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.
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND and LABRADOR--(Marketwire - Dec. 3, 2012) - Rambler Metals and Mining plc (News - Market indicators) (AIM:RMM) ('Rambler' or the 'Company') announces that subsequent to the Company's 'notification of load readiness' to Transamine Trading SA ('Transamine'), a total of 8,873 wet metric tonnes of copper concentrate has now been loaded and shipped from storage at Goodyear's Cove on board a bulk cargo vessel, destined for Huelva, Spain.
- A bulk cargo vessel, the MV Qamutik, called to port on Friday 23 November 2012. The vessel was completely loaded, trimmed and surveyed with 8,873 wet metric tonnes of copper concentrate by Sunday afternoon
- The Company's own sampling estimate of grade for the concentrate shows it ranging between 26-30% copper with 6-10 g/t gold and 40-50 g/t silver. Moisture content at the time of loading was 8.66%, below the products transportable moisture limit ('TML') of 9.15%
- The Company has also initiated payback of the C$7.5 M borrowed from Sprott Lending, with the first repayment of C$500,000 made on 30 November 2012
George Ogilvie, President and CEO of Rambler, commented:
"The loading and shipment of our copper concentrate, destined for international markets, now completes the entire copper production cycle for our Company. The facilities at Goodyear's Cove were newly constructed this year and following only minor delays during start-up, the vessel was loaded efficiently.
As the Ming Mine is in commercial production and starting to generate free cash flow, we feel it is now prudent to begin repaying the credit facility received in late 2011 from Sprott Lending. Subsequently, we have made our first repayment of C$500,000 towards the loan principal.
Rambler will be presenting at the Proactive Investors One2One Forum - London on Thursday December 6th, 6:00pm at Chesterfield Mayfair Hotel (Charles Suite, 1st floor), 35 Charles Street, Mayfair. We will be providing an update of some of our successes over the past year and those opportunities we hope to take advantage of in the coming year. You can officially register for the event through www.proactiveinvestors.co.uk/register/event_details/169 . My executive team and I will be available after the presentations to talk about the Mine and answer any questions you may have."
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 Mining plc.
Tonnes referenced are dry metric tonnes unless otherwise indicated.
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.