Link to HBM Conference Call

Copper-zinc exploration in the Flin Flon-Snow Lake VMS Belt

Recent Results Include 6.69% Copper Over 71.69 Metres and 3.74% Copper Over 21.77 Metres

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Kivas

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Link to HBM Conference Call

posted on Nov 05, 2008 09:37AM

http://events.onlinebroadcasting.com...

Thanks to Freedom45 for the link.

Question about Reed Lake around 24-25 minute mark where they discuss VMS.

Basically they are optimistic about getting that property into production ASAP. Very good news for us. They are very impressed with the results thus far. High grade and relatively shallow = low costs per pound. They did mention on more than one occasion that VMS is in complete control of the property right now and that the speed at which it develops is not in their hands right now but in the hands of VMS. They did say that there would obviously be discussions between VMS and HBM in the future as both parties would benefit from an expedited push toward production.

FYI - there balance sheet is currently at $860,000,000. They have decided to preserve cash by not buying back any more stock. Reading between the lines and around the 32:30 mark they want to have money to put Lalore Lake and Reed Lake into development if and when that opportunity presents itself... and here is the kicker...they say that they would do so even in today's market with current prices.