Rambler Signs Exploration and Development Allia...
FOR: RAMBLER METALS & MINING PLC
TSX VENTURE SYMBOL: RAB
AIM SYMBOL: RMM
June 1, 2011
Rambler Signs Exploration and Development Alliance With Maritime and Commander
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND and LABRADOR--(Marketwire - June 1, 2011) - Rambler Metals and Mining plc
(TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to announce that it has entered into an Exploration
and Development Alliance ('Alliance') with Vancouver based Maritime Resources Corp. (TSX VENTURE:MAE) ('Maritime') and
Commander Resources Corp. (TSX VENTURE:CMD) ('Commander'). The Alliance will see the sharing of technical expertise for
the exploration and development of two main properties in the Green Bay area of Newfoundland and Labrador; with projects
in the advanced exploration stage.
AGREEMENT HIGHLIGHTS
1. Complete an economic assessment for reopening the Hammerdown Mine
-- The Hammerdown Mine operated between 2000 and 2004 producing 157,000
ounces of gold from 315,000 tonnes of ore at an average grade of
16.1 g/t. The average price of gold during the four year operation
was $275 US per ounce
-- All ore was trucked 175 km to Rambler's Nugget Pond
Hydrometallurgical Facility with reported recoveries greater than
95%
-- The current focus will be targeting un-mined veins and remnant
pillars that were uneconomical during production at lower gold
prices
2. Evaluate the mine potential of the Orion Deposit as a potential feed
source for Nugget Pond
-- Orion has a NI43-101 compliant inferred resource of 710,285 tonnes
grading 5.227 g/t gold; providing 119,374 gold ounces in-situ
-- Maritime is currently conducting a diamond drill exploration program
focused on extending known mineralization while upgrading the
resource category
-- Exploration highlights from current drill program include 2.10
metres of 7.47 g/t gold and 1.20 metres of 16.58 g/t gold
The Alliance between Rambler, Maritime and Commander will see a sharing of both operational and exploration expertise
with the goal of advancing the Green Bay Properties towards production. The first priority for the Alliance will be to
compile all existing information on the Hammerdown mine followed by an economic assessment to determine how much of the
un-mined material can now be profitably mined, trucked and processed at today's gold price. Some of the remaining high
grade veins are in close proximity to existing workings while others may be accessed via open pit which could improve
the economics of the project in the early years.
A quick start-up to production will be the primary focus, given the majority of the infrastructure is already in place,
but during the compilation some effort will be made to evaluate the expansion of the old mine.
Peter Mercer, VP Corporate Development, Rambler commented:
"The signing of this Alliance allows the marrying of Maritime's success in exploration and Rambler's ability to develop
projects from exploration all the way through to production. In addition, through the Company's work at the Ming Mine,
it has developed particular expertise in evaluating and developing brown-field sites which will be an asset when
determining the economic potential of re-opening the Hammerdown mine.
The Alliance also provides Rambler with the opportunity to bolster our potential project pipeline and improve our
ability to grow the Company over the longer term."
Eric Norton, President and CEO of Maritime and Commander commented:
"Working in a cooperative manner with Rambler, through the Alliance, will help shareholders of all parties optimize the
value of their respective assets. The availability of a mill locally, with a proven track record of high recoveries of
gold from this ore, has the potential to significantly accelerate the opportunity of early cash flow to Maritime and
Commander".
The Green Bay Property
The primary asset of the Green Bay Property is the Orion gold deposit which was first discovered by Commander Resources
in 1995. While Orion itself is in the advanced exploration stage the land package has already been host to one
profitable mining operation, the Hammerdown gold deposit, also discovered by Commander's predecessor company, Major
General Resources, partnership with Noranda in 1989. Over the four years in operation Hammerdown produced nearly 315,000
tonnes of ore with an average grade of 16.1 g/t gold. All material was trucked and processed at the Nugget Pond Hydromet
Facility where approximately 157,000 ounces were recovered representing a gold recovery better than 95%. The average
gold price while Hammerdown was in operation was $275 US per ounce forcing a cut off grade of 6.9 g/t gold. While much
of the original Hammerdown Main zones were mined out, the owners at that time elected not to mine some of the
neighbouring veins due to the low price of gold.
The Orion property is located within 2 kilometres of Hammerdown, 10 kilometres off the Trans-Canada Highway, and is
readily accessible via paved and dirt roads. Orion is jointly owned by Maritime Resources and Commander Resources and is
operated by Maritime Resources. Maritime has the right to increase its ownership to 100%, from 50%, by issuing an
additional 5 million shares to Commander. The property has over 15,000 metres of diamond drilling and a NI43-101
compliant inferred resource of 119,374 ounces of gold from 710,285 tonnes at an average grade of 5.227 g/t (using a 3
g/t cut-off grade).
Currently Maritime is managing a diamond drill program on Orion to evaluate the potential of extending the known
mineralization up-plunge to the southwest in addition to some infill drilling to improve the existing resource. It is
anticipated that the next program will focus drilling on extending the Orion deposit to the north-east. During this time
Rambler will assist Maritime with their evaluation so that future exploration programs will be geared toward the goal of
accelerated production.
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 reported are dry metric tonnes.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and
uncertainties. Without limitation, statements regarding future plans and objectives of the Company are forward looking
statements that involve various degrees of risk. It is important to note that the Company's actual results could differ
materially from those in such forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rambler Metals and Mining
George Ogilvie, P.Eng.
President and CEO
709-800-1929
OR
Rambler Metals & Mining Plc.
Corporate Office
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
www.ramblermines.com
OR
Seymour Pierce Limited
Nandita Sahgal / Jeremy Stephenson
+44 (0) 20-7107-8000
OR
Pelham Bell Pottinger
Charles Vivian
+44 (0) 20 7861 3126
OR
Pelham Bell Pottinger
Philippe Polman
+44 (0) 20 7861 3861
OR
Ocean Equities Limited
Guy Wilkes
+44 (0) 20-7786-4370
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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