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Rambler Metals and Mining (AIM:RMM, TSX-V:RAB) is Junior Mining Company that has 100% ownership of the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada. Rambler is well on the way to becoming a mid-tier mining company through production from Ming Mine, discovering new deposits and through M&A’s. Rambler listed on...Read more
RNS Release - Rambler Produces 14,500 Ounces of Gold with Revenu
FOR: RAMBLER METALS & MINING PLC
AIM SYMBOL: RMM
TSX VENTURE SYMBOL: RAB
June 12, 2012
Rambler Produces 14,500 Ounces of Gold with Revenues in Excess of C$24M
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - June 12, 2012) - Rambler Metals and
Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to provide this summary of its
early gold production from the 1806 Zone at the Ming Copper-Gold Mine ("Ming Mine") in Newfoundland and
Labrador's Baie Verte Peninsula, Canada.
-- Early gold production officially began on 28 November 2011. Over the
five month period 91,835 wet metric tonnes were processed at an average
grade of 4.94 g/t gold
-- The Company has produced and sold approximately 14,500 ounces of gold
generating revenues of over C$24M. The operating cash cost per ounce for
the period was between $900 and $1000
-- Daily milling throughput has ranged between 465 and 845 wet metric
tonnes per day ('wmtpd') with an overall average of 619 wmtpd
-- Development into newly discovered visible gold mineralization is
continuing simultaneously with the development of a new exploration
program to evaluate the gold potential of the Ming Mine
George Ogilvie, President and CEO of Rambler, commented:
"Gold production from the 1806 zone has been a great success for the
Company. While the historic mine was a copper producer, with gold
crediting to the concentrate, we have now demonstrated its ability to
also be a standalone, profitable, gold operation. Through our ongoing
diamond drilling and exploration programs we hope to continue adding
gold resources and evaluating the potential of the mill eventually
processing both copper and gold ores simultaneously.
As a result of the early gold production approximately US$7.5 million
dollars in gold transfers have now been repaid to Sandstorm Gold Ltd
thereby satisfying our first two year cash commitment. Paying down this
debt at such an early stage in the mine's life will benefit the
Company's future growth strategies."
Nolan Watson, President and CEO of Sandstorm, commented:
"The management team at Rambler has done a fantastic job of identifying
gold targets and optimizing gold production in 2012. The potential to
process copper and gold concurrently is an exciting prospect for both
shareholders of Rambler and Sandstorm."
Production from the 1806 Zone initially began on 28 November 2011 and over the five month period approximately
91,835 tonnes of gold ore was processed at an average head grade of 4.94 g/t. From this production the Company
has realized revenues of approximately $24M CDN from the sale of approximately 14,500 ounces, at varying gold
spot prices. For the period the operating cash cost was $900 to $1000 per ounce. Subsequent to finishing gold
processing the Company has now switch over to copper concentrate production but has the ability to recommence
gold production at anytime.
Over the period four separate stoping blocks were excavated with the mine producing at an average daily rate of
700 mtpd. While the mill itself was initially thought to only process 630 mtpd the actual daily throughput for
the last month of production was 689 mtpd with a peak throughput of 845 mtpd. Through the better than predicted
head grade and increased milling throughput Rambler is viewing this early gold production as a great success.
The exploration diamond drilling in the 1806 zone has returned a number of some significant visible gold
intersections. (see RMM press release dated 2 May 2012) From this drilling development into two new stoping
blocks are underway with any ore extracted to be stockpile for a future gold campaigning through the mill. This
discovery has led the way for new exploration techniques that can be applied to other areas of the mine in
search of gold bearing ores. Rambler will continue to evaluate the gold potential of the Ming Mine with the
goal of proving enough reserves and resources to support independent copper and gold processing abilities.
ABOUT RAMBLER METALS AND MINING
Rambler Metals and Mining plc is a Junior Mining Company that has 100% ownership of the Ming Copper-Gold Mine
in Baie Verte, Newfoundland and Labrador, Canada. As a producing gold and copper miner, our objective is to
become a mid-tier mining company by continuing the development of the Ming Mine, discovering new deposits and
through mergers and acquisitions.
The initial six years of the Ming Mine project is based on the underground mining of massive sulphides with a
mineable reserve estimate of 1.498 million ore tonnes grading 1.62% copper, 2.40 g/t gold and 10.90 g/t silver
(24,252 tonnes of copper, 115,549 ounces of gold and 525,139 ounces of silver of contained metal). All massive
sulphide zones remain open both up and down plunge with the current exploration program focused on extending
the known mineralization for inclusion in the resource/reserve estimate.
In addition to the outlined reserve estimate, there is a sizeable footwall deposit beneath the massive sulphide
horizon that has been outlined with an indicated resource grade of 18,306k tonnes grading 1.43% copper (261,258
tonnes of contained copper at a 1.00% copper cut-off grade). This zone forms the basis of the preliminary
economic assessment, compiled by independent consultants, which envisions the Ming Mine transitioning itself
into a bulk tonnage mining operation. For further information on the Ming Mine project, please refer to the
Company's NI 43-101 compliant technical reports, available under the Company's profile on SEDAR
Over the coming months and years, as the Company seeks to optimize the Ming Copper-Gold Mine into a cash
positive position, it is expected that future expansion into the footwall zone will be formalized with the goal
of maximizing returns for shareholders and increasing the life of the mine.
Larry Pilgrim, P.Geo., is the Qualified Person responsible for the technical content of this release and has
reviewed and approved it accordingly. Mr. Pilgrim is an independent consultant contracted by Rambler Metals and
Drill hole referenced tonnes are dry metric tonnes while milling throughputs are quoted as wet tonnes unless
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or
operating performance and other statements that express the expectations of management or estimates of future
performance constitute "forward-looking statements". Such forward-looking statements include, without
limitation, statements regarding the financial strength of the Company, estimates regarding timing of future
development and production and statements concerning possible expansion opportunities for the Company. Where
the Company expresses or implies an expectation or belief as to future events or results, such expectation or
belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements
are subject to risks, uncertainties and other factors, which could cause actual results to differ materially
from future results expressed, projected or implied by such forward-looking statements. Such risks include, but
are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding
timing of future capital expenditures and costs towards profitable commercial operations. Other factors that
could cause actual results, developments or events to differ materially from those anticipated include, among
others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash
operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery
rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate
acquired assets; operational risks inherent in mining or development activities and legislative factors
relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and
environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and
the forward-looking statements contained in this press release are expressly qualified in their entirety by
this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and
the Company does not undertake any obligation to update publicly or revise any such forward-looking statements
or any forward-looking statements contained in any other documents whether as a result of new information,
future events or otherwise, except as required under applicable securities law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rambler Metals and Mining
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921
Rambler Metals & Mining Plc.
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
Seymour Pierce Limited
Steward Dickson / Jeremy Stephenson
+44 (0) 20-7107-8000
Pelham Bell Pottinger
Charles Vivian / Philippe Polman
+44 (0) 20 7861 3921
Ocean Equities Limited
+44 (0) 20-7786-4370
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Rambler Metals & Mining Plc