TIDMRMM
RNS Number : 9571E
Rambler Metals & Mining PLC
24 October 2018
24 October 2018
Rambler Releases its Q3 and YTD Production Results
Productivity Improvement Initiative Continues
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 its Q3 and year-to-date
ending 30 September 2018 ('Q3/18').
Q3/2018 Production Summary (REFER TO table 1)
-- A total of 1,266 tonnes of saleable copper were recovered to
concentrate in the quarter, a 29% increase over Q2/18 and a 26%
increase over Q3/17. The quarterly production of saleable gold
totalled 1,020 ounces, a 15% reduction from Q2/18 and 10% increase
over Q3/17.
-- Total mill throughput was 93,128 dry metric tonnes ('dmt'), a
decrease of 2% compared to Q2/18 and a 17% increase over Q3/17.
Average daily throughput at the mill for the quarter was 1,103 dmt
per operating day.
-- Copper feed grade for the quarter was 1.46% with a gold grade
of 0.54 g/t. The copper grade represents a 30% uplift over Q2/18
and a 5% uplift over Q3/17. Average recoveries to concentrate for
the quarter were: 97.3% for copper and 71.9% for gold, both of
which represent increases over Q2/18 and Q3/17 performances.
Concentrate grade produced for the quarter were 29.4% and 8.1 g/t
for copper and gold respectively.
-- A number of significant milestones at both the mine and the
mill were achieved during the quarter.
o Mine development (excluding post-pillar-cut-and-fill ('PPCF')
advance) in the quarter totalled 807 meters, representing a 5.4%
increase compared to Q2/18 and a 40.3% increase over Q1/18. This
reflects the improvements in productivity that have been embedded
in the operation (see comment below) and the decision to convert
the LFZ Block 1 mineral reserves from PPCF to longhole mining
methods. This is allowing the development teams to focus on
creating new ramps and ore access headings with the goal of
improving the developed state of the mine and reducing overall
mining costs.
o Longhole production drilling meters and longhole tonnes
blasted increased by 60% and 74% respectively in Q3/18 compared to
Q2/18, reflective of the increased focus on stope access
development in the mine.
o At the plant, copper and gold recovered to concentrate
increased quarter over quarter and year-to-date. The improved gold
recovery of 69.6% year-to-date, a 15% increase over the same period
in 2017 is a testament to the continuous focus by the mill team on
recovery improvements.
Norman Williams, President and CEO, commented:
"As noted in June, the Company commenced a productivity
improvement initiative in the mine, with assistance from a
third-party consultant, aimed at resolving mine production
bottlenecks and increasing mill feed. The twenty-four week
initiative is focused on productivity and efficiency improvements
in three main areas: mine planning, mine operations and mine mobile
equipment maintenance. The commitment of the project is to return
the mine to profitability and positive cash flow at the nominal
1,250 dry tonnes per day processing rate.
"High level targets of the project include mining and hauling
1,250 dry tonnes per day ore at a minimum of 1.4% copper grade,
delivering at least 18 tonnes copper per day in ore to the plant
while also hauling 500 tonnes per day waste. A combined total of
1,750 dry tonnes per day of material movement for the mine.
"As the Company continues embedding change at the operations,
productivity improvements are anticipated to support achievement of
sustained production targets. During week 19 and 20 of the 24 week
project (October 5-19, 2018), the following accomplishments were
being realized:
-- An average of 1,221 dry tonnes per day of ore was hauled to
the surface grading 1.23% copper, for an average of 15 tonnes/day
of contained copper.
-- Over the same period, an average of 647 dry tonnes per day of
waste material was mined and moved to a permanent storage location
versus the 500 dry tonnes per day target.
-- A record of 26 development rounds were blasted both weeks, totalling 182 meters of advance.
"Sustaining these production levels over the long term requires
increasing the development rate from the current level to an
average of 30-35 rounds per week. This uplift will be realized by a
combination of increasing the number of development headings
available each week, reducing the cycle time of the
drill-blast-load-haul cycle, and cross training critical mining
skills among the staff to allow key positions to be manned each
day.
"Once again, the continued improvements over the first 20 weeks
of the 24 week project are due to the commitment of our employees,
their high rate of learning and their focussed innovation. What is
critical is that we are working smarter while maintaining our focus
on safety. On behalf of myself, and the entire Board, a sincere
thank-you to all of our employees and contractors for your
outstanding efforts."
