Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

October 27, 2009 10:02 ET

Rambler Completes Purchase of the Nugget Pond Processing Facility

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Oct. 27, 2009) - Rambler Metals & Mining PLC (TSX VENTURE:RAB)(AIM:RMM) (the "Rambler") is pleased to announce that the purchase of the Nugget Pond Processing Facility (the "Facility") from Crew Gold Corporation has been completed.

The purchase price for the Facility is $3.5 M CDN. The purchase follows the previously announced successful placing to raise approximately Pounds Sterling 5.5 million (Cdn $9.35 million) before expenses.

George Ogilvie, President and CEO commented;

"We are very pleased that we have successfully purchased the Nugget Pond Mill Facility. The acquisition greatly improves Rambler's project economics and will provide maximum returns to our shareholders. This acquisition and the recent placing enables Rambler to accelerate its plan to go into production in 2010 and reach its goal of becoming a major gold and base metals producer on the Baie Verte Peninsula."

About the Company

The Rambler property had been a former underground copper and gold producing property that ceased production when the deposit reached a then third party property boundary. This neighbouring property was subsequently consolidated before being brought into the Company. The Company now owns a 100% interest in the property.

The principal activity of the Group is carrying out development and exploration on the Rambler Property, a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula.

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 and Mining
    George Ogilvie, P.Eng.
    President and CEO
    Canada Limited
    Rambler Metals & Mining Plc
    Leslie Little
    Company Secretary
    +44 (0) 14-8341-9942
    Seymour Pierce Limited
    Nandita Sahgal
    +44 (0) 20-7107 8000
    Pelham Public Relations
    Chelsea Hayes/Klara Kaczmarek
    +44 (0) 20-7337-1523 /20-7337-1524
    Ocean Equities Limited
    Guy Wilkes
    +44 (0) 20-786 4370