Newfoundland (FSCwire) - Rambler Metals and Mining plc, a Canadian copper and gold producer, explorer and developer (TSXV: RAB, AIM: RMM) ("Rambler" or the "Company") today reports that it has completed a new mineral resources and reserves estimate for the Ming copper-gold mine in Newfoundland and Labrador, Canada. Contained copper in the mineral reserves is estimated at 329 million pounds with gold of 114 thousand ounces, fully replacing reserves after two years of mining. Mineral resource tonnes (M+I) have declined from the 2015 estimate by 18%, however, the copper grade has improved 9% and gold grade by 14%. The change in measured and indicated resources is a result of an extensive diamond drilling program in an underexplored area of the Lower Footwall Zone.
The mineral resource and reserve estimations were performed by WSP Consultants, an independent third party, and will be documented in a NI43-101 Technical Report to be filed on SEDAR within 45 days of this release. The effective date of the reserve estimate is January 1, 2018 and the resource estimate is September 1, 2017. All currency is expressed in US dollars (USD) unless otherwise noted. The estimation was based on long term metal pricing of $2.99 per pound of copper, $1300 per ounce of gold and $17 per ounce of silver with a USD:CAD exchange rate of 1:0.80.
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Source: Rambler Metals and Mining plc (TSX Venture:RAB, AIM:RMM, OTC Pink:RBMTF, FWB:51R)
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