VMS Ventures Inc. (VMS:TSXV) has enjoyed a continued surge in insider buying from one of its largest investors. The company owns a 30% interest in the producing Reed Copper mine in Manitoba, with Hudbay Minerals owning the remaining 70%.
That insider buying of late has come from Glenn Poutney, a large investor who has not shied away from junior resource companies in the past.
Poutney has purchased 977,500 shares in VMS Ventures since July 11th, according to CanadianInsider.com. All of the buys have taken place between $0.30 and $0.305.
In addition to the 977,500 shares purchased by Poutney, 153,500 shares of insider buying was reported by TMX Money today.
VMS Ventures has traded more than 3 million shares in the month of July.
Glenn Pountney was also an insider to Klondex Mines. Below is an excerpt from a September 7, 2012 press release. Klondex had recently sold off from a high of nearly $4 per share to $1.25 to $1.50 range.
Glenn Pountney Announces Acquisition Of Additional Common Shares Of Klondex Mines Ltd.
Glenn Pountney announced that on September 5, 2012 he purchased an additional 870,000 common shares (“Common Shares”) of Klondex Mines Ltd.(TSX: KDX) (“Klondex”) through the facilities of the Toronto Stock Exchange at an average price per Common Share of $1.20, representing approximately 1.84% of Klondex’s issued and outstanding Common Shares. After giving effect to the acquisition, Mr. Pountney owns or has control or direction over an aggregate of 6,575,000 Common Shares representing approximately 13.9% of Klondex’s issued and outstanding Common Shares.
Click here to read the entire press release.
Klondex traded at $2.08 Friday afternoon.
On June 24th, 2014, VMS announced an update to its Reed Mine a copper production asset in Manitoba. Below is a short excerpt.
VMS Ventures Inc. (TSX VENTURE:VMS) (“VMS Ventures” or the “Company”) is pleased to update shareholders on the progress made at the Reed mine, near Flin Flon Manitoba. VMS Ventures Inc. owns 30% of the Reed mine and Hudbay Minerals Inc. (TSX:HBM)(NYSE:HBM) (“Hudbay”) owns 70% and is the Operator.
REED MINE
The Reed mine continues with no lost time accidents and the focus is on ramp development down to 185 metre level.
Highlights for May 2014
- 809 days with no lost time accidents
- Development advanced 233 metres in May, 1432 metres year to date at an average of 9.5 metres per day
- Production of 40,621 tonnes, total of 147,864 tonnes year to date
- Mined from Zone 30; stopes on 85 metre level and 135 metre level and development ore from both Zone 20 and 30 on 135 metre level
Neil Richardson, VMS Ventures Inc. COO states: “We are very pleased to see the Reed mine continue along with no lost time accidents and on track to meet production targets.”
The focus for June will remain on safety and continued ramp development to the 185 metre level and ore production from Zone 30 stopes.
Click here to read the entire press release.
VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc-gold-silver massive sulphide deposits in the Flin Flon-Snow Lake VMS Belt of Manitoba.
Its Reed mine is subject to a 70-30 joint venture with Hudbay Minerals and achieved initial production in Q4-2013.
VMS Ventures is up 100% from its 52-week low of $0.15 per share.
VMS Ventures – 1 Year Chart
