TIDMRMM
RNS Number : 3693K
Rambler Metals & Mining PLC
21 September 2016
21 September 2016
Rambler Reports Fiscal 2016 Q4 and Yearend Production
Results
12% Increase in Production over Fiscal 2015
London, England & Baie Verte, Newfoundland and Labrador,
Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM)
('Rambler' or the 'Company'), a copper and gold producer operating
in Newfoundland and Labrador, Canada, today provides an operational
update for its Fiscal 2016 Yearend and fourth quarter ending 31
July 2016 ('F2016' and 'Q4/16').
PRODUCTION Yearend F2016
F2016 Guidance
235,000 -
Dry Tonnes Milled 241,080 250,000
Copper Recovery
(%) 95.6 94 - 96
Gold Recovery
(%) 68.7 65 - 70
Silver Recovery
(%) 71.8 65 - 75
Copper Head Grade 2.0 - 2.5
(%) 2.12
Gold Head Grade 1.0 - 2.0
(g/t) 1.40
Silver Head Grade 6.0 - 10.0
(g/t) 9.97
---------------------------- -------- ----------------
CONCENTRATE
(Delivered to Warehouse)
----------------
Copper (%) 26.9 27 - 29
Gold (g/t) 13.8 6 - 8
Silver (g/t) 98.1 55 - 75
Dry Tonnes Produced 17,048 17,000 - 21,000
Copper Metal
(tonnes) 4,580 4,500 - 6,000
Gold (ounces) 7,549 5,500 - 6,500
Silver (ounces) 53,830 42,000 - 57,000
---------------------------- -------- ----------------
Highlights OF YEAR
-- Rambler met or exceeded its 2016 fiscal year production
guidance. Targets were achieved for tonnes milled, metal recovery
and grades. Gold ounces exceeded guidance by 16 per cent, a record
for gold in concentrate production, resulting from adjustments made
to the flotation circuit in the first half of the year. During the
second half of the year more focus was placed on increasing mill
throughput. Once throughput is fully optimized the team will work
towards re-establishing the higher gold recoveries.
-- Copper grades of 2.12 per cent and gold grades of 1.40
grammes per tonne were in line with guidance. Total mill throughput
for the year was 241,080 dry metric tonnes, a 12% increase over the
216,000 tonnes milled in fiscal 2015.
-- Average recoveries to concentrate for the year were: copper
95.6 per cent, gold 68.7 per cent and silver 71.8 per cent with a
concentrate grade of 26.9 per cent, 13.8 grammes per tonne and 98.1
grammes per tonne for copper, gold and silver respectively.
Highlights FOR THE QUARTER
-- Production of 4,108 tonnes of copper concentrate,
representing a 9 per cent decrease over Q3/16 resulting from lower
copper head grade in the quarter.
-- Dry tonnes milled of 69,874 tonnes, representing a 23 per
cent increase over Q3/16 and 18 per cent over the same quarter last
year driven by an increase in Lower Footwall Zone ('LFZ') ore
availability;
o 1,126 tonnes of copper (4,580 tonnes for the fiscal year)
o 1,637 ounces of gold (7,549 ounces for the fiscal year)
o 11,899 ounces of silver (53,830 ounces for the fiscal
year)
-- Head grades of copper averaged 1.83 per cent for the quarter
and 2.12 per cent for the year; gold at 1.16 grammes per tonne for
the quarter and 1.40 grammes per tonne for the year; silver at 7.97
grammes per tonne for the quarter and 9.97 grammes per tonne for
the year.
Norman Williams, President and CEO, commented:
"As anticipated, Fiscal 2016 was a transitional year as we began
development plans to expand production with the Lower Footwall Zone
"LFZ". A focused move towards LFZ development was initiated during
the year once project financing was secured. This is evident
through the significant increase in production tonnes during the
final quarter of the fiscal year.
"Our fiscal yearend goal was to reach steady state production at
850 mtpd. With this goal achieved we will look forward to
continuing to increase production levels throughout fiscal
2017.
"I would like to thank the entire operations team for their
outstanding efforts, tremendous dedication and continued focus on
safety throughout the year."
