Rambler Metals & Mining
Rambler Metals and Mining was established to invest in the base metal sector in politically stable jurisdictions. Its principal project is the Rambler Cu-Au property, located on the Baie Verte Peninsula of Newfoundland and Labrador, Canada.
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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26/01/10 Rambler Metals hopes to part-fund asset development with gold mined on Nugget Pond property
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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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04/03/10 Rambler Metals secures gold off-take from Sandstorm Resources for future production at Ming mine
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02/02/10 Seymour Pierce says 'buy' Rambler Metals after Nugget Pond copper-gold project update
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28/10/09 Rambler Metals & Mining says operations on track, still in financing talks
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22/10/09 Rambler Metals Closes £5.5 million Placing to Fund Nugget Pond Mill acquisition
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02/10/09 Rambler Metals raises £5.5 mln in private placing for gold mill acquisition and refurbishment
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29/09/09 Rambler Metals to raise £5.5 mln in private placing for gold facility refurbishment
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21/09/09 Rambler Metals and Mining extends gold exploration footprint near Ming Copper-Gold Mine
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09/09/09 Rambler Metals and Mining acquires Nugget Pond processing facility from Crew Gold
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12/08/09 Rambler Metals eyes up Crew Gold’s Nugget Pond processing facilities for Ming Copper-Gold Project
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27/05/09 Rambler Metals says engineering study for Ming Copper-Gold Mine nearly complete