Rambler’s First 600 Tonne Lot of Copper Concentrate Sold to Transamine
London, England & Baie Verte, Newfoundland and Labrador, Canada – Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) (‘Rambler’ or the ‘Company’) is pleased to announce the sale of its first lot of 600 tonnes (“001”) of copper concentrate from the Company’s 100% owned Ming Copper-Gold Mine (“Ming Mine”) in Newfoundland and Labrador’s Baie Verte Peninsula, Canada.
- The Company has now invoiced and sold its first 600 tonne, lot 001, of copper concentrate to Transamine Trading with a 90% provisional payment having been received. Provisional grade for the lot was 29.7% copper, 5.43 g/t gold and 47 g/t silver with no deleterious material or penalties
- As of 16 July 2012, there are 1,700 tonnes of copper concentrate in storage at the Company’s port warehouse facility. Lot 002 of 800 tonnes of copper concentrate is awaiting assays for invoicing and provisional payment
- Copper concentrate live commissioning commenced on 14 May 2012 with material from the Lower Footwall Zone only
- Average tonnage rate and mill head grade for May 2012 was 455 dry tonnes per day and 1.49% copper equivalent with the rate and mill head grade increasing in June to 585 dry tonnes per day and 2.16% copper equivalent. June’s increase was due to the blending of higher grade development ore from its 1807 zone with Lower Footwall Zone material
- Mill copper recoveries range from 85% to 99% with an average to date of 92.5%
George Ogilvie, President and CEO of Rambler, commented:
“The live commissioning of the copper concentrator is progressing smoothly, and on schedule. As we gain more knowledge of the process we will continue to maximize the tonnage throughput while increasing the mill feed grade by steadily blending in more massive sulphide ore, particularly from the 1807 zone. The eventual goal is to only process massive sulphide ore, which carries a much higher grade and increased margins. It is our objective to reach Commercial Production during the second half of 2012 with the first 5,000 tonne load of copper concentrate being shipped to market prior to calendar year end.
The realization of revenue from the sale of the first lot of copper concentrate is another important milestone for the Company. While the fiscal 2013 budget is being finalized, we expect to provide guidelines on our fiscal targets after Commercial Production is declared. In light of current volatility in financial markets, a key objective of the budget will be strengthening the balance sheet through cash flow from operations while paying close attention to cost control.”
Live ore commissioning with Lower Footwall Zone material commenced on 14 May 2012. The average tonnage rate and mill head grade during May’s start-up was 455 dry tonnes per day and 1.49% copper equivalent followed by a rate increase in June to 585 dry tonnes per day and 2.16% copper equivalent. The increase is a result of blending higher grade development ore from its 1807 zone with the Lower Footwall Zone. During the period copper recoveries in the mill were encouraging, ranging from 85% to 99% with an average of 92.5%.
The Company has now invoiced and sold its first 600 tonne, lot 001, of copper concentrate to Transamine Trading. As per the off-take agreement with Transamine a 90% provisional payment for lot 001 has been received. The concentrate produced has been a quality product with 29.7% copper, 5.43 g/t gold and 47 g/t silver and no deleterious material or penalties. Following the successful commissioning of the concentrator, ore from the 1807 Zone is now being blended resulting in an increase of the average head grade to 2.16% copper equivalent. Blending ratios of high grade ore will increase as development headings through the 1807 zone are completed. Additionally the first stoping tonnes are expected to be drilled and blasted during the month of July with a copper equivalent grade expected better than 6%.
To date there are 1,700 tonnes of copper concentrate in storage at the Company’s port warehouse facility. Lot 002 of 800 tonnes of copper concentrate is awaiting assays for invoicing and provisional payment.
FINAL GOLD RECONCILIATION
The Company received information from the Johnson Matthey refinery that material from the cleanout of the mill, following the processing of the 1806 zone ore, has provided an additional 613 ounces of gold.
This brought the total gold produced over the five month period to 14,918 ounces at an average realized price of $1649 CAD per ounce. This is approximately 400 ounces of gold more than the Company had previously reported.