TIDMRMM
RNS Number : 3122S
Rambler Metals & Mining PLC
15 November 2021
15 November 2021
Rambler Continues Production Ramp-up in October 2021
Investor Call
London, England & Newfoundland and Labrador, Canada -
Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or "the
Company"), a copper and gold producer, explorer and developer, is
pleased to report steadily improving key production and development
results from June through October 2021, as summarized in Table 1
below.
Table 1 : Monthly mine development and production results for
the period June-October 2021
June July August September October % Change
2021* 2021 2021 2021** 2021 June - October
MINE DEVELOPMENT
------------------------ ------- ------- ------- ---------- -------- ----------------
Total development
(m) 233 267 312 396 411 76%
------- ------- ------- ---------- -------- ----------------
THROUGHPUT AND
RECOVERY
Dry Tonnes Milled 14,161 20,725 20,310 19,346 24,974 76%
Copper Recovery
(%) 93.2 93.3 92.5 94.1 97.5 5%
------- ------- ------- ---------- -------- ----------------
Copper Head Grade
(%) 1.55 1.23 1.23 1.87 2.22 43%
------- ------- ------- ---------- -------- ----------------
CONCENTRATE PRODUCTION
------------------------ ------- ------- ------- ---------- -------- ----------------
Copper grade (%) 26.4 27.1 25.0 29.8 27.9 6%
------- ------- ------- ---------- -------- ----------------
Dry Tonnes Produced 775 877 922 1,140 1,938 150%
------- ------- ------- ---------- -------- ----------------
SALEABLE METAL
PRODUCTION
------------------------ ------- ------- ------- ---------- -------- ----------------
Copper (tonnes) 197 229 221 328 521 164%
------- ------- ------- ---------- -------- ----------------
* Month prior to commencement of contractor development.
** Any differences to the quarterly figures announced on 8
October 2021 are due to rounding.
As at the end of October 2021, there were 1,097 tonnes of copper
remaining in the forward sales contract at $7,700/tonne.
As development in the lower mine continued throughout the third
quarter, first ore was intersected in both the Upper Footwall Zone
("UFZ") and Lower Footwall ("LFZ") zones. The increase in mill feed
grade through the period is largely due to high grade development
ore mined in the UFZ, where development rounds have ranged from 2%
to greater than 12% copper. Typically, gold grades in the UFZ are
also elevated compared to the LFZ. First stoping from both the LFZ
and UFZ is expected to begin in December 2021.
Toby Bradbury, President and CEO, commented:
"The recently announced completion of the debt financing package
(see press release of 29 October, 2021) was an important milestone
for the Company in delivering on its operational recovery
plans.
The Company is pleased to provide this update in the context of
the turn-around process at Ming Mine, against a backdrop in recent
months of constrained financial resources and dealing with
Covid-19. In future, the Company intends to revert to reporting
operational results to the market on a quarterly basis. The
operational data presented here shows that, even before closing the
financing, we have been steadily improving our operations.
Our development rate improved from 233 m/month in June 2021 to
411 m/month in October 2021 as the underground mining contractor
mobilized to site and accelerated its performance. As previously
reported on 8 October, 2021, we intersected expected high grades
with our development in the UFZ in late September and we achieved
high copper mill feed grades through October with an average grade
of 2.22% copper.
Associated with higher feed grade and feed rates through the
period, the plant improved its performance in terms of copper
recovery, copper concentrate grade, and concentrate tonnes
produced. This all added up to more than doubling the rate of
saleable copper production from 197 tonnes in June to 521 tonnes in
October.
The mine produced these improved results whilst remaining in
development mode to deliver multiple stopes by the end of 2021
which underpins our goal of sustainably achieving 1350 tonnes per
day mill feed at an average head grade of 2% copper.
The challenges announced on 8 October are being progressively
overcome with the benefit of the NewGen financing."
Investor Call
An investor call is scheduled to take place via Zoom, with
details listed below:
Date: 17 November 2021, 2:00 PM London time, 9:00 AM EST
Please register in advance for this meeting:
https://us06web.zoom.us/meeting/register/tZEpceyrpzsrE9bv7JffDsV0XKin9n8GYSJk
After registering, you will receive a confirmation email
containing information about joining the meeting.
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. Tim Sanford consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears. Tim Sanford has sufficient
experience, relevant to the style of mineralization and type of
deposit under consideration and to the activity that he is
undertaking, to qualify as a "competent person" as defined by the
AIM rules.
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'),
incorporated into UK law by the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside is now considered to be in
the public domain.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that owns 100% of
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 current focus is to regain its production profile at
1,350 metric tonnes per day at 2% copper by the end of 2021 and
evaluate expansion opportunities from that base.
Along with the Ming Mine, Rambler also owns 100% of the former
producing Little Deer and Whales Back copper mines.
Rambler is listed in London under AIM:RMM.
For further information, please contact:
Toby Bradbury Eason Chen, CPA, CA T im Sanford. P. Eng.
President and CEO CFO VP and Corporate Secretary
Rambler Metals & Mining Rambler Metals & Mining Rambler Metals & Mining
Plc Plc Plc
Tel No: +1 (709) 800 Tel No: +1 (709) 800 Tel No: +1 (709) 532
1929 1929 5736
Fax No: +1 (709) 800 Fax No: +1 (709) 800 Fax No: +1 (709) 8
1921 1921 00 1 921
Nominated Advisor (NOMAD)
Ewan Leggat, Caroline
Rowe
SP Angel Corporate Finance
LLP
Tel No: +44 (0) 20 3470
0470
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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