LONDON (Alliance News) - Rambler Metals & Mining PLC on Tuesday said it has signed a non-binding letter of intent regarding the Cap Ray deposits at Rambler's Nugget Pond milling facility in Newfoundland, Canada.
Rambler has signed the letter of intent with Benton Resources Inc and Nordmin Engineering Ltd and the agreement will cover the potential for custom milling of gold-rich concentrate from the area.
"The Cape Ray region holds great potential for future gold discoveries and Benton has a proven track record in exploration and discovery. This, combined with Nordmin's engineering abilities, makes this group highly capable of advancing the Cape Ray Project towards production," said Norman Williams, president and chief executive of Rambler.
Rambler shares were up 7.1% to 3.75 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
