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Market: AIM
Sector: General Mining
Epic: RMM
News: Latest news
Web Site: Rambler Metals & Mining
Other Articles: 02-02-201026-01-201008-12-2009

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Rambler Metals & Mining

Rambler Metals & Mining

Rambler Metals and Mining PLC is engaged in the development and exploration programme that the Company is carrying out at the Rambler copper and gold property in the Baie Verte Peninsula of Newfoundland, Canada. The area has a history and culture of gold, base metals and industrial minerals mining. The Rambler property contains the former producing Ming and Ming West Cu-Au mines. In June 2008, the Company released its first NI43-101 compliant resource for the Rambler property.

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Wednesday, May 27, 2009

Rambler Metals says engineering study for Ming Copper-Gold Mine nearly complete

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Rambler Metals & Mining  (TSXV:RAB & AIM:RMM), which is developing the Ming Copper-Gold Mine in Newfoundland, Canada, said that the underground engineering study incorporating the mine plan, capital program and schedule for building a high grade, low tonnage mine was “close to completion”.


The study is the culmination of a considerable program of exploration and evaluation at the Ming Copper Mine where Rambler has been working diligently to prepare the historical operation for a production restart.


In February, Rambler announced a revised NI 43-101 measured and indicated resource of 3.65 million tonnes @ 2.21% copper, 1.37 grams per tonne gold, 7.86 grams per tonne silver and 0.39% zinc.

There is a further 1.5 million tonnes in the inferred category.  The most significant change in the resource statement and the associated mine plan was the considerably higher gold grades which would support a higher grade, but lower tonnage operation for the first five years before Rambler moves into the lower grade but substantially larger and more copper weighted ore.


Financial highlights for the three months ended 30 April 2008 contained no surprises. Rambler posted a small loss, as expected.  The net cash position as of 26 May 2008 was £1.7 million.


George Ogilvie, President and CEO, said the company was confident that the engineering study would be complete in June:


"Despite having scaled back operations to preserve working capital ahead of potential project development, Rambler is pleased to have updated the NI43-101 compliant resource which improves the initial 5 year mining plan which will target areas of higher grade mineralization.


"Management are currently evaluating a number of options for financing and are confident that the completion of the underground Engineering Study in June will further demonstrate the long term economic viability of the Project."


Seymour Pierce, Rambler’s house broker in London, said it was awaiting the results of the study with interest, and reiterated its ‘buy’ stance on the company.

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