Details of the Company's financial performance, including
capital expenditure and operating costs, will be included in its
Yearend financial results to be released on or before 24 October
2016. Following the recently announced change to a calendar year
end, the group will communicate calendar 2017 production guidance
with its yearend financial results.
Table 1 - 2016 Production Guidance with Actual Ore and
Concentrate Production for Fiscal 2016
(see Note 1 below)
PRODUCTION Q1 Q2 Q3 Q4 Yearend F2016
2016 2016 2016 2016 F2016 Guidance
235,000
Dry Tonnes Milled 58,053 56,458 56,695 69,874 241,080 - 250,000
Copper Recovery
(%) 95.3 96.4 96.3 94.7 95.6 94 - 96
Gold Recovery
(%) 70.6 75.3 67.9 62.6 68.7 65 - 70
Silver Recovery
(%) 76.4 75.4 70.7 65.8 71.8 60 - 75
Copper Head Grade
(%) 2.42 2.07 2.22 1.83 2.12 2.0 - 2.5
Gold Head Grade
(g/t) 1.45 1.40 1.62 1.16 1.40 1.0 - 2.0
Silver Head Grade
(g/t) 11.77 10.20 10.34 7.97 9.97 6.0 - 8.0
--------------------- ------- ------- ------- ------- -------- -----------
CONCENTRATE
(Delivered to
Warehouse)
--------------------- ------- ------- ------- ------- -------- -----------
Copper (%) 26.57 26.49 26.98 27.41 26.89 27 - 29
Gold (g/t) 12.90 16.35 13.98 12.39 13.82 6.0 - 8.0
Silver (g/t) 101.75 110.28 92.05 90.10 98.09 55 - 75
17,000
Dry Tonnes Produced 4,788 3,621 4,530 4,108 17,048 - 21,000
Copper Metal 4,500 -
(tonnes) 1,272 960 1,222 1,126 4,580 6,000
5,500 -
Gold (ounces) 1,986 1,889 2,037 1,637 7,549 6,500
42,000
Silver (ounces) 15,664 12,860 13,407 11,899 53,830 - 57,000
--------------------- ------- ------- ------- ------- -------- -----------
Table 2 - Quarter over Quarter Results Comparison (see Note 1
below)
PRODUCTION Q4/15 Q4/16 Q3/16 Q4/16
(May, (May, (Feb, (May,
Jun, Jun, Mar, Jun,
Jul) Jul) Apr) Jul)
Dry Tonnes Milled 59,373 69,874 18% 56,695 69,874 23%
Copper Recovery
(%) 96.6 94.7 -2% 96.3 94.7 -2%
Gold Recovery
(%) 68.7 62.6 -9% 67.9 62.6 -8%
Silver Recovery
(%) 72.8 65.8 -10% 70.7 65.8 -7%
Copper Head
Grade (%) 1.93 1.83 -5% 2.22 1.83 -17%
Gold Head Grade
(g/t) 1.22 1.16 -5% 1.62 1.16 -28%
Silver Head
Grade (g/t) 8.75 7.97 -9% 10.34 7.97 -23%
--------------------- ------- ------- ------- -------
CONCENTRATE
(Produced and Stored
in Warehouse)
------- -------
Copper (%) 26.66 27.41 3% 26.98 27.41 2%
Gold (g/t) 12.92 12.39 -4% 13.98 12.39 -11%
Silver (g/t) 92.80 90.10 -3% 92.05 90.10 -2%
Dry Tonnes Produced 3,600 4,108 14% 4,530 4,108 -9%
Copper Metal
(tonnes) 960 1,126 17% 1,222 1,126 -8%
Gold (ounces) 1,495 1,637 9% 2,037 1,637 -20%
Silver (ounces) 10,742 11,899 11% 13,407 11,899 -11%
--------------------- ------- ------- ------- -------
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 immediate plans are to increase mine and mill
production to 1,250 mtpd by the end of Fiscal 2017. This initial
expansion has been fully funded through CEII's investment. Rambler
will also continue advancing engineering studies on ore
pre-concentration (DMS) and shaft rehabilitation with a view to
further increase production to 2,000 mtpd at the Ming Mine. In
addition, Rambler has initiated a detailed study at the mill with a
goal to increase gold recovery and production rate in the copper
concentrator.
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 Advisor 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
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 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.
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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