Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

April 16, 2013 07:00 ET

Rambler Completes Property Arrangement to Explore for New Gold & Copper

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwired - April 16, 2013) - Rambler Metals and Mining plc, the Newfoundland copper and gold producer, explorer and developer (TSX VENTURE:RAB)(AIM:RMM) ("Rambler" or "the Company") is pleased to announce that it has finalized a purchase and sale arrangement with a local exploration company for the exclusive rights to explore and develop a gold/copper property. Under the agreement, Rambler is able to immediately begin exploring and compiling all historic data in the area from the Krissy's Buckle property, located within 40 kilometres of Rambler's Nugget Pond multi commodity processing facility.


  • Contains two mining leases in addition to numerous copper and gold mineralized zones and soil anomalies including the Krissy, SB and Brass Buckle trends

  • 2300 hectares and located approximately 5 kilometers to the south of the Ming mine

  • Rambler is particularly interested in the Krissy trend with 10.51 g/t gold over 1.75 metres, including 0.5 metres grading 31.9 g/t and 2.84% Cu. The 2011 surface diamond drill hole, RSKT-11-04, returned this high grade mineralization within 10 metres of the collar (i.e. near surface) and will be a key target area as Rambler embarks on its exploration program

  • In addition the property contains numerous other untested copper and gold anomalies in soils and bedrock occurrences

The purchase and sale of the property is between Rambler and the three land holders, Mr. Peter Dimmell, Krinor Resources Inc. and Northeast Exploration Services Ltd. The terms of the sale have been structured in such a way that will allow Rambler the exclusive right to explore and develop the property while providing the vendors with a 2% net smelter royalty (NSR) on any ore extracted. In addition to the NSR, advanced royalty payments totaling $90,000 (CAD) will be paid to the vendors over the first 4 years.

Additional information on Rambler's plans for an exploration program will be released over the coming months. The agreement will be publicly filed on SEDAR.

George Ogilvie, President and CEO, commented:

"We believe that the Baie Verte area has significant mineral exploration potential and with the Ming Copper-Gold Mine in commercial production, and generating free cash flow, now is the right time to acquire other properties within close proximity to our existing operating mill.

"This is the first property arrangement we have completed since reaching commercial production in November 2012, and hopefully it will not be our last as we are currently in negotiations on a number of other exciting prospects.

"The structure of this deal is favourable to both parties, as it allows Rambler to start exploring and assessing the mineral potential on the property while providing the original stake-holders with an attractive net smelter royalty. The property now rests with Rambler who have a track record of being able to bring projects to Commercial Production should the economics justify this.

"Our strategy is to grow the business with the addition of new resources and reserves, through organic growth at the Ming Mine and through exploration and M&A activity. We believe that this property purchase supports our vision to increase the Company's mining assets in Newfoundland and looking to becoming Atlantic Canada's leading resource developer and mine operator."

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.

Drill hole referenced tonnes are dry metric tonnes.

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.

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)

    Cantor Fitzgerald Europe
    Stewart Dickson / Jeremy Stephenson
    +44 (0) 20 7894 7000

    Pelham Bell Pottinger
    Daniel Thole/Marcin Zydowicz
    +44 (0) 20 7861 3921

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