Issue of Equity to Cornerstone
Issue of Equity to Cornerstone
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 11/28/13 -- Rambler Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) ("Rambler" or the "Company"), a copper and gold producer operating in Newfoundland and Labrador, Canada, announces that the Company has issued, subject to final TSX Venture Exchange ("TSX-V") approval, 887,614 ordinary shares of one penny each in the Company ("Shares") in connection with the purchase of a 50 per cent interest in the Little Deer Copper Deposit and Whalesback Mine (together the "Little Deer Project").
The 887,614 Shares at a price per Share of $0.39432 for an aggregate subscription amount of $350,000.00 have been issued to Cornerstone Resources Inc. ("Cornerstone"), a wholly-owned subsidiary of Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) pursuant to an agreement between, inter alios, Cornerstone and the Company wherein Cornerstone agreed to use cash paid to it by the Company's wholly-owned subsidiary, Rambler Metals and Mining Canada Limited ("Rambler Canada"), in final satisfaction of the purchase price for the acquisition by Rambler Canada of the above noted 50 per cent participating interest in the Little Deer Project, to subscribe for Shares at such price. The Shares are subject to a four-month and one day hold period from the date of issue in accordance with applicable securities legislation.
The Company has made application for the 887,614 Shares to be admitted to trading on AIM. Admission is expected to occur on 29 November 2013.
For the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital at the date of this notice consists of 144,168,228 ordinary shares of 1 penny each.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.
Additional information on the project will be available on the Company's website at www.ramblermines.com.
ABOUT LITTLE DEER & WHALESBACK
The Little Deer copper Project, located in north-central Newfoundland, is a 50-50 joint venture with Thundermin, the project operator. Since 2007 approximately CAD$8 million has been invested into the property including 55,000 metres of diamond drilling, scoping level metallurgical test work, NI43-101 mineral resource estimates and a Preliminary Economic Assessment ("PEA").
The project includes the past-producing Little Deer and Whalesback underground copper mines which operated during the 1960's and 1970's. A Cornerstone and Thundermin press release, dated 26 July 2012, outlined a NI43-101 resource estimate for Little Deer and Whalesback containing combined Indicated Resources of 2,708,000 tonnes grading 2.16 per cent copper (129.1 million pounds of copper) and Inferred Resources of 4,191,000 tonnes grading 2.07 per cent copper (191.3 million pounds of copper).
Planned future work consists of infill diamond drilling to upgrade any Inferred Resources to an Indicated or Measured Resource category in order to further advance the project's engineering studies. Good opportunities also exist to expand the mineral resources at both deposits.
The Little Deer Project is located less than 140 kilometres from the Company's Nugget Pond base and precious metals processing facility and only 30 kilometres from the Goodyear's Cove Port Facility.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in 2012 brought its first mine into commercial production. The group has a 100 per cent ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.
Our Company Vision is to be Atlantic Canada's leading mine operator and resource developer through the expansion of the Ming Mine, discovering new deposits and through mergers and acquisitions. Rambler listed on the London AIM in 2005 and Toronto TSX-V in 2007.
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 Canada Limited.
Tonnes referenced are dry metric tonnes unless otherwise indicated.
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.
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 copper, gold and silver forecasts, 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 are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. 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 law. Contacts: Rambler Metals and Mining George Ogilvie, P.Eng. President and CEO 709-800-1929 or 709-800-1921
Rambler Metals & Mining Plc Corporate Office +44 (0) 20 8652-2700 +44 (0) 20 8652-2719 (FAX) www.ramblermines.com
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