Production Results and 2017 Guidance
25 January 2017
Rambler Releases Fiscal 2017 Production Guidance and
Stub Period Production Results
London, England - Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer, and developer today provides its 2017 Production Guidance, Calendar 2016 comparative results and results for its five month Stub period ending 31 December 2016.
HIGHLIGHTS
Forecast copper and gold production for the 2017 fiscal year is included in the table below. 2017 will be the first full year whereby the Company's fiscal year will be the same as the calendar year.
|
PRODUCTION |
F2017 Guidance |
|
Calendar 2016 Actuals |
5 Month Stub Period |
|
|
|
|
|
|
|
|
|
|
Dry Tonnes Milled |
350,000 - 400,000 |
|
267,347 |
118,922 |
|
|
|
|
|
|
|
|
|
Copper Recovery (%) |
94 - 96 |
|
95.8 |
96.2 |
|
|
Gold Recovery (%) |
65 - 70 |
|
67.2 |
67.9 |
|
|
|
|
|
|
|
|
|
Copper Head Grade (%) |
1.3 - 1.6 |
|
1.79 |
1.51 |
|
|
Gold Head Grade (g/t) |
0.5 - 1.0 |
|
1.14 |
0.82 |
|
CONCENTRATE
|
|
|
|
|
|
|
|
Copper (%) |
26 - 28 |
|
27.2 |
27.3 |
|
|
Gold (g/t) |
4.0 - 8.0 |
|
12.6 |
11.4 |
|
|
Dry Tonnes Produced |
18,000 - 22,000 |
|
15,863 |
5,946 |
|
SALEABLE METAL
|
|
|
|
|
|
|
|
Copper (tonnes) |
5,100 - 5,800 |
|
4,174 |
1,590 |
|
|
Gold (ounces ) |
4,400 - 5,100 |
|
6,132 |
2,020 |
Norman Williams, President and CEO, commented:
"Calendar 2017 guidance will be the first full year of massive sulphide ore blending with the Lower Footwall Zone. A key milestone for 2017, and the Phase II expansion plan, will be to reach full production at 1,250 metric tonnes per day ('mtpd') by mid-calendar year."
"While developing into the LFZ much of the initial material being mined and processed will be of lower grade, as seen in calendar Q4 2016. Mining this material for mill feed will increase the unit cost per pound. Once production can be sustained at 1,250 mtpd both the grade and unit cost will improve and stabilize."
2017 Production SUmmary Stub Period
Ending 31 December 2016 (5 Month Stub)
· Copper feed grade of 1.51% with gold grades of 0.82 g/t. Total mill throughput for the period ending was 118,922 dry metric tonnes
· Production of 5,946 tonnes of copper concentrate
· Average recoveries to concentrate for the year were: copper 96.2% and gold 67.9% with a concentrate grade of 27.3% and 11.4 g/t for copper and gold respectively
o The mill produced 5,946 dmt of concentrate containing saleable metal of 1,590 tonnes of copper and 2,020 ounces of gold
Calendar 2016 Production Summary
As the Company moves forward with its change in year end the following table was tabulated to provide comparative calendar quarters for 2016.
Table 2 - Calendar 2016 Actual Ore and Concentrate Production
(See Note 1 below)
|
PRODUCTION |
Q1 2016 |
Q2 2016 |
Q3 2016 |
Q4 2016 |
Yearend F2016 |
|
|
|
|
|
|
|
|
Dry Tonnes Milled |
58,362 |
67,524 |
69,426 |
72,036 |
267,347 |
|
|
|
|
|
|
|
|
Copper Recovery (%) |
96.3 |
95.0 |
96.0 |
94.1 |
95.8 |
|
Gold Recovery (%) |
71.4 |
63.7 |
63.4 |
70.5 |
67.2 |
|
|
|
|
|
|
|
|
Copper Head Grade (%) |
2.28 |
1.79 |
1.84 |
1.36 |
1.79 |
|
Gold Head Grade (g/t) |
1.72 |
1.18 |
1.24 |
0.56 |
1.14 |
|
|
|
|
|
|
|
|
CONCENTRATE |
|
|
|
|
|
|
Copper grade (%) |
27.1 |
37.5 |
27.2 |
26.8 |
27.2 |
|
Gold grade (g/t) |
16.3 |
12.0 |
13.4 |
9.2 |
12.6 |
|
Dry Tonnes Produced |
4,260 |
4,220 |
4,215 |
3,168 |
15,863 |
|
|
|
|
|
|
|
|
SALEABLE METAL |
|
|
|
|
|
|
Copper (tonnes) |
1,107 |
1,115 |
1,101 |
850 |
4,174 |
|
Gold (ounces) |
2,096 |
1,490 |
1,681 |
865 |
6,132 |
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development company that in November 2012 brought its first mine into commercial production. Rambler 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.
Rambler's ongoing Phase II plans are to increase mine and mill production to 1,250 mtpd by mid calendar 2017. This initial expansion has been fully funded through CEII's investment. Rambler will also continue advancing engineering studies on ore pre-concentration (DMS) and shaft rehabilitation with a view to further increase production to 2,000 mtpd at the Ming Mine. In addition, Rambler has initiated a detailed study at the mill with a goal to increase the gold recovery and production rate in the copper concentrator.
Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/ Whales Back copper mines and has strategic investment in the former producing Hammerdown gold mine.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RAB.
For further information, please contact:
|
Norman Williams, CPA,CA President and CEO Rambler Metals & Mining Plc Tel No: 709-800-1929 Fax No: 709-800-1921 |
Peter Mercer Vice President, Corporate Secretary Rambler Metals & Mining Plc Tel No: +44 (0) 20 8652-2700 Fax No: +44 (0) 20 8652-2719 |
|
Nominated Advisor (NOMAD) |
Investor Relations |
|
David Porter, Craig Francis Cantor Fitzgerald Europe Tel No: +44 (0) 20 7894 7000 |
Nicole Marchand Investor Relations Tel No: 416- 428-3533 Nicole@nm-ir.com |
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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
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
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