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

Rambler Metals & Mining Plc

March 14, 2011 09:30 ET

Rambler Receives Final Permitting For the Ming Copper-Gold Mine

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 14, 2011) - Rambler Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased announce that final construction approval has been received from the Provincial Government for its Ming Copper-Gold Mine. With this milestone Sandstorm Gold Ltd. (TSX VENTURE:SSL) ('Sandstorm') has also approved and released the final tranche of mine financing.

HIGHLIGHTS

  • Final construction approval received for all portions of the Ming Mine.
  • Final tranche of funding, US$6 million, approved and released from Sandstorm.
  • Development Plan comments received from the Provincial Department of Natural Resources for open pit mining of Nugget Pond's crown pillar.
  • Public comments for the Tilt Cove East Mine project due on March 22, 2011. Ministry decision due on March 31, 2011.

George Ogilvie, President and CEO commented:

"Approval of the final construction permits marks another important milestone for Rambler as we bring the Ming Copper Gold Mine into production later this year.

The release of funds from Sandstorm also bolsters our treasury at a time of heightened construction activity; while the mining of the Nugget Pond Crown Pillar and Tilt Cove over the preceding months will provide us with first revenue and cash flow from our own operations."

Ming Copper-Gold Mine

With final construction approval received from the provincial regulators Rambler Metals and Mining is now prepared to move into full pre-development for its Ming Copper-Gold Mine. Early construction approval for both the new copper concentrator and office dry facility has allowed the company to prepare for the ramp up in work force required for pre-development. This, combined with the delivery of much of the underground equipment, will allow for a quick transition from mine explorer to mine developer and ultimately mine producer.

Nugget Pond Crown Pillar

The crown pillar project was officially released from environmental assessment on February 15, 2011 with no conditions. On the back of this release Rambler submitted the Development Plan report to the Department of Natural Resources for official review.

The company has now received feedback on this latest submission and is pleased to report that the major components of the project have been approved. The Department of Natural Resources does however require additional information on the planned open pit outline and the rehabilitation/ closure measures which have also been compiled and re-submitted for review.

This project is on schedule to begin in April 2011 and will take between 45-60 days to complete. This should provide Rambler with revenue and cash flow from operations in calendar Q2.

Tilt Cove East Mine

The company is anticipating environmental release of this project on March 31, 2011 and as such is now finalizing the Development Plan report with an expected submission date coinciding with environmental approval. 

The envisioned project will excavate up to 80,000 tonnes of unconsolidated material for transport to its Nugget Pond gold hydrometallurgical facility. The entire operation will be completed just prior to the commissioning of the Ming Mine with an estimated head grade between 2 to 5 g/t gold and throughput between 500 to 600 mtpd.

The described resource estimate is 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
    George Ogilvie, P.Eng.
    President and CEO
    709-532-4990
    or
    Rambler Metals & 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
    Charles Vivian
    +44 (0) 20 7861 3126
    or
    Pelham Bell Pottinger
    Philippe Polman
    +44 (0) 20 7861 3861
    or
    Ocean Equities Limited
    Guy Wilkes
    +44 (0) 20-7786-4370