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
The Company has made application for the 887,614 Shares to be
admitted to trading on AIM. Admission is expected to occur on 29
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
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.
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
Blythe Weigh Communications
Tim Blythe / Halimah Hussain
+44 (0) 20 7138 3204
Ocean Equities Limited
+44 (0) 20-7786-4370
Press spacebar to pause and continue. Press esc to stop.