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Rambler Metals and Mining plc explores milling option for Cape Ray project

Shares in Rambler Metals and Mining surged this afternoon as it revealed its processing facility at Nugget Pond may be set for further action.
Rambler Metals and Mining plc explores milling option for Cape Ray project
The miner has inked a non-binding letter of intent (LOI) with Benton Resources (CVE:BEX) and its partner Nordmin over potentially toll milling gold-rich concentrate from the pair's Cape Ray deposits

Shares in  Rambler Metals and Mining (LON:RMM, CVE:RAB) surged this afternoon in London as it revealed its processing facility at Nugget Pond may be set for further action.

The miner has inked a non-binding letter of intent (LOI) with Benton Resources (CVE:BEX) and its partner Nordmin over potentially toll milling gold-rich concentrate from the pair's Cape Ray deposits.

Rambler's chief executive Norman Williams said: "The Cape Ray region holds great potential for future gold discoveries and Benton has a proven track record in exploration and discovery.

"This, combined with Nordmin's engineering abilities, makes this group highly capable of advancing the Cape Ray Project towards production.

"We have an idle gold leaching and refining circuit ready and available for gold concentrate.

"Should Benton and Nordmin push their project towards production we would be happy to assist with tolling milling and making their project a success."

Williams highlighted that the mining space was showing some signs of recovery, making this an ideal timing to solidify such relationships.

Benton and Nordmin are reviewing options to improve the economics of their recently released preliminary economic assessment on the Cape Ray property with a focus to reduce both capital and operating costs.

A preliminary economic assessment (PEA) for  Cape Ray earlier this month showed a pre-tax net present value (NPV) at a 7% discount rate of $48.4 million with a pre-tax internal rate of return (IRR) of 29%.

Rambler shares added 21.43% to 4.25p.

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