BAIE VERTE, NL--(Marketwired - Nov 7, 2016) - Rambler Metals & Mining PLC (TSX VENTURE: RAB) (LSE: RMM)
TSXV: RAB, AIM: RMM
7 November 2016
Rambler Receives a Repayable Contribution
From the Atlantic Canada Opportunities Agency
London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company'), a copper and gold producer operating in Newfoundland and Labrador, Canada, today reports that it is receiving a repayable contribution of CDN$2 million through the Atlantic Canada Opportunities Agency's ('ACOA') Business Development Program ('BDP'). The contribution is in support of the Phase II expansion project for the Ming Copper-Gold Mine ('Ming Mine').
The interest free contribution is unsecured and repayable over eight years with the first repayment scheduled for May 2018. The contribution by the Government of Canada will be used to increase capacity at the Nugget Pond copper concentrator (the 'mill') to at least 1,250 metric tonnes per day ('mtpd'). This increase in mill capacity will enable the copper concentrator to accommodate an increase in production from the mine with new projected mine life of over 20 years.
The Phase II expansion will allow the operation to increase production and lower unit costs thereby strengthening the Company's ability to be a long term producer in the region. Once fully executed, the project will support upwards of 200 full time positions including contract services.
Norman Williams, President and CEO, Rambler Metals & Mining commented:
"As the largest employer on the Baie Verte Peninsula we are very pleased to receive this level of support from ACOA. Rambler was first listed for trading in 2005 with the mandate to bring the historic mining operation back into production. Having achieved this initial goal, with the declaration of commercial production in 2012, the Company has since continued to operate while developing the Phase II expansion strategy to increase both production and the life of mine. This repayable contribution, combined with the equity investment completed earlier this year, will allow for full optimization and expansion of all available infrastructure in support of a mine life spanning over two decades."
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