Additional Permitting Received Allowing Further...
FOR: RAMBLER METALS & MINING PLC
TSX VENTURE SYMBOL: RAB
AIM SYMBOL: RMM
January 6, 2011
Rambler Metals and Mining plc: Additional Permitting Received Allowing Further Draw Down of Sandstorm's
Financing
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND and LABRADOR--(Marketwire - Jan. 6, 2011) - Rambler Metals and
Mining plc ('Rambler' or the 'Company') (TSX VENTURE:RAB)(AIM:RMM) is pleased to announce that it has received
further approval for construction at its Ming Copper Gold Mine Project on the Baie Verte Peninsula, Canada. The
receipt of these permits will enable Rambler to begin partial draw down on the third and final tranche of
financing of US$13 million from Sandstorm Resources Ltd. ('Sandstorm') (TSX VENTURE:SSL).
HIGHLIGHTS
-- Construction approval received for the office/dry facility and fresh
water source at the Ming Mine. First comments also received on the
complete Development Plan.
-- US$7 million received from Sandstorm on 4 January 2011. The remaining
US$6 million due upon approval of final development plan expected in Q1
2011. As of 6 January, 2011 the company has CAD$8.4 million in cash and
cash equivalents.
-- Nugget Pond foundation work on schedule with anticipated completion date
of January 30th, 2011.
-- Installation of second means of egress via shaft is 100% complete.
-- Terms for all major underground equipment and components for new
concentrator negotiated. Deliveries scheduled throughout Q1 and Q2 2011.
-- First exploration development to the top of 1807 zone completed. High
grade copper and gold mineralization intersected.
-- New exploration development planned for the 1700 level historical wire
gold zone.
Norman Williams, C.A., CFO, Rambler commented;
"These new permits along with the additional funds received from Sandstorm will allow the mine site capital
infrastructure works to continue on schedule. Further, the entire project remains on schedule for first copper
production in the second half of 2011. We remain bullish on the short to medium term prices for both copper and
gold which will provide Rambler with significant free cash flow in the mines early years of production."
PROJECT UPDATE
The provincial Department of Natural Resources has approved the construction of the new office/dry facility
which is necessary for the next hiring phase expected early in 2011. In addition to this approval Rambler has
also received comments on the project's complete Development Plan submitted on September 30th, 2010. The
Company is currently compiling the requested information and will respond with clarification over the coming
weeks. Final release and approval for all remaining portions of the project is expected in Q1 2011. The project
currently remains on schedule for first production in 2011.
With the approval of these construction permits Rambler has received a US$7 million partial drawdown of the
remaining US$13 million tranche of financing from Sandstorm. The final US$6 million will be delivered in
conjunction with the receipt of remaining permits for the project.
Since the official release of the feasibility study and subsequent early construction approval from the
provincial government the Company has made great progress towards bringing this historic copper-gold mine back
into production. Specifically the shaft man way is complete and the foundation work at the mill is proceeding
on schedule with an anticipated completion date of January 30th, 2011.
Finally, several units of underground mobile equipment have also arrived including the mechanized bolter and
production drill. All remaining underground equipment is scheduled to arrive throughout Q1 and Q2 2011.
EXPLORATION
Rambler is also happy to report that is has restarted the exploration program on the property. The program will
particularly focus on three main components:
1. Conversion of the 1.8 million tonnes of inferred resources into the
measured or indicated categories.
2. Further define the extents of known mineralization. A portion of the
resources for this program will be used delineate the extents of 1700
level wire gold zone.
3. Identify new zones and mineralization through the use of 3D modeling
techniques.
Rambler is confident that once new diamond drill access is provided by pre-production development, new
mineralization can be quickly added to the existing reserve-resource estimate.
The first exploration development program to the top of the 1807 Zone is now complete and has exposed a number
of high grade mineralized lenses. All mineralization is chipped sampled daily with samples prepared and
delivered to the lab for assaying. Below is a summary of two of the high grade mineralized zones intersected
during this development program.
The table also includes assays from a massive sulphide zone reported from underground diamond drill hole RMUG10-
168, completed in November 2010. This drill hole was designed to test the potential up-plunge extension of the
1700 level wire gold zone. Poor drilling angles prevent further testing from that level. A 0.50 meter assayed
section from this massive sulphide zone returned 46.4 g/t Au.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Level Zone Length Cu Au Ag Zn
(metric) (m) (%) (g/t) (g/t) (%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
338 level 1807 0.90 14.30 2.23 21.10 0.50
----------------------------------------------------------------------------
----------------------------------------------------------------------------
346 level 1805 1.00 3.70 6.33 59.45 2.45
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RMUG10-168 Wire Gold 7.60(i) 2.13 4.47 21.14 2.42
----------------------------------------------------------------------------
including 0.50(i) 5.70 46.40 26.10 0.60
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----------------------------------------------------------------------------
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(i) Length indicates core length; True width unknown.
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.
All tonnes are dry metric tonnes.
ABOUT RAMBLER
Rambler Metals and Mining is Junior Mining Company that has 100% ownership of the Ming Copper-Gold Mine in Baie
Verte, Newfoundland and Labrador, Canada. Our objective is to become a mid-tier mining company by bringing the
Ming Mine into production, discovering new deposits and through M&A's. Following the acquisition of the Ming
Mine, Rambler, listed on the London AIM in 2005 and Toronto TSX-V in 2007.
The Ming property had been a former underground copper and gold producing mine that ceased production when the
deposit reached a then third party property boundary. This neighbouring property was subsequently consolidated
before being brought into Rambler's portfolio. Rambler now owns a 100% interest in the property.
The area where the mine is located is a former mining centre and subsequently good infrastructure exists
including roads, fresh water, hydro, access to a working port while the town of Baie Verte, population 1,300 is
located 17km away.
Over the last several years Rambler has been exploring on the property leading to the publication of three NI43-
101 resource statements, a newly published reserve statement, the discovery of new mineralized lenses and the
extension of pre-existing lenses. Today all mineralization remains open in multiple directions while,
importantly, the deposit has not been cut-off at depth. The underground workings have been dewatered and
services including air, water and electrical re-installed.
In October 2009, Rambler purchased an operational gold hydrometallurgical mill, Nugget Pond, which is situated
approximately 40km from the Ming Mine. Rambler intends to expand the mill so that it is capable of handling
massive sulphides from the Ming Mine and produce a copper concentrate with gold and silver as by-products. By
utilizing the hydrometallurgical facility, in conjunction with the concentrator, the company anticipates
increased gold recovery as well as recovering any free gold.
Following the successful publication of a positive Feasibility Study in 2010 Rambler has now entered the
construction phase of the project and expects to bring the Ming Mine back into production in 2011.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rambler Metals and Mining
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
+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
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.
Rambler Metals & Mining Plc
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