Rambler Ships More High Grade Copper Concentrate, Over 18,000 Wet Metric Tonnes
Delivered to Date
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR --
(Marketwired) -- 05/29/13 -- Rambler Metals and Mining plc (TSX
VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to
announce that approximately 6,112 wet metric tonnes ('wmt') of copper
concentrate has been shipped to international markets from the
Company's bulk storage facility in Goodyear's Cove, NL Canada. The
Company's own sampling estimates an average grade of 28.23% copper,
6.57 g/t gold and 49.62 g/t silver.
This is the third shipment as part of the off-take agreement with
Transamine Trading SA ('Transamine') and brings the total to just
over 18,000 wmt since first concentrate production in late May 2012.
Since the initial start in May 2012 the Company has been constantly
optimizing production through the Nugget Pond milling facility with
recoveries over the past eight weeks nearing 95%, from an average
head grade of approximately 4.5% copper. During this same period
nearly 80 wmt of copper concentrate was produced per day with some
peak days of 115 wmt of concentrate or 30 tonnes of copper metal.
Coupled with the above average production levels the mine has also
seen a number of significant advancements over recent months
including the breakthrough of the 1807 ramp system and the completion
of a number of exploration headings. Despite the fluctuations in base
and precious metal pricing the operation continues to be profitable.
Following the shipment the Company still has over 759 wmt of
concentrate in storage at its Goodyear's Cove Facility.
George Ogilvie, President and CEO of Rambler, commented:
"The continuing shipment of copper concentrate demonstrates our
ability to produce and we are extremely pleased to see further
progress and optimization of our mine and mill. Realizing first
profit and free cash flow from operation in fiscal Q2 we are
confident that the production can be maintained over the fiscal Q4
period with over 20,000 tonnes of high-grade ore in drilled and
blasted inventory waiting to be processed.
In addition, an exploration campaign to test the up-dip extension of
the 1807 zone has intersected high-grade mineralisation. We are
sing the information to determine whether new stoping
blocks can be added. In conjunction an exploration development drift
at the bottom extent of the 1807 zone will soon be in place whereupon
it is our intention, in June, to begin exploring down-plunge of the
ore body. Initially with the goal of converting inferred
mineralisation to the measured and indicated category followed by
pure exploration. Our overall goal is to continue adding to the
mineable reserve and thus extend the life of mine.
We shall release additional information as results become available."
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.
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.
Rambler Metals and Mining
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921
Rambler Metals & Mining Plc
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson
+44 (0) 20 7894 7000
Pelham Bell Pottinger
+44 (0) 20 7861 3921
Ocean Equities Limited
+44 (0) 20-7786-4370
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