Dear VMS followers,

I’m pleased to send along this report from Dundee Securities commenting on our Company following the Thursday press release featuring the “Reed North” drill results in our Super Zone property.

I’ve highlighted two paragraphs for you, but invite you to link to the one page note written by Research Analyst (Mining) Vishal Gupta. (see link below)

“VMS Ventures Reports Another High Grade Beauty at Super Zone

VMS Ventures Inc. (VMS-V; On Watch List; BUY Rated; No Target Price)

Last Close: $0.33/share
Market Cap: $43 million
Cash Balance: $3 million (estimated)

We are BUYERS of VMS Ventures this morning following the release of impressive high grade assays from the Company’s Super Zone target in the prolific Flin Flon – Snow Lake base metals belt of Manitoba. Highlight results include a 4m intersection grading 9.3% copper, 3.6 g/t gold, 1.9% zinc and 36 g/t silver. This is VERY high grade rock and it was intersected only about 130m below surface.

Impact: Very Positive

In our view, today’s release is VERY POSITIVE for VMS Ventures as it shows that the Company is not just a “one-trick-pony”. In May this year, initial results from Super Zone included a 7.2m intersection grading 7.4% copper at similar depths. Additionally, there is significant size-potential at Super Zone, as the drill program is targeting a massive 900m long coincident VTEM and magnetic anomaly at the prospect. So we feel there is significant potential for Super Zone to turn into another Reed Lake, or even bigger.”

The falling copper price has pounded copper companies’ valuations this past month and we have not missed the trend.

We are well financed to withstand this storm.(Vishal’s note is incorrect; we have $10.6 million in the treasury). HudBay is developing the Reed projects for us, while our outstanding geo team continues to aggressively seek new discoveries in the Flin Flon- Snow Lake VMS belt. Finally, as 45% owners of North American Nickel, we await results from the very prospective Sudbury and Greenland projects.

Please stay in touch.

To view the Dundee Research Report, please visit http://research.dundeesecurities.com/Research/Gupta092911.pdf.

Best regards,

Rick Mark
CEO
VMS Ventures Inc.

VMS Ventures owns approximately 45% of North American Nickel Inc.