Rambler Metals & Mining Plc Investigates th...
26th January 2010
RAMBLER METALS & MINING PLC INVESTIGATES THE RESOURCE POTENTIAL
AT THE NUGGET POND GOLD MINE
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND and LABRADOR: Rambler Metals & Mining PLC (TSX VENTURE:RAB)
(AIM:RMM) is pleased to announce that, following the recent purchase of the Nugget Pond gold facility, it
will be investigating the resource potential within the 140L mining lease.
HIGHLIGHTS
* Exploration target of 13,000 to 15,000 ounces of gold contained within 50,000 to 66,000
tonnes grading at 7 to 9 g/t gold.
* Low capital development and operating costs.
* Permitted mill and tailings impound.
* Crown pillar amenable to open pit mining methods.
George Ogilvie, President and CEO commented,
"The possible uncovering of gold resources at Nugget Pond represents an exciting opportunity for
Rambler. Over the coming months the Company will evaluate mining the crown pillar which will have
minimal capital requirements and quick start-up. With an operating mill onsite and the present
market price of gold Rambler considers Nugget Pond to be an asset of significant value that could
provide some self funding opportunities towards our Project Financing."
The recent purchase of the Nugget Pond gold facility on the Baie Verte Peninsula, Northeastern Newfoundland
(see Company press release October 27, 2009) has prompted the Company to evaluate the potential of any
remaining resources within the 140L mining lease. Both the mine and the mill are located within the 100%
owned Nugget Pond Property. The mill itself is currently under care and maintenance while the Company
finalizes engineering design for the expansion of a copper floatation circuit.
The Nugget Pond Gold Mine began commercial production in April 1997 at a milling rate of 350 mtpd and was
later optimized to 500 mtpd. After four years of profitable operations, production ceased in August 2001
due to depleting reserves and depressed gold prices. During operations the deposit produced a total of
168,748 ounces of gold from 487,765 tonnes of ore grading approximately 10.76 g/t. The facility surpassed
all expectations by running continuously at 98% availability with an average recovery of 95%. Since its
initial startup in 1997 the mill has seen ore from three other gold deposits with almost 1.5 million tonnes
of ore processed over its life to date.
RESOURCE POTENTIAL
Upon review of the digital database compiled during the mines closure, Rambler has estimated an exploration
target of 13,000 to 15,000 ounces of gold contained within 50,000 to 66,000 tonnes grading at 7 to 9 g/t
gold. Rambler cautions that the estimated tonnes and grade are conceptual in nature and are based on
previous diamond drilling results that defined the length, thickness, depth and grade of the original
resource and reserve estimate. Since the initial closure of the mine limited exploration has been
completed on the property and Rambler cautions that there is a risk that further exploration will not
result in the delineation of a new resource.
The estimated tonnage remaining is contained within the Main Zones, the Crown Pillar and the Footwall Zone
of the mine. The crown pillar itself contains between 5,000 and 10,000 tonnes of ore grading between 8 to
9 g/t Au. The pillar is easily accessible by way of the underground ramp, which is now flooded and would
require minimal dewatering and rehabilitation, however the pillar is also amenable to open pit mining and
further work evaluating this scenario is ongoing. The Footwall Zone, which contains the bulk of the
estimated tonnages, requires additional delineation drilling. Exploration mining of the Footwall zone
occurred on two levels in 2001 and defined at least 3 contrasting styles of gold mineralization.
Unfortunately premature closing of the mine and a lack of understanding of controls on mineralization did
not adequately define the strike and extent of the Footwall Zones.
Zone Tonnage Grade Classification
Crown Pillar 5,000 to 10,000 8 to 9 g/t Exploration Target
Main Zone 5,000 to 6,000 8 to 9 g/t Exploration Target
Footwall Zone 40,000 to 50,000 7 to 8 g/t Exploration Target
FUTURE PLANS
The exploration target at Nugget Pond is considered by Rambler to be highly prospective. With an operating
mill onsite, the present market price of gold and the potential for underexplored resources, Rambler
considers Nugget Pond to be an asset of significant value. Rambler intends to complete an engineering and
resource study of the Nugget Pond gold deposit to evaluate the full potential of the property. The fact
that the crown pillar is accessible from surface and sits within 100m of the mill and primary crusher
should allow for a low capital cost investment, minimal operating costs and a quick start up.
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) 14-8341-9942
Tel No: 709-532-4990
Nandita Sahgal Chelsea Hayes/Klara Kaczmarek
Seymour Pierce Limited Pelham Bell Pottinger
Tel No: +44 (0) 20-7107 8000 Tel No: +44 (0) 20-7337-1523 /20-7337-1524
Guy Wilkes
Ocean Equities Limited
Tel No: +44 (0) 20 786 4370
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 plc.
All tonnes are dry metric tonnes.
Grade and tonnages reported are non-NI43-101 compliant and cannot be relied upon in anyway. Rambler
cautions that there is a risk that further exploration will not result in the delineation of a new
resource.
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.
About the Company
Rambler was founded in 2004 when Altius Minerals Corporation ("Altius"), a Newfoundland and Labrador based
resource company, contributed to the Company's asset base an option to acquire and develop the Rambler
property.
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 the Company. The Company now owns a 100% interest in the property.
Recently, the purchase of the Nugget Pond milling facility has allowed the company to accelerate its plans
to bring the former producing Ming mine back into production. The Nugget Pond mill has been in operation
as recently as December 2009 and includes a fully permitted tailings impound.
The principal activity of the Group is carrying out development and exploration on the Ming Mine Property,
a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula.
Rambler Metals & Mining Plc
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