Fourth Quarter and Year End Production Results
21 August 2014
Fourth Quarter and Year End Production Results - Guidance Exceeded
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 fiscal fourth quarter and year end, ending 31 July 2014.
Highlights in the quarter:
· Met or exceeded all production guidance for the fiscal year. Of particular significance are the increases in copper metal, gold ounce and silver ounce production at 9, 26 and 35 per cent respectively over the high end range of the fiscal guidance
· For the quarter production of 6,000 tonnes of copper concentrate representing a 4 per cent decrease over Q3 2014 and a 7 per cent increase over the high end range of the fiscal guidance
· Dry tonnes milled of 59,526 tonnes representing a 27 per cent increase over Q4 2013 and a 21 per cent increase over Q3 2014, resulting in the production of:
o 1,708 tonnes of copper (7,472 tonnes for the fiscal year)
o 2,107 ounces of gold (6,921 ounces for the fiscal year)
o 16,708 ounces of silver (52,539 ounces for the fiscal year)
· Head grades of copper averaged 3.24 per cent for the quarter and 3.68 per cent for the year; gold at 1.65 grammes per tonne for the quarter and 1.59 grammes per tonne for the year; silver at 12.60 grammes per tonne for the quarter and 10.65 grammes per tonne for the year
· Recoveries to concentrate for copper 96.7 per cent, gold 71.0 per cent and silver 75.9 per cent for the quarter with a concentrate grade of 28.47 per cent, 10.93 grammes per tonne and 86.62 grammes per tonne for copper, gold and silver respectively
· Average year end recoveries to concentrate for copper 96.4 per cent, gold 67.1 per cent and silver 78.1 per cent with a concentrate grade of 29.13 per cent, 8.39 grammes per tonne and 66.97 grammes per tonne for copper, gold and silver respectively
George Ogilvie, P. Eng., Chairman, commented:
"We have been focused on delivering on the committed production guidance and we are grateful to all of those who have contributed towards achieving these excellent results.
"Fiscal 2015 will be a transformational year for us as we solidify plans to optimize available infrastructure with a goal to increase the longevity of the Ming Copper-Gold Mine while ensuring we maintain a safe and profitable operation."
Norman Williams, CA, President and CEO, commented:
"We have been successful in setting up a solid base for this Company with continued production success in Fiscal 2014. During the 2015 fiscal year our single most important objective will be to demonstrate the mineral potential of the Lower Footwall Zone ('LFZ') through a low capital expansion program.
"With the substantial resource of the LFZ being brought into mine reserve we are confident that the Ming Mine operation can demonstrate itself as a long term, profitable producer allowing the Board of Directors to further consider dividend and other payback structures to reward our long term and dedicated shareholders."
OPERATIONAL SUMMARY
For fiscal 2014 the Company milled 215,496 dry metric tonnes of ore and produced 25,647 tonnes of copper concentrate containing 7,472 tonnes of copper metal, 6,921 ounces of gold and 52,539 ounces of silver. The average feed grade during this period was 3.68 per cent copper, 1.59 grammes per tonne gold and 10.65 grammes per tonne silver followed by a mill recovery of 96.4 per cent, 67.1 per cent and 78.1 per cent for copper, gold and silver respectively.
The Company first declared commercial production in November 2012 and has since milled 352,893 dry metric tonnes producing 39,449 tonnes of copper concentrate containing 11,425 tonnes of copper metal, 10,058 ounces of gold and 76,497 ounces of silver.
The operation have met or exceeded all production guidance for the fiscal year, see Table 1 below. Details of the Company's financial performance, including capital expenditure and operating costs, will be included in its Year End financial results to be released on or before Thursday 30 October 2014.
