Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

January 10, 2011 11:30 ET

Rambler Metals & Mining Plc: Director Shareholding

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND and LABRADOR--(Marketwire - Jan. 10, 2011) - Rambler Metals & Mining Plc ("Rambler" or "the Company") (TSX VENTURE:RAB)(AIM:RMM)

The Company was notified 7 January 2011, that on 6 January 2011 Harry Dobson, Chairman, bought 500,000 Ordinary Shares ("Ordinary Shares") in the issued share capital of the Company at a price of 32.9p each. Harry Dobson now holds an interest in 8,238,000 Ordinary Shares in the Company representing 8.6% of the Company's issued share capital.

The Company has also been informed that Altius Minerals Corporation (TSX:ALS) which had previously held 12,000,000 Ordinary Shares no longer holds any shares in Rambler.

George Ogilvie, President and CEO commented:

"Altius' decision to exit was not an easy one but is in line with their business model that places an emphasis on projects in the exploration through development stage. Rambler will in fact be Altius' first co-founded exploration initiative that has progressed all the way to production. On behalf of the Board and myself I would like to thank Altius for their assistance and support over the years in transitioning the Company from an exploration company to near term producer."


Rambler Metals and Mining is Junior Mining Company that has 100% ownership of the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada. Our objective is to become a mid-tier mining company by bringing the Ming Mine into production, discovering new deposits and through M&A's. Following the acquisition of the Ming Mine, Rambler, listed on the London AIM in 2005 and Toronto TSX-V in 2007.

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

The area where the mine is located is a former mining centre and subsequently good infrastructure exists including roads, fresh water, hydro, access to a working port while the town of Baie Verte, population 1,300 is located 17km away.

Over the last several years Rambler has been exploring on the property leading to the publication of three NI43-101 resource statements, a newly published reserve statement, the discovery of new mineralized lenses and the extension of pre-existing lenses. Today all mineralization remains open in multiple directions while, importantly, the deposit has not been cut-off at depth. The underground workings have been dewatered and services including air, water and electrical re-installed.

In October 2009, Rambler purchased an operational gold hydrometallurgical mill, Nugget Pond, which is situated approximately 40km from the Ming Mine. Rambler intends to expand the mill so that it is capable of handling massive sulphides from the Ming Mine and produce a copper concentrate with gold and silver as by-products. By utilizing the hydrometallurgical facility, in conjunction with the concentrator, the company anticipates increased gold recovery as well as recovering any free gold.

Following the successful publication of a positive Feasibility Study in 2010 Rambler has now entered the construction phase of the project and expects to bring the Ming Mine back into production in 2011.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statement, 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 and Mining
    George Ogilvie, P.Eng.
    President and CEO
    Rambler Metals & Mining Plc.
    Corporate Office
    +44 (0) 20 8652-2700
    +44 (0) 20 8652-2719 (FAX)
    Seymour Pierce Limited
    Nandita Sahgal / Jeremy Stephenson
    +44 (0) 20-7107-8000
    Pelham Bell Pottinger
    Klara Kaczmarek / Philippe Polman
    +44 (0) 20-7861-3232
    Ocean Equities Limited
    Guy Wilkes
    +44 (0) 20-7786-4370