TIDMRMM
RNS Number : 6297Q
Rambler Metals & Mining PLC
01 December 2016
1 December 2016
Three Month Ending October 31, 2016 - Production Results
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 provides an operational
update for the first quarter ended 31 October 2016 ('Q1/17
Stub').
Summary for Q1/17 Stub: Ore, Concentrate and Saleable Metal
Production
PRODUCTION Q1 Stub/17 CONCENTRATE Q1 Stub/17
(Delivered
to Warehouse)
Dry Tonnes Milled 69,609 Copper (%) 26.4
Gold (g/t) 13.6
Copper Recovery
(%) 96.5
Gold Recovery Dry Tonnes
(%) 65.9 Produced 4,006
Copper Grade Saleable Copper
(%) 1.7 Metal (t) 1,057
Saleable Gold
Gold Grade (g/t) 1.1 (oz) 1,619
------------------- ----------- ---------------- -----------
(see Note 1 below)
Highlights OF the quarter:
-- Production of 4,006 tonnes of copper concentrate,
representing a 2% decrease over Q4/16 resulting from a slightly
lower copper head grade during the quarter.
-- Dry tonnes milled of 69,609 tonnes, equal to Q4/16 and a 20%
increase over Q1/16, driven by an increase in production from the
Lower Footwall Zone ('LFZ');
o 1,057 tonnes of saleable copper
(a 1% increase over Q4/16 and a 15% decrease over Q1/16)
o 1,619 ounces of saleable gold
(a 12% increase over Q4/16 and a 12% decrease over Q1/16)
-- Head grades of copper averaged 1.7% for the quarter (a 6%
decrease over Q4/16); gold averaged 1.1 g/t (6% decrease over
Q4/16). Grades for the 3 month period were in line with plan with
the majority of LFZ ore now being sourced from either capital
development or from the first post-pillar cut and fill ('PPCF')
test stope outside of the known reserve. Once the LFZ is fully
developed, ore will be primarily sourced from larger stopes.
Norman Williams, President and CEO, commented:
"Mill production for the period was comparable with last quarter
which was a record for the Company. Grades and recovery for copper
and gold were in line with our plan as development into the Lower
Footwall Zone progressed. Over the coming months, the Company will
continue its work to increase mill throughput to ensure that all
existing infrastructure, at both the mine and mill, are fully
optimized in conjunction with sustainable ore production from the
LFZ."
Table 2 - Quarter over Quarter Results Comparison (see Note 1
below)
PRODUCTION Q1/16 Q1/17 Q4/16 Q1/17
Stub Stub
(Aug, (Aug, (May, (Aug,
,Sep, Sep, Jun, Sep,
Oct) Oct) Jul) Oct)
Dry Tonnes Milled 58,053 69,609 20% 69,874 69,609 0%
Copper Recovery
(%) 95.3 96.5 1% 94.7 96.5 2%
Gold Recovery
(%) 70.6 65.9 -7% 62.6 65.9 5%
Copper Head
Grade (%) 2.4 1.7 -29% 1.8 1.7 -6%
Gold Head Grade
(g/t) 1.5 1.1 -25% 1.2 1.1 -6%
--------------------- -------- ------- ------- -------
CONCENTRATE
(Produced and Stored
in Warehouse)
------- -------
Copper (%) 26.6 26.4 -1% 27.4 26.4 -4%
Gold (g/t) 12.9 12.6 -3% 12.4 12.6 1%
Dry Tonnes Produced 4,788 4,006 -16% 4,108 4,006 -2%
Saleable Copper
Metal (t) 1,238 1,057 -15% 1,044 1,057 1%
Saleable Gold
(oz) 1,844 1,619 -12% 1,451 1,619 12%
--------------------- -------- ------- ------- -------
Details of the Company's financial performance, including
capital expenditure and operating costs, will be included in its
Q1/17 stub financial results to be released on or before 22
December 2016. Following the change to a calendar year end,
announced on 20 July 2016, the group will communicate calendar 2017
production guidance on or before the end of January 2017.
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% 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 the end of Fiscal 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 gold recovery and production rate in the copper
concentrator.
Along with the Ming Mine, Rambler also owns 100% 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
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.
Note 1: Results reported are accurate and reflective as of the
date of release. The Company performs regular auditing and
reconciliation reviews on its mining and milling processes as well
as stockpile inventories, following which past results may be
adjusted to reflect any changes.
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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