Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

May 29, 2013 09:20 ET

Rambler Ships More High Grade Copper Concentrate, Over 18,000 Wet Metric Tonnes Delivered to Date

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwired - May 29, 2013) - Rambler Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to announce that approximately 6,112 wet metric tonnes ('wmt') of copper concentrate has been shipped to international markets from the Company's bulk storage facility in Goodyear's Cove, NL Canada. The Company's own sampling estimates an average grade of 28.23% copper, 6.57 g/t gold and 49.62 g/t silver.

This is the third shipment as part of the off-take agreement with Transamine Trading SA ('Transamine') and brings the total to just over 18,000 wmt since first concentrate production in late May 2012.

Since the initial start in May 2012 the Company has been constantly optimizing production through the Nugget Pond milling facility with recoveries over the past eight weeks nearing 95%, from an average head grade of approximately 4.5% copper. During this same period nearly 80 wmt of copper concentrate was produced per day with some peak days of 115 wmt of concentrate or 30 tonnes of copper metal. Coupled with the above average production levels the mine has also seen a number of significant advancements over recent months including the breakthrough of the 1807 ramp system and the completion of a number of exploration headings. Despite the fluctuations in base and precious metal pricing the operation continues to be profitable.

Following the shipment the Company still has over 759 wmt of concentrate in storage at its Goodyear's Cove Facility.

George Ogilvie, President and CEO of Rambler, commented:

"The continuing shipment of copper concentrate demonstrates our ability to produce and we are extremely pleased to see further progress and optimization of our mine and mill. Realizing first profit and free cash flow from operation in fiscal Q2 we are confident that the production can be maintained over the fiscal Q4 period with over 20,000 tonnes of high-grade ore in drilled and blasted inventory waiting to be processed.

In addition, an exploration campaign to test the up-dip extension of the 1807 zone has intersected high-grade mineralisation. We are currently assessing the information to determine whether new stoping blocks can be added. In conjunction an exploration development drift at the bottom extent of the 1807 zone will soon be in place whereupon it is our intention, in June, to begin exploring down-plunge of the ore body. Initially with the goal of converting inferred mineralisation to the measured and indicated category followed by pure exploration. Our overall goal is to continue adding to the mineable reserve and thus extend the life of mine.

We shall release additional information as results become available."

Website: www.ramblermines.com

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.

Tonnes referenced are dry metric tonnes unless otherwise indicated.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable securities law.

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
    709-800-1929 or 709-800-1921

    Rambler Metals & Mining Plc
    Corporate Office
    +44 (0) 20 8652-2700
    +44 (0) 20 8652-2719 (FAX)

    Cantor Fitzgerald Europe
    Stewart Dickson / Jeremy Stephenson
    +44 (0) 20 7894 7000

    Pelham Bell Pottinger
    Marcin Zydowicz
    +44 (0) 20 7861 3921

    Ocean Equities Limited
    Guy Wilkes
    +44 (0) 20-7786-4370