RMM.L Share News (RMM)

Newfoundland focused copper and gold producer Rambler Metals provided an update on NI43-101 reserve and resource estimates for its Ming copper and gold mine, which is situated on the Baie Verte peninsula of that Canadian province. The result was the extension of the estimated life of the mine by one year as all of the tonnes mined from the 1807 zone to date have been replaced, according to the updated data. In parallel, additional work carried out allowed the firm to improve its resource confidence interval from the 'inferred' category to 'indicated'.Ming is now estimated to hold mineral reserves of 56.7m pounds of copper, 101,000 pounces of gold and 460,000 ounces of silver in the 'proven' and 'probable' categories. The updated mineral resource is now thought to contain 698m pounds of copper, 222,000 ounces of gold and 1.512m ounces of silver in the 'measured' and 'indicated' categories. Norman Williams, the President and Chief Executive Officer of the company, highlighted that replenishing the resources and reserves of the Ming mine had been a top priority for the underground development crews in fiscal year 2013. That would allow for sustained production from that area. As of 14:12 shares of the company were rising by 1.57% to the 32.38p level. AB