August 10, 2010
RAMBLER METALS AND MINING PLC
Construction Permits Received for Nugget Pond and Ming Mine Shaft
London, England & Baie Verte, Newfoundland and Labrador - Rambler Metals and
Mining PLC (TSXV: RAB, AIM: RMM) (�Rambler� or the �Company�) is pleased to
announce that it has received permission from the provincial government to
proceed with construction at the Nugget Pond Mill and Mine Shaft for the
Ming Copper Gold Mine Project on the Baie Verte Peninsula, Canada.
Update Highlights
o Construction permits awarded for Nugget Pond and Mine Shaft Manway
Rehabilitation.
o Construction packages have been issued with award pending. Construction
anticipated beginning in late August 2010.
o Feasibility study received and under final review.
o Commencement of ore trucking to Nugget Pond for toll milling.
Project Permitting and Construction
Early in July 2010 Rambler submitted its Development and Rehabilitation and
Closure Plans for the Nugget Pond Mill expansion and the second means of
egress for the Ming Mine, both of which are on the critical path for
construction. On August 4th 2010 Rambler was notified by the provincial
government that its plans were accepted and that construction could begin
for these components of the project.
Tender packages for the construction at the Nugget Pond Mill facility have
been issued with award and contractor mobilization expected before the end
of August 2010. Equipment for the copper flotation circuit has also started
to arrive on site and will continue to do so over the coming weeks.
Construction of the building and copper flotation circuit is expected to
last 10 months with commissioning in June 2011.
Rambler has received a number of proposals from shaft contractors for
rehabilitation of the shaft manway; which will act as the second means of
egress while the mine is in production. The contract will be awarded in the
near future with work expected to begin in Q4, 2010.
Following the completion of the Feasibility Study Rambler will submit the
full Development, Rehabilitation and Closure and Environmental Protection
Plans for the mine and port sites. Construction for these portions of the
Project is expected to begin before the end of Q4 2010, with their
completion date in line with the commissioning of the mill.
Progress of NI43-101 Feasibility Study
The Project�s NI43-101 Feasibility Study is nearing completion and is
currently under review by its independent third party consultants. The
headline results will be publically released in August 2010 with the full
technical report being filed within 45 days thereafter. With early
construction approval from the provincial government the feasibility release
delay has not impacted the permitting or construction schedule.
The Feasibility Study will include an updated NI43-101 resource statement.
Since its last resource statement in February 2009, Rambler�s geological
team has been evaluating the pillars and un-mined areas left over from
previous operations. This combined with an improved copper grade cut-off
for the Lower Footwall Zone will significantly improve the measured and
indicated resource estimate for the Ming Mine. While none of the Lower
Footwall Zone resources have been considered in the current economic plan
the Company believes that once the Ming Mine is back in operation the
potential of these and other zones can be developed further.
Toll Milling Agreement � Update
Following the press release of August 4th, 2010 the Company is pleased to
report that first ore from the Stog�er Tight gold deposit is being trucked
to the Nugget Pond Mill. Tenacity Gold Mining Co. Ltd plans to stockpile
ore both at the mine site and mill site so that processing can continue
uninterrupted upon mill start-up. The toll milling campaign is anticipated
to begin at month end and will continue over the coming months.
George Ogilvie, President and CEO commented;
�The Company is quickly advancing towards full commercial production in
2011. The award of several construction permits and with construction
commencing before winter, we are confident that all foundation work and
building enclosing can be completed in a timely and cost effective manner.
The Company continues to be encouraged by the supply deficit in the copper
concentrate markets and forecasts for copper commodity prices in 2011 and
beyond appear good as demand returns in North America and Europe. Rambler
also has confidence in the gold price which further benefits the economics
of the Company.�
For further information, please contact:
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) 14-8341-9942
Nandita Sahgal
Seymour Pierce Limited
Tel No: +44 (0) 20-7107-8000
Klara Kaczmarek / Charles Vivian
Pelham Bell Pottinger
Tel No: +44 (0) 20-7337-1524
Guy Wilkes
Ocean Equities Limited
Tel No: +44 (0) 20-7786-4370
Website: www.ramblermines.com
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.
About Rambler
Rambler was founded in 2004 when Altius Minerals Corporation ("Altius"), a
Newfoundland and Labrador resource company, contributed to Rambler's asset
base with an option to acquire and develop the Ming Mine. Following the
acquisition of the Ming Mine, Rambler, listed on London AIM in 2005 and
Toronto TSX-V in 2007.
The Ming property had been a former underground copper and gold producing
mine that ceased production when the deposit reached a then third party
property boundary. This neighbouring property was subsequently consolidated
before being brought into Rambler�s portfolio. Rambler now owns a 100%
interest in the property.
The area where the mine is located is a former mining centre and
subsequently good existing infrastructure including roads, fresh water,
hydro, access to a working port while the town of Baie Verte, population
1,300 is located 17km away.
Over the last several years Rambler has been exploring on the property
leading to the publication of two NI43-101 resource statements, the
discovery of mineralized lenses and the extension of pre-existing
mineralized lenses. Today all mineralized lenses remain open in multiple
directions while, importantly, the deposit has not been cut-off at depth.
The underground workings have been dewatered and services including air,
water and electrical re-installed.
In October 2009, Rambler purchased an operational gold hydrometallurgical
mill, Nugget Pond, which is situated approximately 40km from the Ming Mine.
Rambler intends to expand the mill so that it is capable of handling massive
sulphides from the mine to produce a copper concentrate with gold and silver
as by-products as well as recover any free gold.
Rambler is about to embark on the construction phase of the project with the
intention of bringing the Ming Mine into production in 2011 following the
environmental release of the project.
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 management's expectations or estimates of future performance
constitute "forward-looking statements." Such forward-looking statements
include, without limitation, estimates regarding timing of future
development and production. 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. These forward-looking
statements are made as at the date hereof and Rambler 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 a more detailed discussion of
such risks and other factors, see Rambler�s latest filings with Canadian
securities regulators.
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Rambler Metals & Mining Plc
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EXPLORATEUR |
CODE : RMM.L |
ISIN : GB00B06Y3F14 |
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Rambler Metals & Mining est une société d’exploration minière de zinc et d'or basée au Royaume-Uni. Rambler Metals & Mining détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont BIG BEAR et MING MINE au Canada. Rambler Metals & Mining est cotée au Canada et au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 1,1 milliards GBX (1,3 milliards US$, 1,2 milliards €). La valeur de son action a atteint son plus haut niveau récent le 17 février 2017 à 9,99 GBX, et son plus bas niveau récent le 30 décembre 2022 à 0,05 GBX. Rambler Metals & Mining possède 549 739 702 actions en circulation. |