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Rambler Metals and Mining is a Junior Mining Company that has 100% ownership of the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada. Rambler is well on its way to becoming a mid-tier mining company through production from the Ming Mine, discovering new deposits and through mergers and acquisitions. Rambler...Read more
Rambler Metals pours first gold dore at Ming copper-gold mineDecember 15 2011, 7:40am
Rambler Metals and Mining (LON:RMM, CVE:RAB) has started production at its flagship Ming copper-gold mine in Canada.
It poured the first gold dore at the operation on Newfoundland and Labrador's Baie Verte Peninsula and has shipped it for refining. Revenues from gold sales are expected to start coming in early 2012.
The group has also finished construction of the copper concentrator. It expects to start commercial production from Ming before the end of the 2012 fiscal year.
Gold revenues should improve the treasury position over the coming months, it said. Rambler currently has C$3.4 million in the bank, and the final tranche of the US$5 million credit facility from Sprott Resource Lending Partnership is now approved for drawdown, at Rambler's discretion.
President and chief executive George Ogilvie said: "Having the Ming mine in production is a significant milestone for the company while we will see first revenues from our gold sales in early 2012.
"The completion of the copper concentrator also gives us the opportunity to process copper rich ore from our Ming mine in 2012. Having the flexibility to produce a gold dore or a copper concentrate with precious metals, is hugely advantageous as it allows us to maximize our revenues in response to changing market conditions,” he added.
Milling of the 1806 gold zone started on November 282011 and to date, Rambler has milled 6,877 tonnes at the Nugget Pond facility at an average head grade of 4.29 grams per ton gold and recovery of 90 percent.
A further 3,509 tonnes of 1806 zone ore at an average grade of 4.10 g/t gold are stockpiled with an additional 78,599 tonnes of this material having been blasted, drilled, developed or designed.
Once ready to do so, Rambler will next year "live" commission the copper concentrator with ore from the Lower Footwall Zone. Once the "live" commissioning with the Lower Footwall material has been completed the company will then switch over to ore from its higher base metal grade 1807 zone which has a resource estimate of 432,000 tonnes at 3.86 percent copper, 1.75 g/t gold and 7.19 g/t silver.