Rambler Completes Record Gold Pour of 1935 Ounces
FOR: RAMBLER METALS & MINING PLC
TSX VENTURE SYMBOL: RAB
AIM SYMBOL: RMM
May 2, 2012
Rambler Completes Record Gold Pour of 1935 Ounces
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - May 2, 2012) - Rambler Metals and Mining plc
(TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to provide the following project update for gold
production from its 100% owned Ming Copper-Gold Mine ("Ming Mine"), in Newfoundland and Labrador's Baie Verte Peninsula,
Canada.
GOLD PRODUCTION HIGHLIGHTS
-- On 24 April 2012 the Company completed a record gold pour of 1935 ounces
over a two week period
-- In those two weeks, milling throughputs averaged 706 wet metric tonnes
per day with an average gold grade of 7.39 g/t. This represents the
highest continuous throughput and grade seen to date
-- The continuous optimization to the grinding circuit has resulted in a
reached peak of 845 wet metric tonnes on 20 April 2012
-- With improvements to the mill's throughput and run of mine head grade,
April's gold production has exceeded 3,700 ounces
-- To date, the total gold poured from the 1806 zone is 11,586 ounces
-- As of 30 April 2012, 3,100 tonnes of 1806 zone ore remained to be
processed at an average, estimated grade of 6.68 g/t gold
George Ogilvie, President and CEO, commented:
"Over the past two weeks, we have seen record gold production as a direct consequence of increased throughput and better
than predicted grades. The modifications to the crushing and grinding circuit at Nugget Pond have allowed for these
improvements and as this circuit is common for both gold and copper production, we are hopeful that these productivity
increases will also be seen once we begin copper concentrate production. Over the past five months, the mine has proven
its ability to move in excess of 1,000 tonnes of ore to surface daily, enough to fully-use the newly built copper
flotation circuit, also rated for 1,000 mtpd. We are confident that the latest improvements to the crushing and grinding
circuit will allow for increases to copper production above the 630 mtpd used in the feasibility study and budget
forecasts.
I am pleased to announce that we remain on track to start copper concentrate production before the end of May."
GOLD PRODUCTION
To date, the Company's early gold production has returned 11,586 ounces with the most recent pour of 1935 ounces
completed on 24 April 2012. This is a record high for a two week production period resulting from increased run of mine
ore grade to 7.39 g/t. Furthermore, the increase in daily throughput has played a major role in reaching this
exceptional pour.
The crushing and grinding circuit at the Nugget Pond milling facility has a name plate capacity of 500 mtpd (metric
tonnes per day), at a specific hardness for gold bearing ores. While the Ming Mine's 1806 zone is a gold bearing ore,
its composition is mainly massive and stringer sulphides which are normally softer than the majority of material that
Nugget Pond has processed in the past. With the copper floatation circuit sized and built for 1000 mtpd over the last
two weeks, the operations team has been determining ways to optimize the common crushing and grinding circuit for the
upcoming switch over to copper rich massive sulphide ore. This optimizing exercise has returned promising results with a
maximum daily throughput capacity of 845 wmt (wet metric tonnes). With continued work, the Company foresees the daily
throughput capacity to be further increased, depending on ore type and hardness.
At month's end, approximately 3100 tonnes of 1806 zone ore remained stockpiled at an average grade of 6.68 g/t gold. It
is expected that gold production will be completed before week's end, followed by a two to three week period for mill
clean out. Once mill clean out and scheduled maintenance is completed, live ore commissioning of the copper concentrator
will begin.
Exploration diamond drilling of the 1806 zone has returned some exceptional visual gold intersections resulting in two
new stoping blocks totaling 9780 tonnes grading 7.13 g/t gold. While development into these new stopes will continue in
conjunction with the startup of copper production, any new gold ore broken will only be processed following a break in
copper concentrate production.
ABOUT RAMBLER METALS AND MINING
Rambler Metals and Mining plc is a Junior Mining Company that has 100% ownership of the Ming Copper-Gold Mine in Baie
Verte, Newfoundland and Labrador, Canada. As a producing gold and copper miner, our objective is to become a mid-tier
mining company by continuing the development of the Ming Mine, discovering new deposits and through mergers and
acquisitions.
The initial six years of the Ming Mine project is based on the underground mining of massive sulphides with a mineable
reserve estimate of 1.498 million ore tonnes grading 1.62% copper, 2.40 g/t gold and 10.90 g/t silver (24,252 tonnes of
copper, 115,549 ounces of gold and 525,139 ounces of silver of contained metal). All massive sulphide zones remain open
both up and down plunge with the current exploration program focused on extending the known mineralization for inclusion
in the resource/reserve estimate.
In addition to the outlined reserve estimate, there is a sizeable footwall deposit beneath the massive sulphide horizon
that has been outlined with an indicated resource grade of 18,306k tonnes grading 1.43% copper (261,258 tonnes of
contained copper at a 1.00% copper cut-off grade). This zone forms the basis of the preliminary economic assessment,
compiled by independent consultants, which envisions the Ming Mine transitioning itself into a bulk tonnage mining
operation. For further information on the Ming Mine project, please refer to the Company's NI 43-101 compliant technical
reports, available under the Company's profile on SEDAR (www.sedar.com).
Over the coming months and years, as the Company seeks to optimize the Ming Copper-Gold Mine into cash a positive
position, it is expected that future expansion into the footwall zone will be formalized with the goal of maximizing
returns for shareholders and increasing the life of mine.
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 unless otherwise indicated.
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 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 is expressed in good faith and believed
to have a reasonable basis. 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
securities law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rambler Metals and Mining
George Ogilvie, P.Eng.
President and CEO
709-800-1929
709-800-1921
www.ramblermines.com
OR
Seymour Pierce Limited
Nandita Sahgal / Jeremy Stephenson
+44 (0) 20-7107-8000
OR
Pelham Bell Pottinger
Charles Vivian / Philippe Polman
+44 (0) 20-7861-3921
OR
Ocean Equities Limited
Guy Wilkes
+44 (0) 20-7786-4370
OR
Rambler Metals & Mining Plc.
Corporate Office
+44 (0) 20-8652-2700
+44 (0) 20-8652-2719 (FAX)
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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