VMS is an exploration company, yes; which has a "signifcant" discovery, and further drilling will determine the ultimate value of the Reed Lake discovery.

It looks as though VMS will be a partner in the project and there will obviously be need for capital. Hudbay will be the "operator" and therefore will provide the capital for the project; VMS will not be required to raise the capital.

IMO, HBM is getting their house in order, and Reed Lake will prove to be a profitable venture for both HBM and VMS.

GLTA