Record Throughput for 2017
12 February 2018
Rambler Achieves Record Throughput for 2017
With a 27% Increase in Ore Processed Year-over-Year
London, England - Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer, and developer is pleased to announce that for the fiscal year ending December 31, 2017 it achieved a record annual throughput by processing 339,631 tonnes of ore from the Ming Mine through the Nugget Pond copper and gold milling facility. A total of 3,968 tonnes of saleable copper and 3,357 ounces of gold were produced from this throughput.
2017 Production Summary
· For Q4 and the fiscal year the Nugget Pond copper and gold milling facility achieved record throughput for ore processed. The facility processed 97,997 dry metric tonnes ('dmt') at a feed grade of 1.17% copper and 0.65 g/t gold for the quarter with 339,631 dmt at 1.27% copper and 0.58 g/t gold for the 2017 fiscal year. The quarterly production included 17 days running at an average of 1,260 mtpd, confirming the Company's mill improvements should allow the facility to produce at a sustained rate at or greater than 1,250 mtpd.
· Recovery of metal to concentrate was 96.1% and 61.0% for copper and gold respectively for the quarter (95.6% and 60.7% for the 2017 fiscal year). Production of concentrate was 4,014 dmt containing saleable metal of 1,061 tonnes of copper and 1,112 ounces of gold. For the full year the operation produced 14,907 tonnes of concentrate containing saleable metal of 3,968 tonnes of copper and 3,357 ounces of gold.
· Revised guidance targets were met for mill throughput, copper and gold head grades and metal recovery to concentrate. Guidance for saleable metal produced was also met for copper and just under for gold.
· Rambler delivered on all of its safety targets during 2017. For the fiscal year there were no lost time incidents or medical aids, with the twelve-month rolling average lost time frequency rate remaining at 0%.
· Mine performance has shown significance improvements from Q4/17 compared to the same quarter in 2016. Mostly notably improvements include:
o Daily development meters increased 33% (Q4/17: 12.1 m/ day, Q4/16: 9.1 m/ day)
o Total material hauled increased 21% (Q4/17: 1,486 mtpd, Q4/16: 1,223 mtpd)
o Backfill placed increased 53% (Q4/17: 286 mtpd, Q4/16: 187 mtpd)
o Mine ore produced increase 38% (Q4/17: 1,061 mtpd, Q4/16: 767 mtpd)
Norman Williams, President and CEO, commented:
"I would like to thank each Rambler employee and contractor for their outstanding efforts, patience and achievements during 2017. In the last 17 months, we have nearly doubled the production rate at both the mine and the mill. This growth in production has been completed with safety at the forefront which is evident by the 2,310 days without a lost time accident and 1,114 days since its last medical aid. We appreciate your continued efforts as we work towards completing our Phase II transformation.
"The mine is now averaging ~1,118 tonnes of ore per day from the underground, with the mill hitting peak production as high as 1,360 mtpd while maintaining high copper recovery. Ore stockpiles at each site continue to be modest pending completion of the surface ventilation project. This project is on the critical path and targeting completion in March. Once finished the mine's ventilation system will be reversed allowing for increased capacity and improved cycle times thereby boosting the overall throughput from the mine.
"Given the productivity improvements just around the corner we are now turning our attention to increasing the overall feed grade being delivered to the mill and returning the Company to positive cash flows during a time that has seen significant run up in, and positive outlook, on long term copper and gold price forecasts. The Company expects to complete its Phase II expansion with sustained production of 1,250 tonnes per day mining and milling towards the end of the first quarter, 2018."
Table 1 below summarizes the Ming Copper-Gold Mine's production for each quarter in 2017, and totals for the fiscal year ending 31 December 2017. Table 2 outlines the quarter over quarter comparisons.