Table 1 - Ore and Concentrate Production Summary for Fiscal 2014 (see Note 1 below)
|
PRODUCTION |
Q1 2014 |
Q2 2014 |
Q3 2014 |
Q4 2014 |
Fiscal 2014 |
|
F2014 Guidance |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dry Tonnes Milled |
55,659 |
50,957 |
49,355 |
59,526 |
215,496 |
|
200,000 - 220,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Copper Recovery |
95.9 % |
96.8 % |
96.4 % |
96.7 % |
96.4 % |
|
92 - 94 % |
|
|
Gold Recovery |
61.7 % |
69.1 % |
66.2 % |
71.0 % |
67.1 % |
|
63 - 67 % |
|
|
Silver Recovery |
76.1 % |
81.9 % |
79.2 % |
75.9 % |
78.1 % |
|
55 - 65 % |
|
|
|
|
|
|
|
|
|
|
|
|
Copper Head Grade (%) |
3.71 |
4.01 |
3.84 |
3.24 |
3.68 |
|
3.0 - 4.0 |
|
|
Gold Head Grade (g/t) |
1.64 |
1.43 |
1.62 |
1.65 |
1.59 |
|
1.0 - 2.0 |
|
|
Silver Head Grade (g/t) |
9.22 |
8.91 |
11.70 |
12.60 |
10.65 |
|
6.0 - 8.0 |
|
CONCENTRATE (Delivered to Warehouse) |
|
|
|
|
|
|
|
|
|
|
Copper (%) |
29.68 |
29.02 |
29.32 |
28.47 |
29.13 |
|
27 - 30 |
|
|
Gold (g/t) |
7.81 |
7.07 |
8.02 |
10.93 |
8.39 |
|
6 - 8 |
|
|
Silver (g/t) |
56.01 |
49.11 |
79.15 |
86.62 |
66.97 |
|
45 - 55 |
|
|
|
|
|
|
|
|
|
|
|
|
Dry Tonnes Produced |
6,591 |
6,818 |
6,238 |
6,000 |
25,647 |
|
20,000 - 24,000 |
|
|
Copper Metal (tonnes) |
1,956 |
1,978 |
1,829 |
1,708 |
7,472 |
|
5,700 - 6,840 |
|
|
Gold (ounces) |
1,655 |
1,551 |
1,608 |
2,107 |
6,921 |
|
4,500 - 5,500 |
|
|
Silver (ounces) |
11,870 |
10,764 |
13,196 |
16,708 |
52,539 |
|
32,000 - 39,000 |
Quarter over Quarter (Q3 2014 vs Q4 2014 and Q4 2013 vs Q4 2014)
Table 2 below indicates the comparative results from Q4 2013 versus Q4 2014 and Q3 2014 versus Q4 2014. The comparisons continue to demonstrate the operational stability over the last twelve and six months.
Table 2 - Quarter over Quarter Results Comparison (see Note 1 below)
|
PRODUCTION |
Q4 2013 (May, Jun, Jul) |
Q4 2014 (May, Jun, Jul) |
|
Q3 2014 (Feb, Mar, Apr) |
Q4 2014 (May, Jun, Jul) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dry Tonnes Milled |
47,027 |
59,526 |
27% |
49,355 |
59,526 |
21% |
|
|
|
|
|
|
|
|
|
|
|
Copper Recovery |
94.0 % |
96.7 % |
3% |
96.4 % |
96.7 % |
0% |
|
|
Gold Recovery |
65.0 % |
71.0 % |
9% |
66.2 % |
71.0 % |
7% |
|
|
Silver Recovery |
73.0 % |
75.9 % |
4% |
79.2 % |
75.9 % |
-4% |
|
|
|
|
|
|
|
|
|
|
|
Copper Head Grade (%) |
4.05 |
3.24 |
-20% |
3.84 |
3.24 |
-16% |
|
|
Gold Head Grade (g/t) |
1.52 |
1.65 |
9% |
1.62 |
1.65 |
2% |
|
|
Silver Head Grade (g/t) |
10.95 |
12.60 |
15% |
11.70 |
12.60 |
8% |
|
CONCENTRATE (Produced and Stored in Warehouse) |
|
|
|
|
|
||
|
|
Copper (%) |
30.0 |
28.47 |
-5% |
29.32 |
28.47 |
-3% |
|
|
Gold (g/t) |
7.70 |
10.93 |
42% |
8.02 |
10.93 |
36% |
|
|
Silver (g/t) |
58.60 |
86.62 |
48% |
79.15 |
86.62 |
9% |
|
|
|
|
|
|
|
|
|
|
|
Dry Tonnes Produced |
5,244 |
6,000 |
14% |
6,238 |
6,000 |
-4% |
|
|
Copper Metal (tonnes) |
1,574 |
1,708 |
9% |
1,829 |
1,708 |
-7% |
|
|
Gold (ounces) |
1,297 |
2,107 |
62% |
1,608 |
2,107 |
31% |
|
|
Silver (ounces) |
9,873 |
16,708 |
69% |
13,196 |
16,708 |
27% |
Quarter over Quarter (Q3 2014 vs Q4 2014 and Q4 2013 vs Q4 2014)
· Production of 6,000 tonnes of copper concentrate representing a 14 per cent increase over Q4 2013 and a 4 per cent decrease over Q3 2014
· Dry tonnes milled of 59,526 tonnes representing a 27 per cent increase over Q4 2013 and a 21 per cent increase over Q3 2014. This resulted in the production of:
o 1,708 tonnes of copper (7 per cent decrease over the previous quarter)
o 2,107 ounces of gold (31 per cent increase over the previous quarter)
o 16,708 ounces of silver (27 per cent increase over the previous quarter)
