Rambler Metals and Mining, which is planning to restart copper-gold production at the Ming Mine in Eastern Canada, said today that it was on track to complete a pre-feasibility study by January 2009.
Rambler Metals has spent much of 2008 completing all the necessary drilling and studies to lay the ground work for securing finance to redevelop the mine. In total, Rambler will complete 25,000 metres of drilling in 2008.
Rambler also confirmed that a pre-feasibility study, including mine planning, capital expenditure, cost estimates and other associated studies focusing on a five year mine life targeting the higher grade zones of the mine will be completed by the end of January 2009. An updated 43-101 resource is also anticipated by the end of January 2009, and additional metallurgical test results from the 1806 Gold-Copper-Silver-Zinc are anticipated.
Ramber said that it ended the quarter with approximately £3.45 million, and confirmed that it would be seeking financing in 2009 for mine development.
George Ogilvie, President and Chief Executive Officer, said he was confident about the economics of the project: “Despite the difficult financial climate Rambler has continued to meet all its targets on time and within budget. Rambler is confident that the update to the NI43-101 compliant resource and the completion of the Prefeasibility Study will demonstrate the long term economic viability of the Project. We feel strongly about the Company’s future prospects in the coming year and we have an excellent team of people to advance the Ming Mine into production in the foreseeable future.”