🕐28.06.11 - 08:27 Uhr
RAMBLER METALS AND MINING PROJECT UPDATE
Please find attached and pasted below this mornings announcement from
Rambler Metals and Mining (AIM: RMM / TSX-V: RAB).
Best,
Philippe
Significant Progress Being Made at Ramblers Copper Gold Projects
London, England & Baie Verte, Newfoundland and Labrador - Rambler Metals
and Mining plc (TSXV: RAB, AIM: RMM) (Rambler or the Company) is
pleased to provide this update on each of its copper and gold projects
on the Baie Verte Peninsula.
HIGHLIGHTS
Ming Mine
* Project construction remains on schedule for first production
in the second half of 2011
* Multiple headings of pre-production development to the ore
bodies continuing with ore now being stockpiled while the Nugget Pond
concentrator remains on the critical path to production
* Construction of the concentrate storage facility at Goodyears
cove is underway and is expected to be completed well in advance of the
first concentrate production
* Workforce increased to 108 employees in total and expected to
grow ahead of full production
Nugget Pond Crown Pillar
* Mining and milling of the crown pillar is now complete.
After
refining and cleanout a total of 1053 gold ounces were recovered.
The
total all in cash cost was $ 401 per ounce providing the Company with a
net profit of CAD $ 1,132,437 from the operation
Tilt Cove East Mine
* Transportation and processing of the Tilt Cove stockpile to
the Nugget Pond mill began early June.
To date 5424 tonnes of material
have been processed at an average feed grade of 2.64 g/t gold with an
estimated recovery of 92%.
Processing is expected to continue throughout
the summer until construction of the new concentrator is completed and
ready for commissioning
George Ogilvie, President and CEO commented:
"The Company is making good progress in bringing the Ming Mine into
production in the second half of 2011.
We anticipate the mining of the Tilt Cove East deposit will be as
successful as the Nugget Pond Crown Pillar, creating another net profit
for the Company.
We expect the net profit from these satellite
deposits, and toll milling contracts as a whole, will more than payback
the CAD $3.5M Rambler paid for the mill in 2009.
In the coming months we will ramp up our labour force in preparation for
full production.
Shortly we will turn our attention to signing an
off-take agreement for our valuable concentrate; we are well positioned
with numerous offers on the negotiating table.
We will also be advancing
our engineering studies for the Lower Footwall Zone which we see as an
integral part of our Phase II expansion plans.
Over the longer term we remain bullish on copper and gold while we
continue to develop our operations in stable jurisdictions; namely in
Canada.
"
Ming Copper Gold Mine
Construction activities at the Ming Mine are proceeding at pace and on
schedule with preproduction development into the main ore bodies being
the main focus for the underground crews.
There are currently multiple
heading accessing the 1806 Zone with a resource of 349,000 tonnes
grading 3.96 g/t Au and 0.60 % Cu.
The Company currently has 2,500
tonnes of ore stockpiled and is aiming for a 15,000 tonne stockpile
prior to commissioning the mill concentrator.
Shortly development crews
will turn their focus to the 1807 Zone with a measured and indicated
resource grade of 432,000 tonnes grading 3.86 % Cu, 1.75 g/t Au and 7.18
g/t Ag.
At present the total direct employment for the project is 108
people.
Over the next couple of months the company will complete the
hiring process to bring the labour force up to full requirements for
mining and milling; at full production the Company will employ over 130
people.
At the Nugget Pond mill site work on the new concentrator is continuing
in conjunction with the daily gold hyrdomet operations where the Tilt
Cove material is being processed.
At present contractors are finalizing
the buildings concrete and steel work in preparation for the arrival of
the super cladding early in July.
With the recent award of the
electrical contract the majority of third party contracts have now been
let with the only remaining items being the heating, ventilation and
sprinkler systems.
Finally, ground and foundation work for the concentrate storage facility
at Goodyears Cove has begun.
The building itself has been ordered and
expected to arrive in July; with all ground work completed before
arrival the facility will be ready well in advance of the first
concentrate production from the Nugget Pond Mill.
Nugget Pond Crown Pillar
The mining and milling of the Crown Pillar project is now complete in
addition to all site reclamation.
During the 18 days in operation
approximately 7,283 tonnes of material were excavated at an average
grade of 3.88 g/t gold.
The tonnes of ore were less than the Company
expected due to the intersection of an unknown fault which resulted in
lower recovered ounces of gold.
At the end of the program three gold
Dore bars with a total weight of 55.2 kgs were poured and delivered to
Johnston and Matthews refinery for further processing.
Upon
reconciliation from the refinery 978 ounces was recovered from the gold
Dore bars.
The material from the cleanout process delivered another 75
ounces bringing the total gold ounces for the project to 1053.
The
average recovery for the operation was 94.9% which is in line with the
Companys expectations.
With an all in total cash cost from the operation of $ 401 dollars per
ounce the company has realized a net profit of CAD $ 1,132,437.
Tilt Cove - East Mine Deposit
Subsequent to the completion of the Crown Pillar project the Company has
begun moving material from the Tilt Cove East Mine to the Nugget Pond
facility.
Rambler is spearheading the project under a NSR agreement
with Metals Creek Resources (TSXV: MEK) (see RMM press release dated
January 19, 2011).
While the agreement itself was only signed in
January 2011 the short path to production was possible due to the
attention of provincial regulators and that the majority of
infrastructure was already in place and operating.
Processing of the material has been proceeding well with an average
daily throughput exceeding 500 mtpd and average recovery of 92%.
The
Company estimates that there remains between 40,000 and 70,000 tonnes of
material at Tilt Cove that still has to be transported to the Nugget
Pond Mill facility.
With the material remaining at Tilt Cove the Company
expects the operation to continue throughout the remaining summer months
while the Nugget Pond Mill Concentrator prepares for commissioning in
the second half of 2011.
Philippe Polman
Account Manager
Direct line: +44 (0)20 7861 3921
Mobile: +44 (0)7841 672 830
Pelham Bell Pottinger
5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233
www.pelhambellpottinger.co.uk
.......................................
A CarbonNeutral(r) company
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