2nd
June 2008
Rambler
Completes Scoping Study and Moves Ahead to Pre-feasibility
London,
England & Baie Verte, Newfoundland and Labrador � Rambler
Metals and Mining plc (�Rambler�) (TSXV: RAB, AIM:
RMM) is pleased to announce that the Board has resolved to progress its Ming
copper-gold project located on the Baie Verte Peninsula of Newfoundland, Canada
to the pre-feasibility stage following the receipt of a high level scoping
study from SRK Consulting (�SRK�) in conjunction with SNC Lavalin (�SNC�) and
Thibault Associates.
The study
considered a 4,000 tonnes per day underground mine producing a copper
concentrate with gold and silver credits, with a mine life of 12 years.� �
Recoveries
used in the study were based on metallurgical test work undertaken by SGS
Lakefield under the supervision of Thibault Associates.� �Ore
processing for the Footwall Zones using standard grinding and floatation
techniques is estimated to achieve a 98.6% copper recovery with a concentrate
grade of 28.2%.�� The test work on the
massive sulphides produced lower recoveries, and a number of recommendations
have been made to optimise the processing circuit, as well as incorporating a
gold recovery circuit.
The scoping
study was based on a resource that is not compliant with National Instrument
43-101 (�NI-43-101�).�� As such the
scoping study is considered conceptual in nature and, under NI 43-101, cannot
be released to the public as a document.��
Details of Rambler�s NI 43-101 compliant resource statement were
published on 30th April 2008.
George
Ogilvie, P.Eng, President and CEO, commented:
�We are
delighted to be moving the project to the pre-feasibility stage. The scoping
study has confirmed our belief that the resource we have delineated at the Ming
project over the last three years is of sufficient size and grade to move
ahead.� �
We
instructed SRK to examine the feasibility of a 4,000 tonnes per day operation
as it was important for us to know that the bulk tonnage, low grade Footwall
Zones at the Ming Mine are capable of sustaining a profitable long-life mining
operation.
��
We will now
commence a pre-feasibility study to determine the optimal mine-plan. This is
most likely to be a two-phase operation; beginning with a lower rate of
production from the massive sulphides and then moving on to the higher tonnage,
lower grade Footwall Zones.�
Ming Mine Proceeding to Pre-Feasibility
The
pre-feasibility study will be based around a mine-plan initially mining the
massive sulphide ore at a lower production rate, ramping up to the full
production rate of up to potentially 4,000 tonnes per day after several
years.�� The Board is confident that this
approach will reduce both the initial capital requirement and the time to first
production, while increasing early cash flows and operating margins
There has
been a wealth of drill data produced from the underground programme at the Ming
mine since the cut-off date for the current NI 43-101 resource and Rambler intends
to publish an updated resource statement later this year.�� This new resource will form the basis of the
pre-feasibility study.
The
exploration potential of the Ming Mine remains one of the project�s greatest
assets.�� All the ore zones are open at depth
and to the West, and in the case of the Ming Massive Sulphide along strike as
well.�� Once the mine is substantially
dewatered Rambler plans to drive new exploration development along strike of
the Ming Massive Sulphide Horizon to hopefully identify new drill targets.�� Equipment for this development has already
been ordered and is expected to arrive by the end of June.� �
Rambler has
already initiated the base line environmental study that will be required to
re-permit the Ming Mine, a �brownfield site�.��
Environmental permitting of the mine is expected during 2009, with the
objective of re-commissioning the mine in 2010. ����
About the Company
Rambler
Metals and Mining plc ("Rambler") was established to invest in the
base metal sector in politically stable jurisdictions. Its principal project is
the Rambler copper-gold property, located on the Baie Verte Peninsula of
Newfoundland and Labrador, Canada.
Rambler acquired the property from Altius Minerals Corporation in exchange for
ordinary shares during 2005.
The Rambler
property contains the former producing Ming and Ming West copper-gold mines.
The Ming Mine last operated in 1982 and the Ming West Mine in 1996. Mining of
the Ming Mine ceased when workings reached a neighbouring property boundary.
Rambler Metals and Mining acquired the property after it had been successfully
consolidated.
For more
information and a complete listing of all RMM drill intersections,
corresponding maps, figures and NI43-101 compliance information please visit
our website at www.ramblermines.com .
George
Ogilvie, P.Eng.
President
and CEO
Rambler
Metals and Mining
Canada
Limited
Tel No:
709-532-4990
Leslie Little
Company
Secretary ����������������
Rambler Metals & Mining Plc ��������������������������
Tel No: +44 (0) 20-7661-8104
Nandita Sahgal
Seymour Pierce Limited
Tel No: +44
(0) 20-7107 8000
Chelsea
Hayes/Klara Kaczmarek
Pelham
Public Relations
Tel No: +44
(0) 20-7743-6675 /20-3159-4395
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.
All tonnes
are dry metric tonnes.
National Instrument 43-101 compliance information
regarding sampling and analytical protocols pertaining to the Rambler Project
can be accessed via the following link: http://www.ramblermines.com
The
TSX-Venture Exchange does not accept responsible for the adequacy or accuracy
of this release.