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.
HIGHLIGHTS
- 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.”
COPPER
PRODUCTION
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.
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