SOURCE: Rambler Metals & Mining Plc

May 25, 2016 02:39 ET

Rambler Metals & Mining PLC: Third Quarter FY2016 Production Results

BAIE VERTE, NEWFOUNDLAND--(Marketwired - May 25, 2016) - Rambler Metals & Mining PLC (TSX VENTURE: RAB) (LSE: RMM)

25 May 2016

Third 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 third quarter ended 30 April 2016 ('Q3/16').

The quarter showed increases in mine and mill production, with ore from the massive sulphide zones blended with increasing amounts of Lower Footwall Zone ('LFZ') ore, as described in the Company's pre-feasibility study ('PFS') released in July 2015. Mill throughput is anticipated to continue to increase for the remainder of the year.

HIGHLIGHTS OF THE QUARTER:

  • Production of 4,530 tonnes of copper concentrate, representing a 25 per cent increase over Q2/16 and a 14 per cent increase over Q3/15 results. For the quarter, concentrate graded 26.98 per cent, 13.98 grammes per tonne, and 92.05 grammes per tonne for copper, gold and silver respectively;

  • For the quarter, head grades for copper averaged 2.22 per cent; gold at 1.62 grammes per tonne and silver at 10.34 grammes per tonne. Recoveries to concentrate for copper were 96.3 per cent, gold 68.0 per cent and silver 70.7 per cent;

  • For Q3/16, there was production of: 1,222 tonnes of copper metal; 2,037 ounces of gold and 13,407 ounces of silver. Dry tonnes milled of 56,695 tonnes were comparable with production for Q2/16 and budgeted forecasts.

  • The group is on target to meet its production targets for the fiscal year.

Norman Williams, CA, President and CEO, commented:

"We continue to see improvement each quarter for the production of copper, gold and silver from the operation. The first year of the expansion plan is underway with development into the LFZ continuing, alongside steady production from the high grade massive sulphides.

"Moving into the fourth and final quarter of the fiscal year, the operation is on track to meet the forecasted guidance for the year and management look forward to updating the market in due course."

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