TIDMRMM
RNS Number : 2695M
Rambler Metals & Mining PLC
27 July 2017
27 July 2017
Rambler Releases Second Quarter Production Results &
Provides Updated Guidance
London, England - Newfoundland and Labrador, Canada - Rambler
Metals and Mining plc (TSXV: RAB, AIM: RMM) ("Rambler" or "the
Company"), a copper and gold producer, explorer, and developer
today provides production results for the second quarter ended 30
June 2017 ('Q2/17').
Q2/17 Production Summary
-- Copper feed grade for the quarter was 1.41% with a gold grade
of 0.67 g/t, both in line with guidance. Total mill throughput for
the period ending 30 June 2017 was 86,895 dry metric tonnes
('dmt'), a new quarter record and a 15% increase over the previous
quarter; 29% increase over the same quarter F2016.
-- During the period the copper milling facility averaged 1,077
metric tonnes per day ('mtpd') during operational hours. This is a
significant increase over the previous quarter and with the final
modifications to the mill's grinding circuit now complete, this
facility is ready to test a sustained 1,250 mtpd mill feed.
-- Underground development into the Lower Footwall Zone
continued at the mine during the quarter. Overall development is
approximately 2 months behind schedule, however, monthly average
development meters have increased significantly quarter over
quarter with the operation hitting forecasted development meters
during the quarter. It is anticipated that the 1,250 mtpd target
will incur a slight delay but will be achieved during the fall of
2017.
-- Average recoveries to concentrate for the quarter were:
copper 94.2% and gold 56.5% with a concentrate grade of 26.6% and
7.7 g/t for copper and gold respectively.
o The mill produced 4,359 dmt of concentrate, a 49% increase
over Q1/17, containing saleable metal of 1,112 tonnes of copper and
939 ounces of gold. This represents a 40% and 140% increase
respectively over the previous quarter, Q1/17.
Norman Williams, President and CEO, commented:
"The second quarter of the 2017 fiscal year showed significant
improvements in all areas of the operation and we continue to see
the benefit of having introduced the Lower Footwall Zone into the
mine plan with the addition of new headings. At twelve months into
a seventeen month mine plan, beginning July 2016, we have seen
overall development slip by about two months. While we have now
accepted this small slippage in the planned LFZ development
schedule we did see significant improvement in actual development
meters during the quarter. In late Q1/17 we made changes to our
mine crews and schedule which have paid dividends in Q2/17. We have
also made the necessary changes to better optimize all available
equipment and with the arrival of additional underground equipment
later in Q2/17 we have further strengthened our ability to keep
development on target.
"With the release of these half year production results we are
also revising the guidance forecast as a result of the lower grades
realized during the first quarter. We have seen increases in both
copper and gold grades during the second quarter and are expecting
this grade recovery to continue during the second half of the year.
Now that the mill is ready for 1,250 mtpd of ore from the mine, we
anticipate sustained production from the mine during the fall of
2017."
Q2 2017 Production Summary
The table below summarizes the production results for second
quarter ending 30 June 2017.
Table 1 - Quarter over Quarter Results Comparison
(see Note 1 below)
PRODUCTION Q1/17 Q2/17 Q2/16 Q2/17
Dry Tonnes
Milled 75,438 86,895 15% 67,524 86,895 29%
------------------ ------- ------- ------- -------
Copper Recovery 96.6 94.2 -2% 95.0 94.2 -1%
------------------ ------- ------- ------- -------
Gold Recovery 64.0 56.5 -12% 63.7 56.5 -11%
------------------ ------- ------- ------- -------
Copper Head
Grade (%) 1.13 1.41 25% 1.79 1.41 -21%
------------------ ------- ------- ------- -------
Gold Head
Grade (g/t) 0.30 0.67 122% 1.18 0.67 -43%
------------------ ------- ------- ------- -------
CONCENTRATE
------- -------
Copper (%) 28.2 26.6 -6% 27.5 26.6 -3%
------------------ ------- ------- ------- -------
Gold (g/t) 5.2 7.7 50% 12.0 7.7 -36%
------------------ ------- ------- ------- -------
Dry Tonnes
Produced 2,930 4,359 49% 4,220 4,359 3%
------------------ ------- ------- ------- -------
SALEABLE METAL
------- -------
Copper Metal
(tonnes) 794 1,112 40% 1,115 1,112 0%
------------------ ------- ------- ------- -------
Gold (ounces) 391 939 140% 1,490 939 -37%
------------------ ------- ------- ------- -------
During the period the copper milling facility processed 86,895
mtpd of ore, a record for the operation. Following the
modifications made to the facility's grinding circuit, the mill
operated at an average of 1,077 metric tonnes per day ('mtpd'),
during operational hours. At this stage the Company does not
anticipate any further significant changes to the mill's grinding
circuit and now awaits a sustained mill feed of 1,250 mtpd from the
mine. Copper feed grade for the quarter was 1.41% with a gold grade
of 0.67 g/t, both in line with guidance.
