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 says engineering study for Ming Copper-Gold Mine nearly complete
Rambler Metals & Mining (TSXV:RAB & AIM:RMM), which is developing the Ming Copper-Gold Mine in Newfoundland, Canada, said that the underground engineering study incorporating the mine plan, capital program and schedule for building a high grade, low tonnage mine was “close to completion”.
The study is the culmination of a considerable program of exploration and evaluation at the Ming Copper Mine where Rambler has been working diligently to prepare the historical operation for a production restart.
In February, Rambler announced a revised NI 43-101 measured and indicated resource of 3.65 million tonnes @ 2.21% copper, 1.37 grams per tonne gold, 7.86 grams per tonne silver and 0.39% zinc. There is an additional 1.5 million tonnes in the inferred category.
The most significant change in the resource statement and the associated mine plan was the considerably higher gold grades which would support a higher grade, but lower tonnage operation for the first five years before Rambler moves into the lower grade but substantially larger and more copper weighted ore.
Financial highlights for the three months ended 30 April 2008 contained no surprises. Rambler posted a small loss, as expected. The net cash position as of 26 May 2008 was £1.7 million.
George Ogilvie, President and CEO, said the company was confident that the engineering study would be complete in June:
"Despite having scaled back operations to preserve working capital ahead of potential project development, Rambler is pleased to have updated the NI43-101 compliant resource which improves the initial 5 year mining plan which will target areas of higher grade mineralization.
"Management are currently evaluating a number of options for financing and are confident that the completion of the underground Engineering Study in June will further demonstrate the long term economic viability of the Project."
Seymour Pierce, Rambler’s house broker in London, said it was awaiting the results of the study with interest, and reiterated its ‘buy’ stance on the company.
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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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18/03/09 Rambler Metals still aims to start Ming mine production in 2010