TIDMRMM
RNS Number : 4361Y
Rambler Metals & Mining PLC
09 May 2019
9 May 2019
RAMBLER METALS & MINING PLC
("Rambler" or the "Company")
Rambler Continues to Increase Production in Q1 2019
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
announce that for the fiscal quarter ending March 31, 2019 it
achieved record throughput by processing 98,411 tonnes of ore from
the Ming Mine through the Nugget Pond copper and gold milling
facility. This supported a 47% increase in saleable copper produced
in concentrate and 70% increase in saleable gold produced in
concentrate relative to the year-ago quarter.
Q1 2019 Production Summary
-- The mining process improvement program begun in late Q2 2018 has resulted in:
o Consistently higher ore production rate in Q1 2019 vs Q1 2018
(1,157 dry tonnes per day vs 965 dry tonnes per day), representing
a 20% improvement.
o Consistently higher copper contained in ore in Q1 2019 vs Q1
2018 (16.3 dry tonnes per day vs 12.8 dry tonnes per day),
representing a 27% improvement.
o Consistently higher development rounds per week - 23 per week
in Q1 2019 versus 12 per week in Q1 2018, representing a 92%
improvement. The higher development rate has led to the best
developed state of the mine since the expansion project began in
2016.
-- For the fiscal quarter ending March 31, 2019 the Nugget Pond
copper and gold milling facility achieved record throughput. The
facility processed 98,411 dmt at a feed grade of 1.33% copper and
0.58 grammes per tonne gold during Q1 2019 vs 83,016 tonnes at a
feed grade of 1.07% copper and 0.41 grammes per tonne gold in Q1
2018. Daily production during the quarter averaged 1,266 dry tonnes
per day with a monthly peak of 1,309 dry tonnes per day in
February. On March 12, the mill achieved a one-day record
throughput of 1,492 dry tonnes per day. This is another significant
milestone for the Company and confirms that the mill improvements
will allow the facility to produce at a sustained rate at or
greater than 1,250 dry tonnes per day.
-- Recovery of metal to concentrate was 96.3% and 69.4% for
copper and gold respectively for the quarter, nearly unchanged from
Q1 2018 despite higher throughput
-- During the quarter, the operation produced 4,797 tonnes of
concentrate containing saleable metal of 1,207 tonnes of copper and
1,128 ounces of gold. Saleable tonnes of copper increased 47% from
Q1 2018 and ounces of gold increased 70% from the Q1 2018.
Andre Booyzen, President and CEO, commented:
"This last quarter's mine and mill performance has demonstrated
the improvements we anticipated when beginning the mining process
improvement project in the second quarter of last year. Our staff
and contractors are focussed on continuing to produce safely and to
meet production targets. Not only has the average daily performance
improved, but the day-to-day variability has decreased due to our
success at reducing mining interruptions such as power outages,
ventilation interruptions, blasting misfires and secondary blasts,
as well as to improving the skills and supervisory expertise of our
people.
"Our focus is on continuing to improve mining productivity and
the average grade of ore produced so that saleable copper
production continues to increase. The recent private placement by
major shareholders and the positive take-up of the share offering
by minority holders have put us in a strong financial position.
"We have started work on our new tailings facility and intend to
have it completed by Q4 2019, after which it will support
production for 6 years. The tailings project includes some critical
control components necessary to sustain milling rates in excess of
1,400 dry tonnes per day. We have also committed to replacing some
key mining equipment that has reached the end of their useful life,
as well as adding to our underground fleet to reflect longer hauls
as we mine deeper.
"I am delighted to report in this, my first quarterly production
commentary, that we have the right operational teams in place at
the Ming mine and Nugget Pond mill to reach our production targets
and they are ably supported by our executives and board
managers."
Table 1 below summarizes the Ming Copper-Gold Mine's production
for each quarter in 2018 and Q1 of 2019. Table 2 outlines the
quarter over quarter comparisons.
