TIDMRMM
RNS Number : 5192E
Rambler Metals & Mining PLC
12 February 2018
12 February 2018
Rambler Achieves Record Throughput for 2017
With a 27% Increase in Ore Processed Year-over-Year
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 is
pleased to announce that for the fiscal year ending December 31,
2017 it achieved a record annual throughput by processing 339,631
tonnes of ore from the Ming Mine through the Nugget Pond copper and
gold milling facility. A total of 3,968 tonnes of saleable copper
and 3,357 ounces of gold were produced from this throughput.
2017 Production Summary
-- For Q4 and the fiscal year the Nugget Pond copper and gold
milling facility achieved record throughput for ore processed. The
facility processed 97,997 dry metric tonnes ('dmt') at a feed grade
of 1.17% copper and 0.65 g/t gold for the quarter with 339,631 dmt
at 1.27% copper and 0.58 g/t gold for the 2017 fiscal year. The
quarterly production included 17 days running at an average of
1,260 mtpd, confirming the Company's mill improvements should allow
the facility to produce at a sustained rate at or greater than
1,250 mtpd.
-- Recovery of metal to concentrate was 96.1% and 61.0% for
copper and gold respectively for the quarter (95.6% and 60.7% for
the 2017 fiscal year). Production of concentrate was 4,014 dmt
containing saleable metal of 1,061 tonnes of copper and 1,112
ounces of gold. For the full year the operation produced 14,907
tonnes of concentrate containing saleable metal of 3,968 tonnes of
copper and 3,357 ounces of gold.
-- Revised guidance targets were met for mill throughput, copper
and gold head grades and metal recovery to concentrate. Guidance
for saleable metal produced was also met for copper and just under
for gold.
-- Rambler delivered on all of its safety targets during 2017.
For the fiscal year there were no lost time incidents or medical
aids, with the twelve-month rolling average lost time frequency
rate remaining at 0%.
-- Mine performance has shown significance improvements from
Q4/17 compared to the same quarter in 2016. Mostly notably
improvements include:
o Daily development meters increased 33% (Q4/17: 12.1 m/ day,
Q4/16: 9.1 m/ day)
o Total material hauled increased 21% (Q4/17: 1,486 mtpd, Q4/16:
1,223 mtpd)
o Backfill placed increased 53% (Q4/17: 286 mtpd, Q4/16: 187
mtpd)
o Mine ore produced increase 38% (Q4/17: 1,061 mtpd, Q4/16: 767
mtpd)
Norman Williams, President and CEO, commented:
"I would like to thank each Rambler employee and contractor for
their outstanding efforts, patience and achievements during 2017.
In the last 17 months, we have nearly doubled the production rate
at both the mine and the mill. This growth in production has been
completed with safety at the forefront which is evident by the
2,310 days without a lost time accident and 1,114 days since its
last medical aid. We appreciate your continued efforts as we work
towards completing our Phase II transformation.
"The mine is now averaging 1,118 tonnes of ore per day from the
underground, with the mill hitting peak production as high as 1,360
mtpd while maintaining high copper recovery. Ore stockpiles at each
site continue to be modest pending completion of the surface
ventilation project. This project is on the critical path and
targeting completion in March. Once finished the mine's ventilation
system will be reversed allowing for increased capacity and
improved cycle times thereby boosting the overall throughput from
the mine.
"Given the productivity improvements just around the corner we
are now turning our attention to increasing the overall feed grade
being delivered to the mill and returning the Company to positive
cash flows during a time that has seen significant run up in, and
positive outlook, on long term copper and gold price forecasts. The
Company expects to complete its Phase II expansion with sustained
production of 1,250 tonnes per day mining and milling towards the
end of the first quarter, 2018."
Table 1 below summarizes the Ming Copper-Gold Mine's production
for each quarter in 2017, and totals for the fiscal year ending 31
December 2017. Table 2 outlines the quarter over quarter
comparisons.