Table 1 - Fiscal 2017 Production Results with 2017 Revised Guidance
|
PRODUCTION |
Q1 2017 |
Q2 2017 |
Q3 2017 |
Q4 2017 |
|
Fiscal 2017 |
|
Revised F2017 Guidance |
|
|
|
|
|
|
|
|
|
|
|
Dry Tonnes Milled |
75,438 |
86,895 |
79,300 |
97,997 |
|
339,631 |
|
330,000 - 360,000 |
|
|
|
|
|
|
|
|
|
|
|
Copper Recovery (%) |
96.6 |
94.2 |
95.4 |
96.1 |
|
95.6 |
|
94 - 96 |
|
Gold Recovery (%) |
64.0 |
56.5 |
61.7 |
61.0 |
|
60.7 |
|
60 - 65 |
|
|
|
|
|
|
|
|
|
|
|
Copper Head Grade (%) |
1.13 |
1.41 |
1.38 |
1.17 |
|
1.27 |
|
1.3 - 1.6 |
|
Gold Head Grade (g/t) |
0.30 |
0.67 |
0.66 |
0.65 |
|
0.58 |
|
0.5 - 1.0 |
|
CONCENTRATE
|
|
|
|
|
|
|
|
|
|
Copper grade (%) |
28.2 |
26.6 |
28.9 |
27.5 |
|
27.7 |
|
26 - 28 |
|
Gold grade (g/t) |
5.0 |
7.7 |
9.0 |
9.6 |
|
8.0 |
|
4.0 - 8.0 |
|
Dry Tonnes Produced |
2,920 |
4,359 |
3,614 |
4,014 |
|
14,907 |
|
14,000 - 16,000 |
|
SALEABLE METAL
|
|
|
|
|
|
|
|
|
|
Copper (tonnes) |
791 |
1,112 |
1,004 |
1,061 |
|
3,968 |
|
3,800 - 4,200 |
|
Gold (ounces) |
376 |
939 |
930 |
1,112 |
|
3,357 |
|
3,400 - 3,900 |
Table 2 - Quarter over Quarter Results Comparison
|
PRODUCTION |
Q3/17 |
Q4/17 |
|
Q4/16 |
Q4/17 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Dry Tonnes Milled |
79,300 |
97,997 |
24% |
72,036 |
97,997 |
36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Recovery (%) |
95.4 |
96.1 |
1% |
96.1 |
96.1 |
0% |
|
|
|
Gold Recovery (%) |
61.7 |
61.0 |
-1% |
70.5 |
61.0 |
-13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Head Grade (%) |
1.38 |
1.17 |
-15% |
1.36 |
1.17 |
-13% |
|
|
|
Gold Head Grade (g/t) |
0.66 |
0.65 |
-2% |
0.56 |
0.65 |
16% |
|
|
CONCENTRATE
|
|
|
|
|
|
|||
|
|
Copper (%) |
28.9 |
27.5 |
-5% |
26.8 |
27.5 |
3% |
|
|
|
Gold (g/t) |
9.0 |
9.6 |
7% |
9.2 |
9.6 |
4% |
|
|
|
Dry Tonnes Produced |
3,614 |
4,014 |
11% |
3,168 |
4,014 |
27% |
|
|
SALEABLE METAL
|
|
|
|
|
|
|
||
|
|
Copper Metal (tonnes) |
1,004 |
1,061 |
6% |
850 |
1,061 |
25% |
|
|
|
Gold (ounces) |
930 |
1,112 |
20% |
865 |
1,112 |
28% |
|
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.
Note 1: Results reported are accurate and reflective as of the date of release. The Company performs regular auditing and reconciliation reviews on its mining and milling processes as well as stockpile inventories, following which past results may be adjusted to reflect any changes.
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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the AIM Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development company that in November 2012 brought its first mine into commercial production. Rambler 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.
Rambler's ongoing Phase II plans are to sustain mine and mill production at 1,250 mtpd in 2018. This initial expansion has been fully funded through CEII's investment. Rambler will also continue advancing Phase III engineering studies with a view to further increase production to 2,000 mtpd at the Ming Mine.
Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/ Whales Back copper mines and has strategic investment in the former producing Hammerdown gold mine.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RAB.
For further information, please contact:
|
Norman Williams, CPA,CA President and CEO Rambler Metals & Mining Plc Tel No: 709-800-1929 Fax No: 709-800-1921 |
Peter Mercer Vice President, Corporate Secretary Rambler Metals & Mining Plc Tel No: +44 (0) 20 8652-2700 Fax No: +44 (0) 20 8652-2719 |
|
Nominated Adviser (NOMAD) |
Investor Relations |
|
David Porter Cantor Fitzgerald Europe Tel No: +44 (0) 20 7894 7000 |
Nicole Marchand Investor Relations Tel No: 416- 428-3533 Nicole@nm-ir.com |
Website: www.ramblermines.com
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 security law.
This information is provided by RNS
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