30^th April, 2008

 

RAMBLER METALS AND MINING PUBLISHES ITS NI43-101 RESOURCE ESTIMATE FOR THE MING MINE, NEWFOUNDLAND, CANADA

 

 

London, England & Baie Verte, Newfoundland and Labrador - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) is pleased to announce that SRK Consulting (Canada) Inc. (�SRK) has completed the first National Instrument 43-101 compliant resource for its copper - gold Ming Mine Project, located on the Baie Verte Peninsula, Newfoundland, Canada.   The resource was estimated using information from surface diamond drilling and the last 6 months of underground diamond drilling. Rambler also announces its key plans for the future.

 

RESOURCE HIGHLIGHTS

 

April 28, 2008 SRK Mineral Resource Statement

�   Mineral resource estimate for the Ming Massive Sulphide Horizon

o    1807 Zone

�   Measured Mineral Resource:

233,000 tonnes of 4.17% copper, 1.93 g/t gold, 7.01 g/t silver and 0.7% zinc

�   Indicated Mineral Resource:

108,000 tonnes of 4.68% copper, 1.59 g/t gold, 6.77 g/t silver and 0.53% zinc

�   Inferred Minerals Resource:

32,000 tonnes of 4.18% copper, 2.79 g/t gold, 6.28 g/t silver and 0.47% zinc

 

o    Ming Zone

�   Measured Mineral Resource:

252,000 tonnes of 1.88% copper, 2.62 g/t gold, 12.15 g/t silver and 0.52% zinc

�   Indicated Mineral Resource:

413,000 tonnes of 1.87% copper, 2.40 g/t gold, 12.52 g/t silver and 0.58% zinc

�   Inferred Minerals Resource:

1,039,000 tonnes of 1.52% copper, 1.5 g/t gold, 10.61 g/t silver and 0.7% zinc

 

�   Mineral resource estimate for the Upper Footwall Zone

�   Indicated Mineral Resource:

390,000 tonnes of 2.99% copper, 0.25 g/t gold, 2.9 g/t silver and 0.03% zinc

 

�   Mineral resource estimate for the Lower Footwall Zone

�   Indicated Mineral Resource:

8,664,000 tonnes of 1.68% copper, 0.08 g/t gold, 1.12 g/t silver and 0.01% zinc

�   Inferred Minerals Resource:

2,006,000 tonnes of 1.55% copper, 0.07 g/t gold, 0.99 g/t silver and 0.00% zinc

 

Further details are available in Appendix 1

(see attached or visit our website for a copy of this appendix)

 

FUTURE PLANS

 

• Complete mine dewatering by summer 2008.

• Continue delineation drilling of the Lower Footwall Zone to increase the resource while moving resource classifications into the measured category.

• Mobilize a second underground drill to target high grade massive sulphides and Au mineralization beginning in June.

• Begin pre-development accesses which shall be used initially as exploration and diamond drill stations.

• Complete a Titan 24 deep penetrating ground geophysical survey over the property in summer 2008 to identify any new zones on the property.

• Initiate a prefeasibility study with completion date scheduled early 2009.

• Provide a resource update at year end to be incorporated into prefeasibility report due in early 2009.

 

 

 

Dewatering Progress

 

At the time of this release nearly 220 million gallons of water have been pumped and treated from the old mine.   Water levels are dropping faster as we approach the 2200 level and the ground conditions in the old ramp remain excellent.   We expect to reach the 2700 level and finish this phase of dewatering by the summer.   Once the mine is completely dewatered the installed pumping system will be more than adequate to handle any new water coming into the mine and service water that will be required for pre-development and later production.

 

Underground Exploration

 

Drilling from underground continues with a number of targets being explored by a single drill rig.   The footwall delineation program has proven successful so far with 9,000 metres drilled out of the 20,000 metre contract; only 6,266m was used in the resource estimate. The drill is currently setup on the 1800 level where better than 2% copper grades have been reported from historic drilling.   Rambler�s geologic team are constantly interpreting the new data utilizing Datamine�s 3D modeling software which will provide a unique insight to the mineralized trends of the footwall zone and hopefully generate new targets that have been previously overlooked.   It is Rambler�s intention to continue drilling the footwall zone over the coming months and include this new data in a resource update due for release towards the end of the year.

 

In addition to the footwall program the single underground drill rig is also testing areas of the Ming Massive sulphide that�s reported anomalous gold and copper values, but never mined.   Unfortunately the current drill setup does not allow for the adequate testing of these zones without extensive access development.   To alleviate this challenge Rambler has committed to a second smaller drill with a guaranteed 5000 metres of drilling specifically targeting the Ming Massive sulphide and the new gold zone.   Rambler believes that expanding these zones will have further positive impact on the resource and economics of the mine in the early years.   The new drill will arrive onsite in June.   Again, drilling results from the second underground drill will form the basis of a resource update towards the end of the year.

 

Surface Exploration

 

Both directional drilling rigs for the surface exploration program were demobilized late in March.   The drills were demobilized since it is more cost effective and efficient for Rambler to continue drilling these zones from underground once the mine is completely dewatered.   The surface drilling itself has extended the Ming Horizon nearly 1 kilometre beyond the old property boundary and has tested much of the Footwall Zone on an indicated, 50 metre drill spacing.   The results from the surface drilling program formed the base of our NI43-101 resource estimate.

 

In addition to extending previously known zones the surface drilling program has made some additional new discoveries.    The Upper Footwall Zone was first discovered in 2006 while testing the edge of the Footwall Zone.   This high grade stringer mineralization has been intersected thus far along a 375m plunge length where it ranges between 6.0 and 14.4 metres in thickness. The newly discovered mineralization is open at depth and remains a target for future exploration .

 

The 1807 Zone has also been extended and is now 600 metres in plunge length with an average true thickness of 3 to 5 metres.   This zone will be of particular interest for future exploration given its plunge length, close proximity to existing development and of course its excellent grades.

 

It should also be noted that all these zones remain open down plunge, to the west and in the case of the 1807 zone up-plunge as well.   It is Rambler�s belief that these deeper targets are best drilled from underground once the Mine is completely de-watered.

 

To continue its surface exploration and to generate new targets Rambler plans to use the Quantecs Titan 24 deep Penetrating DCIP and MT geophysical survey to explore for parallel plunging lenses of the Ming Massive Sulphide horizon.   The Titan 24 ground geophysical survey is being tentatively scheduled for July of this year.

George Ogilvie, Rambler�s President and CEO commented

 

�SRK�s initial NI43-101 resource estimate confirms Rambler�s view that the Ming Mine Project contains a sizeable copper resource with gold credits that holds the potential for a viable long term mine. We are confident that further exploration and delineation drilling will only add to the resource while increasing our confidence levels in the controlling geology and ore zones. Many additional �exploration targets� have been identified based on historical holes, which we intend to verify with new drill holes over the course of 2008. Based on this initial resource estimate and work by SRK for the scoping study report it is Rambler�s intention to advance the project into a prefeasibility study beginning this summer with completion scheduled for the end of this calendar year.�

 

 

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.

 

Analytical results for Rambler core are first determined at Eastern Analytical, Springdale, NL.   S amples are then shipped by courier to Activation Laboratories Ltd., Ancaster Ontario, where a 34 element ICP analysis and gold fire assay are performed.   The results presented in this release are based on assay data from Eastern Analytical and Activation Laboratories.   ActLabs� data, being the accredited lab for this project,   will supersede all other results.

 

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.