Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

September 21, 2009 09:31 ET

Rambler Explores for New Gold

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Sept. 21, 2009) - Rambler Metals and Mining plc ('Rambler') (TSX VENTURE:RAB)(AIM:RMM) recently announced its intent to purchase the Nugget Pond gold processing facility on the Baie Verte peninsula. While it is Rambler's intentions to upgrade the mill with a new base metal flotation circuit, to accommodate feed from its own Ming copper-gold mine, the company is also taking a proactive approach in searching for potential gold properties in the surrounding area.

To date two such properties have been identified. The Corkscrew/ Big Bear property and the Deer Cove gold deposit, both located on the Baie Verte Peninsula are within trucking distance of Nugget Pond.

George Ogilvie, President and CEO commented;

"Each property presents its own unique opportunity in turn exposing Rambler to both short and long term production scenarios. The Deer Cove deposit could take advantage of Rambler's experienced mining and technical team while the Corkscrew/ Big Bear is a grass roots, underexplored property with significant upside potential.

The agreements potentially give Rambler the opportunity to develop a gold property which is in close proximity to Nugget Pond, our soon to be acquired gold hydrometallurgical facility. Further it fits well with our strategy of becoming a major gold and base metal producer on the Baie Verte Peninsula."

Deer Cove Gold Deposit - Tenacity Gold Mining Company Ltd

Rambler Metals and Mining has signed a confidentiality agreement with Tenacity Gold Mining Company Ltd to evaluate the potential of developing the Deer Cove deposit. The deposit is located on the Baie Verte Peninsula of Newfoundland, just 50 kilometres from the Nugget Pond mill.

The Deer Cove deposit consists of auriferous brecciated quartz/sulphide veins. During the late 1980's Noranda Exploration developed an exploration adit and collected a bulk sample from the deposit. Later, in 1999, the provincial government estimated a non NI43-101 compliant (undiluted and uncut) resource of 94,093 tonnes of high grade mineralization at 6.01 g/t in addition to a lower grade resource of 48,906 tonnes of 2.45 g/t. A small stockpile of 4275 tonnes grading 3.1 g/t is currently located at the entrance of the adit. Neither the resource estimate nor the stockpile is NI43-101 compliant and therefore cannot be relied upon in any way. Tenacity has already begun the process of upgrading the historic resource estimate to meet today's NI43-101 regulations.

The property can be accessed via paved highway and an all weather gravel truck road. With the deposit's close proximity to the Ming Mine, 10 km, along with the existing underground infrastructure, Rambler is confident that the deposit can be brought into production quickly with minimum expenditure.

Corkscrew/ Big Bear – Seaside Realty Ltd

Rambler has entered into an option agreement with Seaside Realty Ltd (Seaside) to earn up to a 50% undivided interest in the Corkscrew/Big Bear Property, also located on the Baie Verte Peninsula. As outlined in the agreement Rambler will assume project management of the property for two years. During which time Rambler will be responsible for all geologic compilation and exploration management while Seaside will be responsible for all diamond drilling related costs.

The Corkscrew/Big Bear Property can be accessed by way of paved highway and gravel road and is located approximately 6 kilometers north of the Ming Mine, bordering the producing Anaconda Pine Cove Gold Deposit. The property has seen sporadic periods of exploration since the early 1980's. During 1987 and 1993 approximately 28 diamond drill holes were completed intersecting gold mineralization of varying thickness and grade including 29.64 g/t Au over 1.0 m, 8.46 g/t Au over 3.9 m and 2.54 g/t Au over 15.0 m.

The property is underexplored with all mineralized zones open along strike and down dip. It is Rambler's hope that given further interpretation a test drill program can be initiated in the spring of 2010.

Below are select diamond drill intersections and grab samples from previous exploration programs.

Sample IdEasting

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 are dry metric tonnes.

Drill intersections quoted are core lengths. Analytical results were determined at Eastern Analytical, Springdale, NL. All historical samples quoted include original assay certificates.

National Instrument 43-101 compliance information regarding sampling and analytical protocols pertaining to the Rambler Project can be accessed via the following link: http://www.ramblermines.com.

About the Company

The principal activity of the Company is to carry out development and exploration on the Ming Property, a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula. The Company is committed to bringing the former Ming Mine back into production.

The Ming property had been a former underground copper and gold producer 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.

With the impending acquisition of the Nugget Pond gold processing facility and its subsequent modification Rambler will soon have the capability and flexibility to process multiple ore types either from its own property or through toll milling agreements. This diversification will create direct share holder value while further reducing the risk of fluctuating commodity prices.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rambler Metals and Mining Canada Limited
    George Ogilvie, P.Eng.
    President and CEO
    Rambler Metals & Mining Plc
    Leslie Little
    Company Secretary
    +44 (0) 14-8341-9942
    Website: www.ramblermines.com
    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