VMS Reports 37.10 Metres of 5.60% Copper From In-Fill Hole RLD024 at Reed Lake Joint Venture

VMS Ventures Inc. is pleased to announce the latest drill and assay results from the in-fill diamond drill program at the Reed Lake copper-zinc-gold-silver deposit, near Snow Lake, Manitoba, Canada. These latest results including holes RLD023 to RLD026, were testing Zone 20. The in-fill program for the upper two lenses is now complete and the next in-fill drilling will focus on Zone 10 between the 300 and 530 metre levels.

Reed Lake Joint Venture Results

Two drills are currently operating at the Reed Lake Joint Venture site. Both drills are conducting in-fill drilling on the copper-rich lens (Zone 10) to define the extent of mineralization up-plunge from hole RLD015. This drill hole intersected significant copper mineralization and was announced in a press release dated December 10, 2010.

Neil Richardson, VMS’ Chief Operating Officer states: “We are pleased with the latest results for the upper lenses (Zones 20 and 30) that confirm the extent of mineralization and provide us with definition required to complete a resource estimate. Geological models are being updated in preparation for a NI 43-101 technical report slated for completion in the latter part of Q1 2011.”

The program is the first phase of drilling at the Reed Lake project under a joint venture formed between VMS and HudBay Minerals Inc. The Reed Lake deposit is a base metal, polymetallic, massive sulphide-type deposit and is located approximately 100 kilometres from HudBay’s concentrator in Flin Flon, Manitoba. The program is proceeding on schedule with the completion of 30 drill holes.

On July 6, 2010 VMS and HudBay announced they had entered into a joint venture agreement in which HudBay and VMS have 70% and 30% interests, respectively, in the Reed Lake property and two claims immediately south of the deposit. The parties have also entered into four option agreements which grant HudBay the right to earn a 70% interest in properties held by VMS and adjacent to the Reed Lake property.

For additional details on exploration at the Reed Lake deposit, see VMS press releases issued between September 17, 2007 and December 10, 2008, available at www.sedar.com.

Qualified Person

All technical information in this release has been reviewed by Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the Company and Vice President of Exploration and Technical Services, VMS Ventures Inc.

Quality Assurance and Quality Control

Exploration core drilling was NQ size. The core was logged and mineralized intersections were marked for sampling and assaying by geologists and geotechnicians employed by HudBay’s Hudson Bay Exploration and Development Company Limited (HBED) subsidiary. The marked intersections or intervals were sawn in half by a diamond saw and one half of the core was placed in plastic bags and tagged with unique sample numbers, while the second half was returned to the core box and stored. Each bagged core sample was transported to HudBay’s Hudson Bay Mining and Smelting Co., Limited (HBMS) subsidiary’s assay laboratory in Flin Flon, Manitoba where it was dried, crushed and pulverized and a 250-gram sample was prepared for assaying at Acme Analytical Laboratories Ltd., an independent company in Vancouver, B.C., or the HBMS assay laboratory. From each 250 gram sample 0.25 grams was removed and leached in aqua regia and analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe. Also from the 250 gram sample, 30 grams were removed for gold determination by fire assaying with an ICP-AES or gravimetric finish at the Acme laboratory or an Atomic Absorption or gravimetric finish at the HBMS laboratory.

Assaying integrity is monitored internally with a quality control program, which includes the use of assay sample standards, blanks, duplicates and repeats and externally through national and international programs. In addition, within each group of 20 core samples, one core sample has a second 250 gram split collected that was check assayed at a different laboratory, either the HBMS laboratory in Flin Flon or at the Acme laboratory in Vancouver, B.C. This news release provides core lengths and estimates of vertical thickness only. True widths are not provided. Where metal assays are provided for intersections they are either a single assay of a sample of the entire intersection length or a composite of assays calculated from interval weighted assays over the intersection length.