RMM.L Share News (RMM)

(ShareCast News) - Mining and exploration group Rambler Metals has completed a pre-feasibility assessment at its Ming copper-gold mine in Canada.The study, which is aimed at integrating the mineral resource in the lower "footwall zone" into the mine plan, will allow the company to optimise the existing infrastructure, thus allowing the site to run at full capacity by 2018.In a statement released on Monday, the company said the assessment showed a strong internal rate of return and significant cash flow under reasonable commodity price assumptions and opportunities for future improvements.Rambler said the study will allow it to increase production from the current 650 metric tonnes of massive sulphide ore per day to 850 metric tonnes per day in 2016, increasing to 1,180 in 2017 and onto 1,250 by 2018.The feasibility study has shown the project to be worth CA$62.1m (£30.7m) with an internal return rate of 45%, adding it will invest CA$66m in developing the lower footwall zone.The group said it has CA$8.4m shortfall in working capital in the first 12 months of development of the lower footwall zone and it is now aiming to secure financing partners to source the CA$25m it needs to "strengthen the working capital shortfall"."The company has been advancing discussions with a selection of financing partners, focusing on debt type financing arrangements," it said in a statement."This main project financing is intended to mainly cover working capital shortfalls as the company progresses its optimisation plan."Rambler shares were up 5.13% to 10.25p at 1120 BST on Monday.