TIDMRMM
RNS Number : 4366O
Rambler Metals & Mining PLC
07 November 2016
7 November 2016
Rambler Receives a Repayable Contribution
From the Atlantic Canada Opportunities Agency
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 reports that it is
receiving a repayable contribution of CDN$2 million through the
Atlantic Canada Opportunities Agency's ('ACOA') Business
Development Program ('BDP'). The contribution is in support of the
Phase II expansion project for the Ming Copper-Gold Mine ('Ming
Mine').
The interest free contribution is unsecured and repayable over
eight years with the first repayment scheduled for May 2018. The
contribution by the Government of Canada will be used to increase
capacity at the Nugget Pond copper concentrator (the 'mill') to at
least 1,250 metric tonnes per day ('mtpd'). This increase in mill
capacity will enable the copper concentrator to accommodate an
increase in production from the mine with new projected mine life
of over 20 years.
The Phase II expansion will allow the operation to increase
production and lower unit costs thereby strengthening the Company's
ability to be a long term producer in the region. Once fully
executed, the project will support upwards of 200 full time
positions including contract services.
Norman Williams, President and CEO, Rambler Metals & Mining
commented:
"As the largest employer on the Baie Verte Peninsula we are very
pleased to receive this level of support from ACOA. Rambler was
first listed for trading in 2005 with the mandate to bring the
historic mining operation back into production. Having achieved
this initial goal, with the declaration of commercial production in
2012, the Company has since continued to operate while developing
the Phase II expansion strategy to increase both production and the
life of mine. This repayable contribution, combined with the equity
investment completed earlier this year, will allow for full
optimization and expansion of all available infrastructure in
support of a mine life spanning over two decades."
The Honourable Navdeep Bains, Minister of Innovation, Science
and Economic Development and Minister responsible for ACOA
"The Government of Canada continues to work in partnership with
communities and businesses to help grow the economy and create jobs
in regions across the country. Through this project, Rambler Metals
and Mining Canada Limited has identified a significant opportunity
to improve its operation, increase productivity and efficiency, and
benefit the Baie Verte Peninsula's economy."
The Honourable Judy Foote, Minister of Public Services and
Procurement and Member of Parliament for Bonavista - Burin -
Trinity
"Our Government is committed to strengthening regional economies
by supporting business enhancements and investing in companies such
as Rambler Metals and Mining Canada Limited. Increasing production
capacity at Rambler's processing facility at Nugget Pond will have
a significant positive impact on the people who work and live on
the Baie Verte Peninsula."
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 immediate plans are to increase mine and mill
production to 1,250 mtpd by mid calendar 2017. This initial
expansion has been fully funded through CEII's investment. Rambler
will also continue advancing engineering studies on ore
pre-concentration (DMS) and shaft rehabilitation with a view to
further increase production to 2,000 mtpd at the Ming Mine. In
addition, Rambler has initiated a detailed study at the mill with a
goal to increase the gold recovery and production rate in the
copper concentrator.
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, Peter Mercer
CPA,CA Vice President, Corporate
President and CEO Secretary
Rambler Metals & Rambler Metals & Mining
Mining Plc Plc
Tel No: 709-800-1929 Tel No: +44 (0) 20
Fax No: 709-800-1921 8652-2700
Fax No: +44 (0) 20
8652-2719
Nominated Advisor Investor Relations
(NOMAD)
David Porter, Craig Nicole Marchand Investor
Francis Relations
Cantor Fitzgerald Tel No: 416- 428-3533
Europe Nicole@nm-ir.com
Tel No: +44 (0)
20 7894 7000
Website: www.ramblermines.com
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 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.
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
The company news service from the London Stock Exchange
END
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