Rambler Metals & Mining Plc
TSX VENTURE : RAB
AIM : RMM

Rambler Metals & Mining Plc

January 19, 2011 09:30 ET

Rambler Negotiates Terms to Process Gold from Surface Material at the East Mine Deposit, Tilt Cove

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Jan. 19, 2011) - Rambler Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to announce it has successfully negotiated terms with Metals Creek Resources Corp. (TSX VENTURE:MEK) ('Metals Creek') to process surface material remaining at the East Mine Dump, Tilt Cove; Newfoundland and Labrador, Canada. The agreement will be such that Metals Creek will be paid a Net Smelter Return ("NSR").

HIGHLIGHTS

  • Historic resource estimate between 50,000 to 80,000 tonnes of unconsolidated material grading from 2 to 4 g/t gold.
  • The East Dump material will be trucked and processed at the Company's Nugget Pond hydrometallurgical gold plant 23 kilometers from Tilt Cove.
  • Early metallurgical test results indicate a gold recovery of 96% after 24 hours leach residence time.
  • Minimal operational costs with material already crushed and ready for transportation.
  • Proceeding with government approval with anticipated start date of Q2 2011.

George Ogilvie, President and CEO commented:

"The processing of the East Mine Dump Pile from the historic mining camp represents a good opportunity for Rambler to generate some early revenue prior to bringing the Ming Mine into production in 2H 2011. It also highlights just one of many opportunities that exist within the Baie Verte Peninsula that the Company will be evaluating in order to grow its business."

East Mine Dump Pile – Tilt Cove

The historic Tilt Cove mining camp saw production from 1864 to 1917 and then again from 1957 to 1967. The second phase of mining produced nearly 7.4 million tonnes of high grade copper along with significant gold. With the exception of basic mineral exploration programs the property has lain dormant since its closure in the late 1960's.

The planned work by Rambler will see trucking of the unconsolidated East Mine stockpile 23 kilometres to the company's hydrometallurgical facility. The East Mine Dump Pile is considered to be the original regolith representing the surface expression of Tilt Cove's East Mine deposit. Recent assays from the stockpile reported 2 to 4 g/t gold while subsequent leachability test work proved the gold leach extraction to be 96 % over a 24 hour period. Further, a 600 tonne sample of the material was processed at the Company's Nugget Pond Facility in November 2010 allowing for further test work and reagent optimization to be completed.

Once the project is officially registered and approved by the provincial authorities, Rambler is anticipating a start date late in Q2 2011 just after mining and processing the Nugget Pond Crown Pillar.

All resource estimates are historic in nature and non NI43-101 compliant. As such the economic viability of the proposed operation has not been determined; these estimates should not be relied upon in any way.

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 Plc
    George Ogilvie, P.Eng.
    President and CEO
    709-532-4990
    or
    Rambler Metals and Mining Plc
    Corporate Office
    +44 (0) 20 8652-2700
    +44 (0) 20 8652-2719 (FAX)
    www.ramblermines.com
    or
    Seymour Pierce Limited
    Nandita Sahgal / Jeremy Stephenson
    +44 (0) 20-7107-8000
    or
    Pelham Bell Pottinger
    Klara Kaczmarek / Philippe Polman
    +44 (0) 20-7861-3232
    or
    Ocean Equities Limited
    Guy Wilkes
    +44 (0) 20-7786-4370