TIDMRMM
RNS Number : 9519X
Rambler Metals & Mining PLC
03 May 2019
3 May 2019
RAMBLER METALS & MINING PLC
("Rambler" or the "Company")
Rambler Hits Record Throughput for 2018
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 year ending December 31, 2018 it
achieved record throughput by processing 364,176 tonnes of ore from
the Ming Mine through the Nugget Pond copper and gold milling
facility. This is the second consecutive year that the Company has
set a new throughput record.
2018 Production Summary
-- For the fiscal year the Nugget Pond copper and gold milling
facility achieved record throughput. The facility processed 364,176
dry tonnes at a feed grade of 1.24% copper and 0.57 grammes per
tonne gold for the 2018 fiscal year. Annual mill throughput
averaged 1,108 dry tonnes per day with a monthly peak of 1,228 dry
tonnes per day in April. Into 2019, to match increased mine output,
the mill continues to push throughput and has recently achieved a
one-day record throughput of 1,492 dry tonnes per day. This is
another significant milestone for the Company and confirms that
incremental 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 70.7% for
copper and gold respectively for the year. For the full year the
operation produced 15,525 tonnes of concentrate containing saleable
metal of 4,187 tonnes of copper and 4,189 ounces of gold.
Andre Booyzen, President and CEO, commented:
"2018 was a banner year for operations in several areas,
including year-over-year improvements in mine output, mill
throughput, concentrate production, and metal recoveries. This
growth is due to the efforts of all of our employees and
contractors, who have continued to keep "Safe Production" at the
forefront of everything they do."
"While the mine averaged 998 tonnes of ore per calendar day from
the underground, the mill averaged 1,108 tonnes of ore per
operating day and hit single-day peak production in 2018 as high as
1,395 dry tonnes per day."
"The completion of the surface ventilation project and the
continuation of the Business Improvement Initiative that was
started in June 2018 has resulted in improved production metrics
from the mine operation (see Table 1 below). These improved KPI's
from the mine operation have in turn resulted in better ore
blending opportunities for the mill feed, which has positively
impacted both throughput and metal recoveries. Additionally, the
processing operations group continues to de-bottleneck the copper
concentrator processing circuit to accommodate the increased
production from the mine."
"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 and returning the Company to positive cash
flows during a time that has seen significant run up and positive
outlook on long term copper price forecasts."
Table 1 below summarizes the key mine production metrics which
have shown significant positive changes year over year from 2017 to
2018.
Table 1 - Mine Production Metrics: Fiscal 2017 versus Fiscal
2018
MINE PRODUCTION Fiscal Fiscal
2017 2018
Ore Mined (dmt) 343,032 364,363 6%
Production Drilling
(meters) 31,857 38,179 20%
-------- --------
Production Blasting
(dmt) 111,531 141,660 27%
-------- --------
Total Material Hauled
(dmt) 510,460 550,475 8%
-------- --------
(dmt = dry metric tonnes)
Table 2 below summarizes the Nugget Pond processing plant's
production for each quarter in 2018, and totals for the fiscal year
ending 31 December 2018. Table 3 outlines the quarter over quarter
comparisons.
Table 2 - Fiscal 2018 Production Results
(See Note 1 below)
THROUGHPUT Q1 Q2 Q3 Q4 Fiscal
AND RECOVERY
2018 2018 2018 2018 2018 Fiscal
2017
Dry Tonnes
Milled 83,016 94,589 93,128 93,443 364,176 339,631 7%
Copper Recovery
(%) 96.9 95.9 97.3 95.1 96.3 95.6 1%
------- ------- ------- ------- -------- --------
Gold Recovery
(%) 68.7 68.9 72.5 72.3 70.7 60.7 16%
------- ------- ------- ------- -------- --------
Copper Head
Grade (%) 1.07 1.12 1.46 1.31 1.24 1.27 -2%
------- ------- ------- ------- -------- --------
Gold Head Grade
(g/t) 0.41 0.63 0.54 0.67 0.57 0.58 -2%
------- ------- ------- ------- -------- --------
CONCENTRATE
PRODUCTION
------------------ ------- ------- ------- ------- -------- --------
Copper grade
(%) 28.6 28.0 29.4 26.5 28.1 27.7 1%
------- ------- ------- ------- -------- --------
Gold grade
(g/t) 7.9 11.2 8.1 10.2 9.4 8.0 18%
------- ------- ------- ------- -------- --------
Dry Tonnes
Produced 3,001 3,643 4,478 4,403 15,525 14,907 4%
------- ------- ------- ------- -------- --------
SALEABLE METAL
PRODUCTION
------------------ ------- ------- ------- ------- -------- --------
Copper (tonnes) 823 978 1,266 1,120 4,187 3,968 6%
------- ------- ------- ------- -------- --------
Gold (ounces) 662 1,199 1,020 1,308 4,189 3,357 25%
------- ------- ------- ------- -------- --------
(g/t = grammes per tonne)
Table 3 - Quarter over Quarter Results Comparison
(See Note 1 below)
THROUGHPUT AND Q3/18 Q4/18 Q4/17 Q4/18
RECOVERY
Dry Tonnes Milled 93,128 93,443 0% 97,997 93,443 -5%
Copper Recovery
(%) 97.3 95.1 -2% 96.1 95.1 -1%
------- ------- ------- -------
Gold Recovery (%) 72.5 72.3 0% 61.0 72.3 18%
------- ------- ------- -------
Copper Head Grade
(%) 1.46 1.31 -10% 1.17 1.31 12%
------- ------- ------- -------
Gold Head Grade
(g/t) 0.54 0.67 24% 0.61 0.67 9%
------- ------- ------- -------
CONCENTRATE PRODUCTION
------- -------
Copper Grade (%) 29.4 26.5 -10% 27.6 26.5 -4%
------- -------
Gold Grade (g/t) 8.1 10.2 27% 9.6 10.2 6%
------- ------- ------- -------
Dry Tonnes Produced 4,478 4,403 -2% 4,014 4,403 10%
------- ------- ------- -------
SALEABLE METAL
PRODUCTION
------- -------
Copper Metal (tonnes) 1,266 1,120 -12% 1,061 1,120 6%
------- -------
Gold (ounces) 1,020 1,308 28% 1,112 1,308 18%
------- ------- ------- -------
(g/t = grammes per tonne)
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.
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
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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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