NI43-101 Technical Report Filed and Project Update
FOR: RAMBLER METALS & MINING PLC
TSX VENTURE SYMBOL: RAB
AIM SYMBOL: RMM
October 1, 2010
NI43-101 Technical Report Filed and Project Update
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Oct. 1, 2010) - Rambler
Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to announce
that it has filed the NI43-101 Technical Report with respect to the Feasibility Study as per the news
release "Final Feasibility Study released for the Ming Copper Gold Project" dated 26 August, 2010. The
report has been filed on SEDAR: www.sedar.com and is available on the Company's website:
www.ramblermines.com
Highlights of the Feasibility Study
Highlights of the Feasibility below are based on an average copper price of $3.00 per lb, gold $1,000
per ounce and silver $14.50 per ounce.
/T/
- An initial 6-year mine life at 630 tonnes per day ("tpd").
- Initial capital costs of $25.5 million, including 15% contingency.
- Sustaining capital costs of $27.9 million during the life of the mine.
- Pre-tax operating cash flow of $71.0 million, Net Present Value ("NPV")
6% of $14.3 million, payback 1.5 years and Internal Rate of Return
("IRR") of 23.7%.
- Average annual production of 7.7 million lbs of copper, 11,600 ounces of
gold and 42,600 ounces of silver.
- Targeting production in H2 2011.
/T/
Project Update
Rambler is also pleased to announce the start of construction on two key areas of the project. The
shaft rehabilitation has been awarded to Thyssen Mining, a leading mining contractor in Canada and the
US. The shaft rehabilitation is expected to be complete by 1Q 2011 and will provide a second means of
egress in and out of the Ming Mine. Foundation work for the copper flotation building has also started
and has been awarded to Johnson's Construction, a local Newfoundland contractor. The foundation work
is expected to be completed by year end 2010 whereupon erection of the building followed by
installation of the equipment will commence in early 2011. The completion of the copper flotation
building and circuit is scheduled for H2 2011, pre-production at the mine will be scheduled to provide
ore for this anticipated start date.
Following the publication of a positive Feasibility Study the Company has begun procuring various
pieces of underground mobile equipment from Atlas Copco, a world leader in underground mining
equipment. The first equipment will begin arriving at site in October 2010.
In light of Rambler's decision to move the Ming Mine into production in 2011 the Company has now
embarked on a hiring campaign to strengthen its existing team. The Company currently employs over
forty personnel between the mine and mill sites; while at full production will directly employ over
one hundred and thirty local staff.
The Company is also pleased to announce that it's financing partner, Sandstorm Resources Ltd. (TSX
VENTURE:SSL) has accepted the Feasibility Study and under the terms of the gold sale agreement has
released the second tranche of funding, US$2 million. The third and final tranche of funding is
expected before year end once the project is fully approved and permitted by government officials.
Lastly, with the filing of the NI43-101 Technical Report the Company will now focus on submitting its
Development Plan for the entire project to the Provincial Department of Natural Resources and
Department of Environment. The acceptance of which will provide Rambler with its last remaining
permits for the Ming Mine and the port facilities. The Company anticipates having these permits
awarded prior to year end 2010.
Peter Mercer, VP Corporate Development commented:
"It is exciting to see our project now moving from an exploration and evaluation story into a
development and production reality. The Feasibility Study confirms previous work and our belief that
the Ming Mine is a robust and profitable venture. It is with credit to the hard work and dedication of
our employees that we now focus our attention on the construction of the mine and procurement of
equipment to continue the advancement of this successful project."
Mr. 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.
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 and a newly published reserve statement, the discovery of
mineralized lenses and the extension of pre-existing mineralized lenses. Today all mineralized lenses
remain 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 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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Rambler Metals and Mining Canada Limited
George Ogilvie, P.Eng.
President and CEO
709-532-4990
OR
Rambler Metals & Mining Plc
Leslie Little
Company Secretary
+44 (0) 14-8341-9942
www.ramblermines.com
OR
Seymour Pierce Limited
Nandita Sahgal
+44 (0) 20-7107-8000
OR
Pelham Bell Pottinger
Charles Vivian / Klara Kazcmarek
+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.
-0-
Rambler Metals & Mining Plc
Latest directors dealings
- 28 minutes ago Close Brothers Group
- 28 minutes ago Savannah Energy
- 46 minutes ago Mid Wynd International Inv Trust
- 58 minutes ago Dillistone Group
- 1 hour ago SSP Group