SOURCE: Rambler Metals & Mining Plc

January 30, 2015 02:00 ET

Rambler Implements Revised Plan at the Ming Copper-Gold Mine

LONDON, UNITED KINGDOM and BAIE VERTE, NL--(Marketwired - Jan 30, 2015) - Rambler Metals and Mining plc (TSX VENTURE: RAB) (LSE: RMM) ("Rambler", "the Company" or "the Group") today provides an update of operations at the Ming Copper-Gold Mine.

Due to the uncertainty in the copper price and an unforeseen decline in copper grade in January the Company has begun implementing short term cost cutting measures whilst it addresses grade and production issues at the Ming Mine. These measures are designed to provide additional financial stability for the Company as it now works towards the lower end of production guidance for Fiscal 2015.

KEY POINTS

  • The significant decline in copper price during January has led to a complete review of the 2015 Fiscal plan as the Company works to re-evaluate the full impact that lower copper prices will have with the cost cutting measures in place

  • Additional unplanned dilution of ore production stopes due to ground stability issues in the active stoping areas within the 1807 and MSUP zones have resulted in a decrease in the run of mine head grade over the last few weeks. It is expected that further ground support and larger pillar sizing will be required in some existing and new stoping areas to ensure stope stability

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http://www.rns-pdf.londonstockexchange.com/rns/5594D_1-2015-1-30.pdf

Contact Information

  • For further information, please contact:

    Norman Williams, CA
    President and CEO
    Rambler Metals & Mining Plc
    Tel No: 709-800-1929
    Fax No: 709-800-1921

    Peter Mercer
    Vice President, Corporate Secretary
    Rambler Metals & Mining Plc
    Tel No: +44 (0) 20 8652-2700
    Fax No: +44 (0) 20 8652-2719

    Stewart Dickson / Jeremy Stephenson
    Cantor Fitzgerald Europe
    Tel No: +44 (0) 20 7894 7000

    Tim Blythe/ Halimah Hussain
    Blytheweigh
    Tel No: +44 (0) 20 7138 3204

    Website: www.ramblermines.com