Rambler Enters Conditional Agreement to Purchas...
FOR: RAMBLER METALS & MINING PLC
AIM SYMBOL: RMM
TSX VENTURE SYMBOL: RAB
September 17, 2013
Rambler Enters Conditional Agreement to Purchase Cornerstone's 50% Interest in the Little Deer Copper Project
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwired - Sept. 17, 2013) - Rambler Metals and Mining
plc (AIM:RMM)(TSX VENTURE:RAB) ('Rambler' or the 'Company'), a copper and gold producer operating in Newfoundland and
Labrador, Canada, announces that, through its 100 per cent owned subsidiary Rambler Metals and Mining Canada Limited, a
conditional offer has been accepted by Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) ('Cornerstone') whereby
Rambler will purchase their 50 per cent participating interest in The Little Deer Copper Deposit and Whalesback Mine
(together 'The Little Deer Project').
The 50 per cent interest is subject to a Joint Venture Agreement dated 20 April 2007 with Thundermin Resources Inc.
(TSX:THR) ('Thundermin'). Rambler's offer is still subject to completion by the Company of a full due diligence review
and negotiation and agreement on the final terms and conditions.
The purchase price for Cornerstone's interest is CAD$550,000, consisting of CAD$200,000 in cash and CAD$350,000 in
common shares of Rambler to be issued on closing.
In addition, the purchase price consists of a 0.75 per cent net smelter return (NSR) on Cornerstone's proportionate
share of all products subject to a buyback of 0.5 per cent of the NSR for CAD$500,000 at anytime; and the remaining 0.25
per cent of the NSR for fair market value as determined by the economics of the projects feasibility study, at any time,
following the completion of the feasibility study.
The Little Deer Project is located less than 140 kilometres from the Company's Nugget Pond base and precious metals
processing facility and only 30 kilometres from the Goodyear's Cove Port Facility.
George Ogilvie, President and CEO, commented:
"The Little Deer Project resembles our own producing Ming Mine just five years ago. These mines were once profitable
copper mines, like Ming, that closed and have remained dormant until now, despite having significant mineralization
still in the ground.
"We believe, based on our experience of successfully bringing the Ming Mine back into commercial production, we have the
capability and expertise to resurrect the Little Deer and Whalesback Mines, if viable. The mines are also in close
proximity to our port facility at Goodyear's Cove which could allow for bulk shipping the material into our Nugget Pond
Processing Facility, thus minimizing both future capital and operating costs.
"This acquisition is another strong indicator to our shareholders, and the market in general, of our vision to be
Atlantic Canada's leading mine operator and resource developer."
The expected closing date for the transaction will be on or before 14 November 2013. A further announcement will be made
in due course. Following closing information on the project and future work programs will be available on the Company's
website at www.ramblermines.com.
ABOUT LITTLE DEER & WHALESBACK
The Little Deer copper project, located in north-central Newfoundland, is a 50-50 joint venture with Thundermin, the
project operator. Since 2007 approximately CAD$8 million has been invested into the property including 55,000 metres of
diamond drilling, scoping level metallurgical test work, NI43-101 mineral resource estimates and a Preliminary Economic
Assessment ("PEA").
The project includes the past-producing Little Deer and Whalesback underground copper mines which operated during the
1960's and 1970's. Cornerstone's press release, dated 26 July 2012, outlined a NI43-101 resource estimate for Little
Deer and Whalesback containing combined Indicated Resources of 2,708,000 tonnes grading 2.16 per cent copper (129.1
million pounds of copper) and Inferred Resources of 4,191,000 tonnes grading 2.07 per cent copper (191.3 million pounds
of copper). While Thundermin and Cornerstone have completed a NI43-101 technical report on the property, a qualified
person from Rambler Metals and Mining has not done sufficient work to classify the work as current mineral resources or
mineral reserves; as such the Company is not treating the historical estimate as current mineral resources or mineral
reserves. Further review of the previous work will be completed following the closing of the agreement.
A PEA completed in November 2011 by P&E Mining Consultants Inc. on the Little Deer deposit, on a stand-alone basis,
demonstrated the technical and economic viability of developing a new underground copper mine at Little Deer. Planned
future work consists of infill diamond drilling to upgrade any Inferred Resources to an Indicated or Measured Resource
category in order to further advance the project's engineering studies. Good opportunities also exist to expand the
mineral resources at both deposits. The Company has not verified the results of the PEA.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in 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.
Our Company Vision is to be Atlantic Canada's leading mine operator and resource developer through the expansion of the
Ming Mine, discovering new deposits and through mergers and acquisitions. Rambler listed on the London AIM in 2005 and
Toronto TSX-V in 2007.
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.
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 law.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Rambler Metals and Mining
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921
OR
Rambler Metals & Mining Plc
Corporate Office
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
www.ramblermines.com
OR
Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson
+44 (0) 20 7894 7000
OR
Blythe Weigh Communications
Tim Blythe/Halimah Hussain
+44 (0) 20 7138 3205
OR
Ocean Equities Limited
Guy Wilkes
+44 (0) 20-7786-4370
-0-
Rambler Metals & Mining Plc
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