Rambler Metals & Mining Plc
TSX VENTURE : RAB
AIM : RMM

Rambler Metals & Mining Plc

August 24, 2011 09:30 ET

Progress Update at Rambler's Copper-Gold Projects

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Aug. 24, 2011) - Rambler Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to provide this progress update on the Ming Mine construction and the Tilt Cove operation, Baie Verte Peninsula.

HIGHLIGHTS

Ming Mine

  • Project construction remains on schedule with mill start-up and commissioning planned for October 2011.
  • Development continuing to ore bodies in preparation for mine stoping.
  • Concentrate storage facility at Goodyear's Cove Port scheduled to be completed in October 2011.
  • 1806 Zone definition drilling returns grades of 1.58% copper, 9.85 g/t gold, 100.37 g/t silver, 1.73% zinc over 16.60 meters.

Tilt Cove East Mine

  • A total of 1,041 gold ounces have been recovered from the operation with an average gold price realized of CAD $1,643. The total all in cash cost is estimated at CAD $974 per ounce providing Rambler with a net profit of approximately CAD $720,000 to date.
  • Due to sodium cyanide supply issues the project has been suspended until a secure supply can be sourced.

George Ogilvie, President and CEO commented:

"The Company continues its progress towards first production from the Ming Mine in the second half of this year with mill commissioning and start-up anticipated in October. Over the last 2 months we've continued to build up our labour force which now stands at 110 with only a few key positions remaining to be filled. In-fill drilling of our first stoping block in the 1806 zone has returned encouraging grades, over good widths that should improve the reserve in this block. Any additional gold at a time of record gold prices will only benefit the Company.

"Our supplier of sodium cyanide, a chemical used for the recovery of gold, declared Force Majeure which has subsequently led to a suspension of the Tilt Cove operations until an additional source can be found. With 20,000 to 30,000 tonnes of material remaining for processing Rambler will re-evaluate the possibility of re-starting the Tilt Cove operation once an alternative source can be secured."

Ming Copper Gold Mine

Underground development is continuing at the Ming Mine with longhole drilling of the production stopes beginning before month end. The first stope from the 1806 zone has been estimated to contain 18,775 tonnes of ore grading 4.97 g/t gold and 0.51% copper, which is better than the overall resource of the 1806 Zone at 3.96 g/t gold and 0.60% copper. Definition diamond drilling for this zone has returned good grades over significant widths. The results from this program are reported in the table below.

Table 1: Definition Diamond Drill Program of the 1806 Zone.

Drill Hole From
(m)
To
(m)
Length
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Zn
(%)
MMUG11-01 2.80 17.44 14.64 0.35 3.56 40.15 1.43
including 15.37 16.79 1.42 2.51 9.59 188.65 0.25
MMUG11-02 1.80 18.40 16.60 1.58 9.85 100.37 1.73
including 15.30 17.90 2.60 6.14 14.02 244.86 6.64
MMUG11-03 1.20 15.60 14.40 0.45 2.70 30.17 1.24
including 11.20 15.60 4.40 1.18 6.35 75.01 2.40
MMUG11-04 0.20 16.90 16.70 0.51 2.46 13.83 0.59
Including 0.20 1.20 1.00 3.30 2.72 54.80 1.38
MMUG11-05 0.10 13.40 13.30 0.42 3.20 23.24 0.58
Including 0.10 6.40 6.30 0.73 4.53 38.58 0.91
MMUG11-06 0.00 17.20 17.20 0.13 1.08 9.43 0.66
Including 0.00 2.50 2.50 0.48 1.24 17.78 2.12
MMUG11-07 0.10 9.70 9.60 0.05 3.81 20.16 1.40
* All reported samples are composited and uncut.
* Drill intercepts quoted are core lengths; true widths are estimated to be 90% to 95% of the intersected core lengths.

Work on the concentrator at Nugget Pond is continuing with installation of the super cladding, electrical and piping. All the major components are now in place.

With the suspension of the Tilt Cove operation preparations are now being made for the final transfer of the hydromet crushing and grinding circuit into the copper concentrator. Once this transfer is complete the hydromet facility will only be available for improved gold recovery for the concentrator tails. This setup will remain in place for the next 12 months while the company evaluates the various scenarios to optimize the crushing and grinding circuit so that 1,000 mtpd can be achieved through the concentrator.

The concentrate storage facility which will have a 9,500 wmt storage capacity is proceeding on schedule and is anticipated to be completed by early October. First concentrates are also expected to begin arriving in October with the first 5,000 wmt concentrate shipment scheduled for 1Q 2012.

Tilt Cove – East Mine Deposit

During the 36 days of crushing a total of 20,882 wet metric tonnes of material were processed resulting in a daily average throughput of 580 mtpd. While the dilution from barren rock brought the average grade down to 1.79 g/t gold, the project recovered over 1,000 ounces of gold at an average cost of $974 per ounce realizing a net profit of approximately CAD $720,000.

Due to the major North American supplier of Sodium Cyanide declaring Force Majeure Rambler has been forced to suspend the milling of the Tilt Cove material until an alternative source can be found.

Between 20,000 and 30,000 tonnes remain in the stockpile at Tilt Cove and once a secure supply of reagents can be sourced the Company will re-evaluate to potential of continuing this program.

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 reported are dry metric tonnes.

Forward-Looking Statement:

Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements.

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.

Contact Information

  • Rambler Metals & Mining Plc.
    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

    Seymour Pierce Limited
    Nandita Sahgal / Jeremy Stephenson
    +44 (0) 20-7107-8000

    Pelham Bell Pottinger
    Charles Vivian
    +44 (0) 20 7861 3126

    Pelham Bell Pottinger
    Philippe Polman
    +44 (0) 20 7861 3921

    Ocean Equities Limited
    Guy Wilkes
    +44 (0) 20-7786-4370