zinc. Total proven and probable reserves are 27,917,000 tonnes at 1.31% copper, 5.25% zinc, 1.81 g/t gold, and 22.29 g/t silver with a current mine life of approximately six years. This year, exploration from surface at Reed is planned for the winter with Borehole Pulse Electromagnetic targets, indicating the deposit remains open at depth. Drilling to test for additional min- eralization at the mine will begin once underground development reaches suitable depth for drilling. Also, this year, the company has over 17,000 line-km of VTEM data to mull over from their extensive property package elsewhere within the same Greenstone Belt where Volcanogenic Massive Sulphide deposits such as the Reed Mine form in clusters of multiple deposits. As a result of the current slump in resource stocks in general, the share price is back where it was before it all began. n The above article was written by Barry Muir who is a registered Investment Adviser with Haywood Securities Inc. a Canadian based independent, full‐service investment firm and member of the Canadian Investor Protection Fund. The article is for informational purposes only and is neither a solicitation for the purchase of securities nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropriateness of investing in any securities or any investment strategies, including those discussed above. The information contained in the reports have been compiled from sources Haywood believes are reliable; however, Haywood makes no guarantee, representation or warranty, expressed or implied, as to such information's accuracy or completeness. The views expressed are those of the author and not necessarily Haywood Securities Inc. All opinions and estimates contained in the reports are based on assump- tions the author believes to be reasonable as of the dates of the reports but are subject to change without notice. Either the author, Haywood Securities Inc. or its employees may from time to time hold or transact in the securities mentioned. Barry can be reached at (604) 697-6172 or bmuir@haywood.com.