🕐01.06.10 - 08:52 Uhr
Rambler Metals and Mining recieves Environmental Approval for Ming Copper-Gold Mine
June 1st, 2010
RAMBLER METALS AND MINING PLC
Environmental Approval Received for
Ming Copper-Gold Mine
London, England & Baie Verte Newfoundland and Labrador - Rambler Metals
and Mining PLC (TSX-V:RAB, AIM:RMM) ("Rambler" or the "Company") is
pleased to announce it has received final environmental approval and
project release from the Government of Newfoundland and Labrador for its
Ming Copper Gold Mine on the Baie Verte Peninsula, Newfoundland, Canada.
On May 27, 2010 the Minster of Environment and Conservation informed the
company that, under authority of Section 67(3) (a) of the Environmental
Protection Act, the Lieutenant-Governor in Council has released the Ming
Copper Gold Mine from further environmental assessment, subject to a
number of terms and conditions.
George Ogilvie, President and CEO commented;
"The environmental release of the project from the Government of
Newfoundland and Labrador represents another major step in the Companys
development.
The approval allows Rambler to start project development
when the feasibility study is completed in Q2 2010.
The timing of these
plans will facilitate for production in 2011 when predicted demand for
copper and gold is relatively strong with good medium and long term
fundamentals.
We would like to acknowledge the encouragement and support
we have received for this project from the Province of Newfoundland and
Labrador, the public and local businesses."
A copy of the release can be found on the Environmental Assessment
Bulletin website of the Department of Environment and Conservation at
http://www.gov.nl.ca/env.
The project will result in considerable socio-economic benefits accruing
to the Province of Newfoundland and Labrador, creating employment,
business opportunities and contributing substantially to the economy.
Project Update
The NI43-101 Feasibility Study is nearing completion and is due for
delivery to the Company in calendar 2Q 2010.
Completion of a
satisfactory NI43-101 Feasibility Study will in turn result in Rambler
being granted access to the second tranche of US$2 Million funding under
the terms of its agreement with Sandstorm Resources Ltd (TSX-V: SSL).
With the project released from further environmental assessment the
Company can now apply for the various regulatory permits and licenses
required to begin construction for the mine, mill and port
infrastructure to facilitate the production of copper, gold and silver
from the Ming Mine planned for 2011.
The Company currently envisages
beginning the construction campaign in August 2010.
All of the major
equipment for the mill expansion has now been ordered and is due for
delivery to site in July and August 2010.
The award of the necessary
permits will grant Rambler access to the third and final tranche of
US$13M funding under the terms of its agreement with Sandstorm Resources
Ltd (TSX-V: SSL).
At the time of this release the Company has a strong treasury position
of C$11 M held in cash or short term investments.
For further information, please contact:
George Ogilvie, P.Eng.
President and CEO
Rambler Metals and Mining
Canada Limited
Tel No: 709-532-4990
Leslie Little
Company Secretary
Rambler Metals & Mining Plc
Tel No: +44 (0) 14-8341-9942
Nandita Sahgal
Seymour Pierce Limited
Tel No: +44 (0) 20-7107-8000
Klara Kaczmarek / Charles Vivian
Pelham Bell Pottinger
Tel No: +44 (0) 20-7861-3883
Guy Wilkes
Ocean Equities Limited
Tel No: +44 (0) 20-7786-4370
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.
About Rambler
Rambler was founded in 2004 when Altius Minerals Corporation ("Altius"),
a Newfoundland and Labrador resource company, contributed to Ramblers
asset base with an option to acquire and develop the Ming Mine.
Following the acquisition of the Ming Mine, Rambler, listed on London
AIM in 2005 and Toronto TSX-V in 2007.
The Ming property had been a former underground copper and gold
producing mine that ceased production when the deposit reached a then
third party property boundary.
This neighbouring property was
subsequently consolidated before being brought into Ramblers portfolio.
Rambler now owns a 100% interest in the property.
The area where the mine is located is a former mining centre and
subsequently good existing infrastructure including roads, fresh water,
hydro, access to a working port while the town of Baie Verte, population
1,300 is located only 17km away.
Over the last several years Rambler has been exploring on the property
leading to the publication of two NI43-101 resource statements, the
discovery of new mineralized lenses and the extension of pre-existing
mineralized lenses.
Today all mineralization remains open in multiple
directions while, importantly, the deposit has not been cut-off at
depth.
The underground workings have been dewatered and services
including air, water and electrical re-installed.
In October 2009, Rambler purchased an operational gold
hydrometallurgical mill, Nugget Pond, which is situated approximately
40km from the Ming Mine.
Rambler intends to expand the mill so that it
is capable of handling massive sulphides from the Ming Mine to produce a
copper concentrate with gold and silver as by-products.
Rambler is about to embark on the construction phase of the project with
the intention of bringing the Ming Mine into production in 2011.
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 managements expectations or estimates of
future performance constitute "forward-looking statements." Such
forward-looking statements include, without limitation, estimates
regarding timing of future development and production.
Where the
Company expresses or implies an expectation or belief as to future
events or results, such expectation or belief is expressed in good faith
and believed to have a reasonable basis.
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.
These forward-looking statements are made as
at the date hereof and Rambler 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 securities law.
For a more detailed discussion
of such risks and other factors, see Ramblers latest filings with
Canadian securities regulators.
Klara Kaczmarek
Account Director
Direct line: +44(0)20 7861 3883
Mobile: +44 (0)7859 048 228
Pelham Bell Pottinger
5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233
www.pelhambellpottinger.co.uk
PLEASE NOTE OUR NEW OFFICE
ADDRESS & TELEPHONE NUMBERS AS OF MONDAY 24 MAY 2010
.......................................
A CarbonNeutral(r) company
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