Table 1 - Quarterly and Year-to-Date Production Results
(See Note 1 below)
THROUGHPUT AND Q1 Q2 Q3 Q4 Q1 2019
RECOVERY
2018 2018 2018 2018
Dry Tonnes Milled 83,016 94,589 93,128 93,443 98,411
Copper Recovery
(%) 96.9 95.9 97.3 95.1 96.3
------- ------- ------- ------- --------
Gold Recovery
(%) 68.7 68.9 72.5 72.3 69.4
------- ------- ------- ------- --------
Copper Head Grade
(%) 1.07 1.12 1.46 1.31 1.33
------- ------- ------- ------- --------
Gold Head Grade
(g/t) 0.41 0.63 0.54 0.67 0.58
------- ------- ------- ------- --------
CONCENTRATE PRODUCTION
------------------------ ------- ------- ------- --------
Copper grade (%) 28.6 28.0 29.4 26.5 26.2
------- ------- ------- --------
Gold grade (g/t) 7.9 11.2 8.1 10.2 8.3
------- ------- ------- ------- --------
Dry Tonnes Produced 3,001 3,643 4,478 4,403 4,797
------- ------- ------- ------- --------
SALEABLE METAL
PRODUCTION
------------------------ ------- ------- ------- --------
Copper (tonnes) 823 978 1,266 1,120 1,207
------- ------- ------- --------
Gold (ounces) 662 1,199 1,020 1,308 1,128
------- ------- ------- ------- --------
Table 2 - Quarter over Quarter Results Comparison
(See Note 1 below)
THROUGHPUT AND Q4 2018 Q1 2019 Q1 Q1
RECOVERY
2018 2019
Dry Tonnes Milled 93,443 98,411 5% 83,016 98,411 19%
Copper Recovery
(%) 95.0 96.3 1% 96.9 96.3 -1%
-------- -------- ------- -------
Gold Recovery
(%) 71.5 69.4 -4% 68.7 69.4 1%
-------- -------- ------- -------
Copper Head Grade
(%) 1.31 1.33 1% 1.07 1.33 24%
-------- -------- ------- -------
Gold Head Grade
(g/t) 0.67 0.58 -12% 0.41 0.58 41%
-------- -------- ------- -------
CONCENTRATE PRODUCTION
------- -------
Copper grade
(%) 26.5 26.2 -1% 28.6 26.2 -8%
------- -------
Gold grade (g/t) 10.2 8.3 -19% 7.9 8.3 6%
-------- -------- ------- -------
Dry Tonnes Produced 4,403 4,797 9% 3,001 4,797 60%
-------- -------- ------- -------
SALEABLE METAL
PRODUCTION
-------
Copper (tonnes) 1,120 1,207 8% 823 1,207 47%
-------
Gold (ounces) 1,308 1,128 -14% 662 1,128 70%
-------- -------- ------- -------
2019 Production GUIDANCE
Andre Booyzen, President and CEO, commented:
"The start of 2019 has been very good and is demonstrating that
the operations are capable of reaching and exceeding throughput
expectations. Given the productivity improvements in the mine
operation, which has provided access to better grade material in
both the Lower Footwall Zone and the Ming Massive Sulfide deposits,
we are now turning our attention to increasing the overall feed
grade delivered to the mill. The guidance for 2019 is highlighted
in Table 3 below and reflects our commitment to solidify and extend
beyond the improvements we have been able to achieve to date."
Table 3 - Fiscal 2019 Guidance
THROUGHPUT
Fiscal 2019
Guidance
400,000 -
Dry Tonnes Milled 450,000
Copper Head Grade 1.30 - 1.50
(%)
--------------
Gold Head Grade 0.70 - 0.90
(g/t)
--------------
SALEABLE METAL Fiscal 2019
PRODUCTION Guidance
------------------- --------------
Copper (tonnes) 5,000 - 6,000
--------------
Gold (ounces) 5,000 - 7,000
--------------
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. 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.
Abbreviations:
g/t = grammes per tonne
dmt = dry metric tonnes
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'). 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.
Following the completion of its recent productivity improvement
initiative Rambler's focus is on sustaining mine and mill
production at 1,250 metric tonnes per day. With a return to
profitability and positive cash flow, Rambler will continue
advancing Phase III engineering studies with a view to further
increase production to 2,000 dry tonnes per day 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 listed in London under AIM:RMM.
For further information, please contact:
Andre Booyzen Sanjay Swarup Tim Sanford. P. Eng.
President and CEO CFO Vice President and
Rambler Metals & Mining Rambler Metals & Mining Corporate Secretary
Plc Plc Rambler Metals & Mining
Tel No: +44 (0) 20 Tel No: +44 (0) 20 Plc
8652-2700 7096 0662 Tel No: +1 (709) 532
Fax No: +44 (0) 20 Fax No: +44 (0) 20 5736
8652-2719 8609 0313 Fax No: +1 (709) 800
1921
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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