Recovery to concentrate for copper was 94.2% and gold 56.5% with
a concentrate grade of 26.6% and 7.7 g/t for copper and gold
respectively. While in line with guidance, early in the quarter
lower recoveries were experienced as a result of the plant
modifications to allow for a higher mill throughput. While
recoveries initially decreased at quarter end copper recoveries had
stabilized allowing for a shift in focus towards improving gold
recovery. The mill produced 4,359 dmt of copper concentrate, a 49%
increase over Q1/17, with saleable metal of 1,112 tonnes of copper
and 939 ounces of gold. The large increase in saleable metals
produced over the previous quarter was due to the 15% increase in
tonnes processed through the mill and higher copper and gold head
grades, 25% and 122% respectively.
With more LFZ stopes now in production the quarter showed
increases in average monthly ore haulage and monthly development
meters achieved. While we have now realized a slippage in the
development schedule compared to budget, mine development tracked
on forecast during the quarter and the Company is nearing its 1,250
mtpd sustained target. In addition to underground development the
ventilation improvements at the mine will allow for faster cycling
as new headings come online, targeting sustained production by the
fall of 2017.
The Company has revised its guidance forecast for the remainder
of the fiscal year. While we are anticipating meeting the lower end
of the guidance range for tonnes processed and metal recovery, with
the delay in underground development we have revised guidance for
saleable copper and gold. The Company will provide a further
updates with its third quarter production results in October.
Table 2 - Q2/17 Production Results with 2017 Guidance
(See Note 1 below)
PRODUCTION Q1 Q2 YTD F2017 Revised
F2017 Guidance
2017 2017 2017 Guidance
Dry Tonnes 350,000 350,000
Milled 75,438 86,895 162,333 - 400,000 - 400,000
------------------ ------- ------- -------- ----------- ----------------
Copper Recovery
(%) 96.6 94.2 95.3 94 - 96 94 - 96
------------------ ------- ------- -------- ----------- ----------------
Gold Recovery
(%) 64.0 56.5 60.0 65 - 70 60 - 65
------------------ ------- ------- -------- ----------- ----------------
Copper Head
Grade (%) 1.13 1.41 1.28 1.3 - 1.6 1.3 - 1.6
------------------ ------- ------- -------- ----------- ----------------
Gold Head
Grade (g/t) 0.3 0.67 0.50 0.5 - 1.0 0.5 - 1.0
------------------ ------- ------- -------- ----------- ----------------
CONCENTRATE
------------------ ------- ------- -------- ----------- ----------------
Copper grade
(%) 28.2 26.6 27.3 26 - 28 26 - 28
------------------ ------- ------- -------- ----------- ----------------
Gold grade
(g/t) 5.2 7.7 6.5 4.0 - 8.0 4.0 - 8.0
------------------ ------- ------- -------- ----------- ----------------
Dry Tonnes 18,000 - 16,000
Produced 2,930 4,359 7,289 22,000 - 18,000
------------------ ------- ------- -------- ----------- ----------------
SALEABLE METAL
------------------ ------- ------- -------- ----------- ----------------
5,100 - 4,200 -
Copper (tonnes) 794 1,112 1,906 5,800 4,900
------------------ ------- ------- -------- ----------- ----------------
4,400 - 3,900 -
Gold (ounces) 391 939 1,330 5,100 4,700
------------------ ------- ------- -------- ----------- ----------------
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.
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 ongoing Phase II 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 Nicole Marchand Investor
Cantor Fitzgerald Relations
Europe Tel No: 416- 428-3533
Tel No: +44 (0) Nicole@nm-ir.com
20 7894 7000
Website: www.ramblermines.com
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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