Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

April 26, 2011 09:30 ET

Rambler Metals & Mining Plc: Production Approval Received for Nugget Pond Crown Pillar Along With Environmental Release for the Tilt Cove East Deposit

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - April 26, 2011) - Rambler Metals & Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to provide an update on both the Nugget Pond and Tilt Cove gold projects.

  • Final approval received for the Nugget Pond Crown Pillar project. Contractors preparing to mobilize for open pit development. First production planned for May 2011.

  • The Tilt Cove East Mine Project has been released from Environmental Assessment. In addition, first comments have been received from the Department of Natural Resources on the Development Plan. This project is expected to begin in June 2011 with first production immediately following the Nugget Pond Crown Pillar.

George Ogilvie, President and CEO commented:

"It is certainly exciting to see these two projects moving towards production and generating some early cash flow for the company. The success of these operations further strengthens our belief that the Baie Verte peninsula will be host to numerous profitable deposits that may continue to provide feed for our gold hydrometallurgical facility."

Nugget Pond Crown Pillar

On April 18, 2011 the Provincial Department of Natural Resources has given Rambler the go ahead to mine all remaining material in the Nugget Pond Crown Pillar, located just 150 meters from the processing facility. With this final approval the company has signed work agreements with contractors for the drilling, blasting and rock haulage. As of the date of this release all contractors have begun mobilization for pit preparation.

Rambler is anticipating that all material from this zone will be stockpiled and ready for processing by May 2011. Historical resource estimates have indicated that the amount of material available will be between 10,000 to 15,000 metric tonnes grading between 5 to 11 g/t gold. Historic mill recoveries from the main zone are in the range of 92-96%.

Tilt Cove – East Mine Deposit

The company is also pleased to announce that on April 6, 2011 the East Mine Project was officially released from further environmental assessment. Subsequent to this approval the company has also received preliminary comments from the Department of Natural Resources on the project's Development Plan submission. A response to this initial review is now being compiled and will be re-submitted over the coming weeks.

The planned work by Rambler will see trucking of the 50,000 to 80,000 tonnes of unconsolidated material, grading from 2 to 4 g/t gold, 23 kilometres to the Nugget Pond facility. Recent leachability test work has shown that the gold leach extraction to be 96 % over a 24 hour period.

The company anticipates that final approval will be received for this project over the next 2 months with mining beginning in early June following processing of the Nugget Pond Crown Pillar.

All resource estimates are historic in nature and non NI43-101 compliant. The potential quantity and grades reported are conceptual in nature and there has not been insufficient exploration to define a mineral resource. Further, it is uncertain if further exploration will result in the discovery of a mineral resource.

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.

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon in any way. Subsequently the economic viability of this proposed operation has not been determined.

All tonnes reported are dry metric tonnes.

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

    Seymour Pierce Limited
    Nandita Sahgal
    +44 (0) 20-7107-8000

    Seymour Pierce Limited
    Jeremy Stephenson
    +44 (0) 20-7107-8000

    Pelham Bell Pottinger
    Charles Vivian
    +44 (0) 20 7861 3126

    Pelham Bell Pottinger
    Philippe Polman
    +44 (0) 20 7861 3921

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