Rambler Completes Negotiations for the Sale and...
9 September 2009
RAMBLER COMPLETES NEGOTIATIONS FOR THE SALE AND PURCHASE
OF THE NUGGET POND PROCESSING FACILITY
London, England & Baie Verte, Newfoundland and Labrador - Rambler Metals and Mining plc ('Rambler') (TSXV:
RAB, AIM: RMM) is pleased to announce that it has signed a sale and purchase agreement with Crew Gold
Corporation (TSX: CRU) (OSE: CRU) (FWB: KNC) (OTCBB: CRUGF) ('Crew') for the Nugget Pond gold processing
facility (the 'Facility').
The gold milling facility is located on the Baie Verte Peninsula in Newfoundland, just 40 km's from
Rambler's Ming Mine. The gold concentrator will be adapted to process base metals sulphides from the Ming
Mine through the addition of a copper flotation circuit as well as process the 'free gold' that exists in
the Rambler geological system. The modification will diversify the existing facility and allow for a range
of processing capabilities. Crew Gold is currently under contract to toll mill ore from the Pine Cove Gold
Mine, which is owned by Anaconda Mining, until June 30, 2010. The expansion of the facility will not
impede this contract.
The purchase price for the facility is $3.5 M CDN. Crew Gold will be responsible for maintaining the
existing closure bond until such time that the toll milling contract expires whereupon Rambler shall assume
this responsibility. The closing date for the purchase will take place within 90 days of the signed
agreement and therefore should close on or around December 9, 2009. Under the terms of the agreement Crew
Gold will lease the processing facility from Rambler so that the toll milling contract with Anaconda Mining
can continue without interruption. During the leasing period Rambler will have full access to the site to
complete detailed engineering on the expansion and eventual construction.
Rambler Metals and Mining has recently compiled an internal business plan to develop the existing NI43-101
compliant resource at the Ming Mine. The section of the report concerning the underground operation is
already at a feasibility level while the work on surface engineering, including the concentrator, is at a
scoping level. With the acquisition of the Nugget Pond facility, the detailed surface engineering can now
be completed allowing for a full compliant project evaluation. Considering just the existing measured and
indicated massive sulphide resources and an extraction rate of 850 mtpd approximately 7 years of resources
are currently available for processing. This has the potential to increase, as all mineralized zones are
open in multiple directions. The above plan also excludes the bulk tonnage lower footwall zone that the
Company intends to develop once it is in production. The internal business plan will form the basis of the
full project evaluation which will be publicly released during the first half of 2010.
George Ogilvie, President and CEO commented;
"The acquisition of the Nugget Pond Mill Facility, a fully operational, permitted Gold Hydrometallurgical
mill, moves Rambler another step closer to production and increases the attractiveness of the project. Our
Engineering studies to date have shown that the add-on of a copper flotation circuit will be a simple
process and the newly expanded facility will also give Rambler the ability to recover the 'free gold' that
exists in its own geological system. In addition the facility provides Rambler with the option of
processing other ore under toll milling contracts. The acquisition greatly improves project economics and
looking forward I believe that copper and gold represent the two metals which are likely to provide
greatest returns for our shareholders."
Further information will be released to the market at the time of closing.
For further information, please contact:
George Ogilvie, P.Eng. Leslie Little
President and CEO Company Secretary
Rambler Metals and Mining Rambler Metals & Mining Plc
Canada Limited Tel No: +44 (0) 20-7661-8104
Tel No: 709-532-4990
Nandita Sahgal Chelsea Hayes/Klara Kaczmarek
Seymour Pierce Limited Pelham Public Relations
Tel No: +44 (0) 20-7107 8000 Tel No: +44 (0) 20-7337-1523 /20-7337-1524
Website: www.ramblermines.com
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
The Company wishes to clarify that it has a fixed Stock Option Plan whereby a maximum of 4,465,000 options
may be granted. In the Company's Information Circular dated October 29th, 2008 the Stock Option Plan was
incorrectly referred to as a 10% rolling stock option plan with a maximum of 5,938,500 options authorized
when, in fact, the plan is a fixed plan with a maximum of 4,465,000.
About the Company
The principal activity of the Company is to carry out development and exploration on the Ming Property, a
mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula. The Company is
committed to bringing the former Ming Mine back into production.
The Ming property had been a former underground copper and gold producer that ceased production when the
deposit reached a then third party property boundary. This neighbouring property was subsequently
consolidated before being brought into the Company. The Company now owns a 100% interest in the property.
With the impending acquisition of the Nugget Pond gold processing facility and its subsequent modification
Rambler will soon have the capability and flexibility to process multiple ore types either from its own
property or through toll milling agreements. This diversification will create direct share holder value
while further reducing the risk of fluctuating commodity prices.
Rambler Metals & Mining Plc
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