LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwired - Oct 1, 2013) - Rambler Metals and Mining plc (RMM.L) (TSX VENTURE:RAB) ('Rambler' or the 'Company') today announces that approximately 7,800 wet metric tonnes ('wmt') of copper concentrate has been shipped to international markets from the Company's bulk storage facility in Goodyear's Cove, NL Canada. The Company's own sampling estimates an average grade of 30 per cent copper, 6.5 grammes per tonne gold and 30 grammes per tonne silver.
This is the fourth shipment as part of the off-take agreement with Transamine Trading SA ('Transamine') and brings the total to approximately 26,000 wmt since first concentrate production in late May 2012.
Since the last shipment in May 2013, the Company has been optimizing production through the Nugget Pond milling facility with copper recovery over the past two months averaging 95 per cent, with an average run of mine head grade of approximately 3.85 per cent copper. During this same period 83 wmt of copper concentrate (21 tonnes of contained copper metal) was produced per day with some peak days of over 100 wmt of concentrate.
Following the shipment the Company still has over 1,300 wmt of concentrate in storage at its Goodyear's Cove Storage Facility.
George Ogilvie, President and CEO of Rambler, commented:
"I am pleased to report that the Company continues to make good quality concentrate while overall copper recovery is exceeding forecasted levels. We have now supplied 26,000 wmt of copper concentrate which is 30 per cent of our original commitment to supply 85,000 wmt, after only 16 months of production, including a five month commissioning and ramp up period. We are now producing in excess of 2,000 wmt of copper concentrate on a monthly basis with August and September being 2,388 wmt and 2,484 wmt respectively."
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in 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 the expansion of the Ming Mine, discovering new deposits and through mergers and acquisitions. Rambler listed on the London AIM in 2005 and Toronto TSX-V in 2007.
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 law.
