TIDMRMM
RNS Number : 8000T
Rambler Metals & Mining PLC
22 July 2020
22 July 2020
Rambler Announces Production Results for Q2 and H1 2020
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, announces
production results for the fiscal quarter and half year ending June
30, 2020. Rambler produced 898 tonnes of saleable copper for the
quarter and 2,108 tonnes for the half year. Throughput for the
quarter and half year were 63,127 and 148,035 tonnes of ore,
respectively.
COVID-19 Update
Rambler has successfully kept the Ming Mine and Nugget Pond
processing facilities operational during the Covid-19 pandemic,
albeit at a reduced throughput due to the introduction of
appropriate policies and protocols designed to keep our employees
healthy and safe from infection. There have still been no cases of
Covid-19 amongst the Company's employees or contractors, which is a
credit to the policies and protocols which were implemented at the
onset of the pandemic, both corporately and by the Provincial
health authorities. As the world continues to open up the economy,
Rambler will respond appropriately by safely ramping up production
to pre-pandemic levels.
Q2 2020 Production Summary
-- Assays of gold grades and consequent gold recoveries and
saleable gold for Q2 and YTD 2020 have been delayed. Results will
be released upon receipt of assays.
-- For the fiscal quarter ending June 30, 2020 the Nugget Pond
copper and gold milling facility achieved throughput of 63,127 dmt
at a feed grade of 1.54% copper versus 112,679 tonnes at a feed
grade of 1.40% copper in Q2 2019.
-- Recovery of copper metal to concentrate was 95.8% for the quarter.
-- During the quarter, the operation produced 3,499 tonnes of
concentrate containing saleable metal of 898 tonnes of copper.
Toby Bradbury, President and CEO, commented:
"This last quarter's mine and mill performance were impacted
significantly by measures taken against the Covid-19 pandemic.
While we are pleased that we have been and remain free of infection
within our group of employees and contractors, we are determined to
begin ramping up development and production during H2 2020 as
operating limitations are relaxed. Our staff and contractors are
focussed on producing safely and improving operational
efficiencies; with evidence that improvements were achieved in the
last quarter, despite the loss of economies of scale as a result of
Coronavirus. These improvements will be further enhanced and
capitalised upon as we open up the operations to make full use of
existing capacities and expansion opportunities.
"Rambler remains well positioned with a significant copper
resource in one of the best mining jurisdictions worldwide."
"We are continuing to negotiate a financial restructuring of the
business which has been challenging in the current environment. At
this stage, our end of July 2020 target, may or may not be
achieved. Further updates will be made as appropriate and there can
be no guarantee that a binding fundraising agreement will be
completed."
"The support of our suppliers and service providers has been
critical through this difficult period and this is acknowledged and
appreciated."
Table 1 below summarizes the Ming Copper-Gold Mine's production
for the second quarter and half year in 2019 and Q1, Q2, and half
year results for 2020. Table 2 outlines the YTD comparisons between
2019 and 2020.
Table 1 - Quarterly and Year-to-Date Production Results
(See Note 1 below)
THROUGHPUT AND Q2 YTD Q1 2020 Q2 YTD
RECOVERY
2019 2019 2020 2020
Dry Tonnes Milled 112,679 211,090 84,908 63,127 148,035
Copper Recovery
(%) 93.7 94.9 96.2 95.8 96.0
-------- -------- -------- ------- --------
Gold Recovery
(%) 68.4 68.9 72.9 ** **
-------- -------- -------- ------- --------
Copper Head Grade
(%) 1.40 1.36 1.53 1.54 1.53
-------- -------- -------- ------- --------
Gold Head Grade
(g/t) 0.60 0.59 0.54 ** **
-------- -------- --- -------- ------- --------
CONCENTRATE PRODUCTION
------------------------ -------- -------- -------- ------- --------
Copper grade (%) 27.2 26.7 26.9 26.5 26.8
-------- -------- -------- ------- --------
Gold grade (g/t) 8.6 8.5 7.2 ** **
-------- -------- -------- ------- --------
Dry Tonnes Produced 5,425 10,222 4,650 3,499 8,149
-------- -------- -------- ------- --------
SALEABLE METAL
PRODUCTION
------------------------ -------- -------- -------- ------- --------
Copper (tonnes) 1,417 2,624 1,210 898 2,108
-------- -------- -------- ------- --------
Gold (ounces) 1,321 2,450 929 ** **
-------- -------- -------- ------- --------
Table 2 - YTD over YTD Results Comparison
(See Note 1 below)
THROUGHPUT AND YTD YTD
RECOVERY 2019 2020
Dry Tonnes Milled 211,090 148,035 -30%
Copper Recovery
(%) 94.9 96.0 1%
-------- --------
Gold Recovery 68.9 **
(%)
-------- --------
Copper Head Grade
(%) 1.36 1.53 13%
-------- --------
Gold Head Grade 0.59 **
(g/t)
-------- --------
CONCENTRATE PRODUCTION
-------- --------
Copper grade
(%) 26.7 26.8 0%
-------- --------
Gold grade (g/t) 8.5 **
-------- --------
Dry Tonnes Produced 10,222 8,149 -20%
-------- --------
SALEABLE METAL
PRODUCTION
-------- --------
Copper (tonnes) 2,624 2,108 -20%
-------- --------
Gold (ounces) 2,450 **
-------- --------
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.
** Assays pertaining to gold grades, gold recoveries, and gold
saleable figures for Q2 and YTD 2020 in this report have been
delayed. Results will be updated and released upon receipt of
assays.
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.
Rambler's focus is to regain its production profile at 1350
metric tonnes per day at 2% Cu by the end of 2020 and evaluate
expansion opportunities from that base.
Along with the Ming Mine, Rambler also owns 100 per cent of the
former producing Little Deer/Whales Back copper mines.
Rambler is listed in London under AIM:RMM.
For further information, please contact:
T oby Bradbury Sanjay Swarup T im 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: +1 (709) 8 Tel No: +44 (0) 20 Plc
00 1929 7096 0662 Tel No: +1 (709) 532
Fax No: +1 (709) 8 Fax No: +44 (0) 20 5736
00 1 921 8609 0313 Fax No: +1 (709) 8 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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