· Head grades of copper 3.24 per cent, gold 1.65 grammes per tonne and silver 12.60 grammes per tonne with recoveries to concentrate for copper 96.7 per cent, gold 71.0 per cent and silver 75.9 per cent. Each of these key performance indicators show a consistent trend compared to the previous quarter and a marked improvement over the same quarter in fiscal 2013
· Concentrate grade for copper 28.47 per cent, gold 10.93 grammes per tonne and silver 86.62 grammes per tonne for the quarter representing a 5 and 3 per cent decrease in copper concentrate grade over Q4 2013 and Q3 2014 respectively. Gold and silver in concentrate both showed increases over Q4 2013 and Q3 2014
Fiscal 2015 GuidAnce
Similar to 2014, copper production for the 2015 fiscal year is forecast between 5,400 and 6,700 tonnes of metal with increases forecasted for gold and silver; 5,600 to 6,600 ounces of gold and 39,000 to 46,000 ounces of silver.
|
PRODUCTION |
Fiscal 2015 |
|
CONCENTRATE (Produced) |
Fiscal 2015 |
|
|
|
|
|
|
|
|
|
|
Dry Tonnes Milled |
215,000 - 230,000 |
|
Copper (%) |
27 - 30 |
|
|
|
|
|
Gold (g/t) |
6 - 8 |
|
|
Copper Recovery |
94 - 96 % |
|
Silver (g/t) |
45 - 55 |
|
|
Gold Recovery |
65 - 70 % |
|
|
|
|
|
Silver Recovery |
60 - 75 % |
|
Dry Tonnes Produced |
20,000 - 24,000 |
|
|
|
|
|
Copper Metal (tonnes) |
5,400 - 6,700 |
|
|
Copper Head Grade (%) |
2.5 - 3.5 |
|
Gold (ounces ) |
5,600 - 6,600 |
|
|
Gold Head Grade (g/t) |
1 - 2 |
|
Silver (ounces) |
39,000 - 46,000 |
|
|
Silver Head Grade (g/t) |
6 - 8 |
|
|
|
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in November 2012 brought its first mine into commercial production. The group has a 100 per cent ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.
The Company's Vision is to be Atlantic Canada's leading mine operator and resource developer through growth and expansion of its existing assets; discovering new deposits; strategic partnerships; mergers and acquisitions. In addition to the Ming Mine, Rambler has strategic investments in the former producing Hammerdown gold mine, the Little Deer/ Whales Back copper mines and the advanced Valentine Lake Gold Project.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RMM.
For further information, please contact:
|
Norman Williams, CA President and CEO Rambler Metals & Mining Plc Tel No: 709-800-1929 Fax No: 709-800-1921 |
Peter Mercer Corporate Secretary Rambler Metals & Mining Plc Tel No: +44 (0) 20 8652-2700 Fax No: +44 (0) 20 8652-2719 |
|
|
|
|
Stewart Dickson / Jeremy Stephenson Cantor Fitzgerald Europe Tel No: +44 (0) 20 7894 7000 |
Tim Blythe/ Camilla Horsfall Blytheweigh Tel No: +44 (0) 20 7138 3204 |
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 Canada Limited. Tonnes referenced are dry metric tonnes unless otherwise indicated.
Note 1: Results reported are accurate and reflective as of the date of release. The Company performs regular auditing and reconciliation reviews on its mining and milling processes as well as stockpile inventories, following which past results may be adjusted to reflect any changes.
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.
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 copper, gold and silver forecasts, 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 are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. 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 security law.
This information is provided by RNS
Latest directors dealings
- 8 minutes ago Mid Wynd International Inv Trust
- 21 minutes ago Dillistone Group
- 30 minutes ago SSP Group
- 1 hour ago Greencoat Renewables (CDI)
- 1 hour ago TotalEnergies SE