BAIE VERTE, NL--(Marketwired - Sep 9, 2014) - Rambler Metals and Mining plc: (
Rambler Provides Positive Update on Company's Core Internal Growth Project and Further Support from RDC
London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company') , a copper and gold producer operating in Newfoundland and Labrador, Canada, today announces that, in conjunction with support from the Research & Development Corporation of Newfoundland and Labrador ('RDC'), the group will complete the final phase of test work to determine the operating parameters of pre-concentrating mineralized material from the Lower Footwall Zone ('LFZ') of the Company's operating Ming Mine through dense media separation ('DMS').
The economic viability of the LFZ, which has a measured and indicated resource estimate of 18.2 million tonnes grading 1.43 per cent copper, was first demonstrated in April 2012 through a Preliminary Economic Analysis ('PEA'). (See Company press release 30 April 2012)
In an effort to reduce the capital and operating costs associated with the LFZ as per the PEA, Rambler has been investigating cost-saving ore pre-concentration techniques that could significantly reduce material handling requirements and potentially enable the use of the Company's fully permitted and operating Nugget Pond Processing Facility in lieu of building a new stand-alone copper concentrator as was envisioned in the PEA.
The mineralization of the Lower Footwall Zone is characteristically different in that it consists of heavy lower grade copper rich stringer sulphides hosted within a lighter weight chlorite schist. The initial phase of bench scale and mini-pilot process, developed with the assistance of RDC funding, has revealed that physical separation of the heavier from the lighter rock using DMS is possible. Effectively, the DMS process will increase the grade of copper in the LFZ by removing 30 per cent to 40 per cent of the lighter waste host rock with copper recoveries averaging 95 per cent. In terms of grade improvement, the mini-pilot using run of mine material from the LFZ grading 1.39 per cent copper returned a pre-concentrate grade of 2.27 per cent copper (an upgrade ratio of 1.63).
As a continuation of RDC's previously successful DMS test work with Thibault and Associates Inc., the group is planning to implement an on-site demonstration DMS plant to scale-up the process and prove the technology for its application. Once the technology demonstration is complete and operating parameters are optimized, this project will serve as the basis of a pre-feasibility study with the goal of moving the LFZ resources into the mine reserve.
RDC's initial contribution of $250,000 in 2013 helped provide the groundwork for the on-site demonstration plant program scheduled for this fall, for which RDC has again provided support with an additional $750,000 investment.
Glenn Janes, Chief Executive Officer of RDC, commented,
" The use of a proven technology for this new application has tremendous potential. The possibility of adding years to the life of the mine has immense implications on the prospective long term economic benefit to the region, and on the mining industry in Newfoundland and Labrador."
Norman Williams, President and CEO of Rambler Metals and Mining, commented,
"Since the initial release of the LFZ Preliminary Economic Assessment in 2012 the group has been engaged in various optimization studies focused directly on reducing the capital requirements of a potential expansion into the sizeable LFZ resource, while better utilizing the existing infrastructure at the mine and mill sites.
"I am pleased to report that the group is on track to begin the demonstration plant project over the coming months, with results expected in the first half of calendar 2015.
"The pre-concentrate produced from the demonstration plant, approximately 200 metric tonnes per day, will be processed on top of the existing planned production presented in the fiscal guidance. A new two-stage crushing unit has been purchased which, in addition to providing various feed sizes for the DMS project, will be incorporated into the existing operation with an aim to further increase mill throughput.
"A full review of the possible increases in production will be evaluated following the completion of the DMS project."
RDC works with research and development stakeholders including business, academia and government agencies to make strategic investments in people, R&D opportunities, and infrastructure. Additional information on RDC can be found at: www.rdc.org .
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in November 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.
The Company's Vision is to be Atlantic Canada's leading mine operator and resource developer through growth and expansion of its existing assets; discovering new deposits; strategic partnerships; mergers and acquisitions. In addition to the Ming Mine, Rambler has strategic investments in the former producing Hammerdown gold mine, Little Deer-Whales Back copper mines and the advanced Valentine Lake Gold Project.
Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RMM.
For further information, please contact:
| Norman Williams President and CEO Rambler Metals and Mining Tel No: 709-800-1929 Fax No: 709-800-1921 | Peter Mercer Vice President and Corporate Secretary Rambler Metals & Mining Plc Corporate Office Tel No: +44 (0) 20 8652-2700 Fax No: +44 (0) 20 8652-2719 |
| Stewart Dickson / Jeremy Stephenson Cantor Fitzgerald Europe Tel No: +44 (0) 20 7894 7000 | Tim Blythe/Halimah Hussain Blytheweigh Tel No: +44 (0) 20 7138 3204 |
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 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 security law.
Contacts: RNS Customer Services 0044-207797-4400 rns@londonstockexchange.com http://www.rns.com
