Significant Progress Being Made at Rambler'...
FOR: RAMBLER METALS & MINING PLC
TSX VENTURE SYMBOL: RAB
AIM SYMBOL: RMM
June 28, 2011
Significant Progress Being Made at Rambler's Copper Gold Projects
LONDON, UNITED KINGDOM and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - June 28, 2011) - Rambler Metals and
Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler' or the 'Company') is pleased to provide this update on each of its
copper and gold projects on the Baie Verte Peninsula.
HIGHLIGHTS
Ming Mine
-- Project construction remains on schedule for first production in the
second half of 2011
-- Multiple headings of pre-production development to the ore bodies
continuing with ore now being stockpiled while the Nugget Pond
concentrator remains on the critical path to production
-- Construction of the concentrate storage facility at Goodyear's cove is
underway and is expected to be completed well in advance of the first
concentrate production
-- Workforce increased to 108 employees in total and expected to grow ahead
of full production
Nugget Pond Crown Pillar
-- Mining and milling of the crown pillar is now complete. After refining
and cleanout a total of 1053 gold ounces were recovered. The total all
in cash cost was $ 401 per ounce providing the Company with a net profit
of CAD $ 1,132,437 from the operation
Tilt Cove East Mine
-- Transportation and processing of the Tilt Cove stockpile to the Nugget
Pond mill began early June. To date 5424 tonnes of material have been
processed at an average feed grade of 2.64 g/t gold with an estimated
recovery of 92%. Processing is expected to continue throughout the
summer until construction of the new concentrator is completed and ready
for commissioning
George Ogilvie, President and CEO commented:
"The Company is making good progress in bringing the Ming Mine into production in the second half of 2011.
We anticipate the mining of the Tilt Cove East deposit will be as successful as the Nugget Pond Crown Pillar, creating
another net profit for the Company. We expect the net profit from these satellite deposits, and toll milling contracts
as a whole, will more than payback the CAD $3.5M Rambler paid for the mill in 2009.
In the coming months we will ramp up our labour force in preparation for full production. Shortly we will turn our
attention to signing an off-take agreement for our valuable concentrate; we are well positioned with numerous offers on
the negotiating table. We will also be advancing our engineering studies for the Lower Footwall Zone which we see as an
integral part of our Phase II expansion plans.
Over the longer term we remain bullish on copper and gold while we continue to develop our operations in stable
jurisdictions; namely in Canada."
Ming Copper Gold Mine
Construction activities at the Ming Mine are proceeding at pace and on schedule with preproduction development into the
main ore bodies being the main focus for the underground crews. There are currently multiple heading accessing the 1806
Zone with a resource of 349,000 tonnes grading 3.96 g/t Au and 0.60 % Cu. The Company currently has 2,500 tonnes of ore
stockpiled and is aiming for a 15,000 tonne stockpile prior to commissioning the mill concentrator. Shortly development
crews will turn their focus to the 1807 Zone with a measured and indicated resource grade of 432,000 tonnes grading 3.86
% Cu, 1.75 g/t Au and 7.18 g/t Ag. At present the total direct employment for the project is 108 people. Over the next
couple of months the company will complete the hiring process to bring the labour force up to full requirements for
mining and milling; at full production the Company will employ over 130 people.
At the Nugget Pond mill site work on the new concentrator is continuing in conjunction with the daily gold hyrdomet
operations where the Tilt Cove material is being processed. At present contractors are finalizing the buildings concrete
and steel work in preparation for the arrival of the super cladding early in July. With the recent award of the
electrical contract the majority of third party contracts have now been let with the only remaining items being the
heating, ventilation and sprinkler systems.
Finally, ground and foundation work for the concentrate storage facility at Goodyear's Cove has begun. The building
itself has been ordered and expected to arrive in July; with all ground work completed before arrival the facility will
be ready well in advance of the first concentrate production from the Nugget Pond Mill.
Nugget Pond Crown Pillar
The mining and milling of the Crown Pillar project is now complete in addition to all site reclamation. During the 18
days in operation approximately 7,283 tonnes of material were excavated at an average grade of 3.88 g/t gold. The tonnes
of ore were less than the Company expected due to the intersection of an unknown fault which resulted in lower recovered
ounces of gold. At the end of the program three gold Dore bars with a total weight of 55.2 kg's were poured and
delivered to Johnston and Matthews refinery for further processing. Upon reconciliation from the refinery 978 ounces was
recovered from the gold Dore bars. The material from the cleanout process delivered another 75 ounces bringing the total
gold ounces for the project to 1053. The average recovery for the operation was 94.9% which is in line with the
Company's expectations.
With an all in total cash cost from the operation of $401 dollars per ounce the company has realized a net profit of CAD
$1,132,437.
Tilt Cove - East Mine Deposit
Subsequent to the completion of the Crown Pillar project the Company has begun moving material from the Tilt Cove East
Mine to the Nugget Pond facility. Rambler is spearheading the project under a NSR agreement with Metals Creek Resources
(TSX VENTURE:MEK) (see RMM press release dated January 19, 2011). While the agreement itself was only signed in January
2011 the short path to production was possible due to the attention of provincial regulators and that the majority of
infrastructure was already in place and operating.
Processing of the material has been proceeding well with an average daily throughput exceeding 500 mtpd and average
recovery of 92%. The Company estimates that there remains between 40,000 and 70,000 tonnes of material at Tilt Cove that
still has to be transported to the Nugget Pond Mill facility. With the material remaining at Tilt Cove the Company
expects the operation to continue throughout the remaining summer months while the Nugget Pond Mill Concentrator
prepares for commissioning in the second half of 2011.
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 & Mining Plc.
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
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 3921
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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