Table 1 - Fiscal 2017 Production Results with 2017 Revised
Guidance
PRODUCTION Q1 Q2 Q3 Q4 Fiscal Revised
2017 2017 2017 2017 2017 F2017 Guidance
Dry Tonnes 330,000 -
Milled 75,438 86,895 79,300 97,997 339,631 360,000
------------------ ------- ------- ------- ------- -------- ----------------
Copper Recovery
(%) 96.6 94.2 95.4 96.1 95.6 94 - 96
------------------ ------- ------- ------- ------- -------- ----------------
Gold Recovery
(%) 64.0 56.5 61.7 61.0 60.7 60 - 65
------------------ ------- ------- ------- ------- -------- ----------------
Copper Head
Grade (%) 1.13 1.41 1.38 1.17 1.27 1.3 - 1.6
------------------ ------- ------- ------- ------- -------- ----------------
Gold Head
Grade (g/t) 0.30 0.67 0.66 0.65 0.58 0.5 - 1.0
------------------ ------- ------- ------- ------- -------- ----------------
CONCENTRATE
------------------ ------- ------- ------- ------- -------- ----------------
Copper grade
(%) 28.2 26.6 28.9 27.5 27.7 26 - 28
------------------ ------- ------- ------- ------- -------- ----------------
Gold grade
(g/t) 5.0 7.7 9.0 9.6 8.0 4.0 - 8.0
------------------ ------- ------- ------- ------- -------- ----------------
Dry Tonnes 14,000 -
Produced 2,920 4,359 3,614 4,014 14,907 16,000
------------------ ------- ------- ------- ------- -------- ----------------
SALEABLE METAL
------------------ ------- ------- ------- ------- -------- ----------------
Copper (tonnes) 791 1,112 1,004 1,061 3,968 3,800 - 4,200
------------------ ------- ------- ------- ------- -------- ----------------
Gold (ounces) 376 939 930 1,112 3,357 3,400 - 3,900
------------------ ------- ------- ------- ------- -------- ----------------
Table 2 - Quarter over Quarter Results Comparison
PRODUCTION Q3/17 Q4/17 Q4/16 Q4/17
Dry Tonnes
Milled 79,300 97,997 24% 72,036 97,997 36%
---------------------- ------- ------- ------- -------
Copper Recovery
(%) 95.4 96.1 1% 96.1 96.1 0%
---------------------- ------- ------- ------- -------
Gold Recovery
(%) 61.7 61.0 -1% 70.5 61.0 -13%
---------------------- ------- ------- ------- -------
Copper Head
Grade (%) 1.38 1.17 -15% 1.36 1.17 -13%
---------------------- ------- ------- ------- -------
Gold Head
Grade (g/t) 0.66 0.65 -2% 0.56 0.65 16%
---------------------- ------- ------- ------- -------
CONCENTRATE
------- -------
Copper (%) 28.9 27.5 -5% 26.8 27.5 3%
---------------------- ------- ------- ------- -------
Gold (g/t) 9.0 9.6 7% 9.2 9.6 4%
---------------------- ------- ------- ------- -------
Dry Tonnes
Produced 3,614 4,014 11% 3,168 4,014 27%
---------------------- ------- ------- ------- -------
SALEABLE METAL
------- -------
Copper Metal
(tonnes) 1,004 1,061 6% 850 1,061 25%
---------------------- ------- ------- ------- -------
Gold (ounces) 930 1,112 20% 865 1,112 28%
---------------------- ------- ------- ------- -------
Larry Pilgrim, P.Geo., is the Qualified Person responsible for
the technical content of this release and has reviewed and approved
it accordingly. Mr. Pilgrim is an independent consultant contracted
by 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 AIM 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.
Rambler's ongoing Phase II plans are to sustain mine and mill
production at 1,250 mtpd in 2018. This initial expansion has been
fully funded through CEII's investment. Rambler will also 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, Peter Mercer
CPA,CA Vice President, Corporate
President and CEO Secretary
Rambler Metals & Rambler Metals & Mining
Mining Plc Plc
Tel No: 709-800-1929 Tel No: +44 (0) 20
Fax No: 709-800-1921 8652-2700
Fax No: +44 (0) 20
8652-2719
Nominated Adviser Investor Relations
(NOMAD)
David Porter Nicole Marchand Investor
Cantor Fitzgerald Relations
Europe Tel No: 416- 428-3533
Tel No: +44 (0) Nicole@nm-ir.com
20 7894 7000
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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