SOURCE: Rambler Metals & Mining Plc

February 29, 2016 02:00 ET

Rambler Metals & Mining PLC: Second Quarter FY2016 Production Results

BAIE VERTE, NEWFOUNDLAND--(Marketwired - Feb 29, 2016) - Rambler Metals & Mining PLC (TSX VENTURE: RAB) (LSE: RMM)

TSX-V: RAB; LSE: RMM
29 February 2016

Second Quarter FY2016 Production Results

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 provides an operational update for its second quarter ended 31 January 2016 ('Q2/16').

The fiscal 2016 production strategy includes blending Lower Footwall Zone ('LFZ') ore with the ongoing production from the massive sulphide zones, as described in the Company's pre-feasibility study ('PFS') released in July 2015. Mill throughput is anticipated to continue to increase throughout Q3/Q4 while targeting 850 metric tonnes per day ('mtpd') before the end of the fiscal year.

HIGHLIGHTS OF THE QUARTER:

  • Production of 3,621 tonnes of copper concentrate representing a 3 per cent decrease over Q1/16 and a 3 per cent increase over Q2/15 results. For the quarter, concentrate graded 26.49 per cent, 16.35 grammes per tonne and 110.28 grammes per tonne for copper, gold and silver respectively;

  • For the quarter, head grades for copper averaged 2.07 per cent; gold at 1.40 grammes per tonne and silver at 10.20 grammes per tonne. Recoveries to concentrate for copper were 96.4 per cent, gold 75.3 per cent and silver 75.4 per cent;

  • For Q2/16, there was production of: 960 tonnes of copper metal; 1,889 ounces of gold and 12,860 ounces of silver. Dry tonnes milled of 56,458 tonnes were comparable with production for Q1/16 and budgeted forecasts.

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