Q3 2018 PRODUCTION SUMMARY
Table 1 - Quarterly and Year-to-Date Production Results
(See Note 1 below)
PRODUCTION Q2 Q3 YTD 2017 YTD 2018
2018 2018
Dry Tonnes Milled 94,589 93,128 -2% 241,634 270,733 12%
------- ------- ---------
Copper Recovery
(%) 95.9 97.3 1% 95.3 96.7 1%
------- ------- --------- ---------
Gold Recovery
(%) 68.9 71.9 4% 60.6 69.6 15%
------- ------- --------- ---------
Copper Head Grade
(%) 1.12 1.46 30% 1.32 1.22 -7%
------- ------- --------- ---------
Gold Head Grade
(g/t) 0.63 0.54 -15% 0.55 0.53 -4%
------- ------- --------- ---------
CONCENTRATE
--------------------- ------ ------ ------- -------
Copper grade (%) 28.0 29.4 5% 27.8 28.7 3%
------ ------ ------- -------
Gold grade (g/t) 11.24 8.09 -28% 7.45 9.06 22%
------ ------ ------- -------
Dry Tonnes Produced 3,643 4,478 23% 10,903 11,122 2%
------ ------ ------- -------
SALEABLE METAL
--------------------- ------ ------ -------
Copper (tonnes) 978 1,266 29% 2,910 3,067 5%
------ ------ -------
Gold (ounces) 1,199 1,020 -15% 2,260 2,881 27%
------ ------ ------- -------
As of the date of this release, the mine is now developing on 10
headings in two areas of the underground mine (Ming Massive
Sulfides (MMS) and Lower Footwall Zone (LFZ)). Ore production is
planned from 2 high grade MMS longhole stopes and 2 longhole stopes
in the LFZ. Additionally, post-pillar cut and fill production in
the LFZ will continue to supplement longhole ore feed as required.
With the on-going productivity improvement initiatives now embedded
at the operation, ore production for Q3 is forecasted to be
sustained at 1,250 mtpd and with average grades between 1.25-1.35%
copper. As described in the NI43-101 Technical Report released in
March 2018, copper grades are anticipated to improve with depth and
continue increasing over the next 4 years reaching the reserve
average grade of 1.71% in 2022.
Table 2 - Quarter over Quarter Results Comparison
PRODUCTION Q2 2018 Q3 2018 Q3 Q3
2017 2018
Dry Tonnes Milled 94,589 93,128 -2% 79,300 93,128 17%
---------------------- -------- -------- ------- -------
Copper Recovery
(%) 95.9 97.3 1% 95.4 97.3 2%
---------------------- -------- -------- ------- -------
Gold Recovery
(%) 68.9 71.9 4% 61.7 71.9 17%
---------------------- -------- -------- ------- -------
Copper Head Grade
(%) 1.12 1.46 30% 1.38 1.46 5%
---------------------- -------- -------- ------- -------
Gold Head Grade
(g/t) 0.63 0.54 -15% 0.66 0.54 -19%
---------------------- -------- -------- ------- -------
CONCENTRATE
------- -------
Copper grade
(%) 28.0 29.4 5% 28.9 29.4 2%
------- -------
Gold grade (g/t) 11.24 8.09 -28% 9.00 8.09 -10%
---------------------- -------- -------- ------- -------
Dry Tonnes Produced 3,643 4,478 23% 3,614 4,478 24%
---------------------- -------- -------- ------- -------
SALEABLE METAL
------- -------
Copper (tonnes) 978 1,266 29% 1,004 1,266 26%
------- -------
Gold (ounces) 1,199 1,020 -15% 930 1,020 10%
---------------------- -------- -------- ------- -------
Tim Sanford, P.Eng., is the Qualified Person responsible for the
technical content of this release and has reviewed and approved it
accordingly. Mr. Sanford is an employee of 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.
Following the completion of its Phase II expansion Rambler's
focus is to sustain mine and mill production at 1,250 mtpd in 2018.
Upon sustaining its Phase II production target, Rambler will
continue advancing Phase III engineering studies with a view to
further increase production to 2,000 mtpd at the Ming Mine.
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, CPA,CA Peter Mercer
President and CEO Vice President, Corporate
Rambler Metals & Mining Secretary
Plc Rambler Metals & Mining Plc
Tel No: 709-800-1929 Tel No: +44 (0) 20 8652-2700
Fax No: 709-800-1921 Fax No: +44 (0) 20 8652-2719
Nominated Advisor (NOMAD) Investor Relations
David Porter, Peter Malovany Nicole Marchand Investor
Cantor Fitzgerald Europe Relations
Tel No: +44 (0) 20 7894 Tel No: 416- 428-3533
7000 Nicole@nm-ir.com
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.
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END
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