Rambler Metals & Mining
Rambler is currently undergoing a mine dewatering program and is well on track to have the mine completely dewatered during Q2 2008. Water levels have already receded to the 1800 level and the mine is in excellent condition requiring minimal rehabilitation.
Location
The Rambler Property is located in Canada, on Newfoundland and Labrador' Baie Verte Peninsula. The area has a history and culture of gold, base metals and industrial minerals mining. The major centre for the region is the town of Baie Verte, which offers several mining and exploration service providers, deep water loading, hotels, schools, shopping, medical facilities and recreational facilities.
Rambler Metals trims budgets to conserve cash
Rambler Metals & Mining PLC said while it continues with its evaluation of the Ming copper-gold project, it decided to implement the first phase of a cost reduction programme at the mine site, and it has suspended all underground drilling and pre-development. It has laid off 18 employees.
Following a review, the operations at the Ming Mine are to be scaled back in order to preserve working capital ahead of potential project development.
Technical and management staff are being retained as work continues towards the target of producing a NI43-101 resource update, accompanying technical report and detailed engineering study in Q1 2009.
In the meantime, the underground workings at the Ming Mine are to be put on care and maintenance.
Chief executive George Ogilvie said: “This has been a difficult but essential decision due to the current financial challenges facing our industry. The company is still committed and confident that a financing can be completed in 2009, however, by implementing this plan, Rambler will be able to care and maintain its high quality asset without requiring any external funding until 2010.”
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Other Rambler Metals & Mining articles
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05/01/09 George Ogilvie of Rambler Metals & Mining Speaks to Proactive Investors
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09/09/08 Rambler Metals and Mining cuts 2.9 metres of 3.05 g/t Gold and 5.19% Copper
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11/10/07 Rambler Metals and Mining is Quietly gathering pace
Other Rambler Metals & Mining news
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27/05/09 Rambler Metals says engineering study for Ming Copper-Gold Mine nearly complete
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18/03/09 Rambler Metals still aims to start Ming mine production in 2010
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26/02/09 Rambler completes NI 43-101 resource estimate for Ming copper-gold mine in Canada
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10/02/09 Rambler Metals says testing at Baie Verte produces commercially viable copper concentrate
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21/01/09 Rambler Metals reports positive results from latest geophysical survey
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10/12/08 Rambler Metals and Mining expects pre-feasibility study in January
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10/11/08 Rambler continuing to find high grade gold, copper and zinc deposits at Ming mine
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22/10/08 Rambler Metals and Mining Appoint New Director
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13/10/08 Rambler intersects high grade gold, copper and zinc zone at Ming Mine
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23/09/08 Rambler Metals and Mining continues to hit high grade copper
