RE: Buying12 Sep 2019 14:30
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, is again pleased to announce that for the fiscal quarter ending June 30, 2019 it achieved record throughput by processing 112,679 tonnes of ore from the Ming Mine through the Nugget Pond copper and gold milling facility. This supported a 45% increase in saleable copper produced in concentrate and 10% increase in saleable gold produced in concentrate relative to the same year-ago quarter. Additionally, first half (H1) 2019 record throughput of 211,090 tonnes of ore from the Ming Mine and through the Nugget Pond copper and gold milling facility has supported a 46% increase in saleable copper produced in concentrate and 32% increase in saleable gold produced in concentrate relative to the first half of 2018.
Q2 2019 Production Summary
· The mining process improvement program begun in mid-2018 and executive management changes since then have resulted in:
o Consistently higher ore production rate in Q2 2019 vs Q2 2018 (1,239 dry tonnes per day vs 1,036 dry tonnes per day), representing a 20% improvement.
o Consistently higher rate of copper contained in ore produced in Q2 2019 vs Q2 2018 (17.2 dry tonnes per day vs 11.7 dry tonnes per day), representing a 47% improvement.
o Consistently higher development rounds per week - 24 per week in Q2 2019 versus 23 per week in Q2 2018, representing a 4% improvement. While total development rates have not changed significantly quarter over quarter, it is important to note that all of the current development is dedicated to providing ramp and level accesses to inexpensive long-hole production sources of ore, while in Q2 2018, 6 rounds per week were dedicated to expensive cut and fill mining ore sources.
· For the fiscal quarter ending June 30, 2019 the Nugget Pond copper and gold milling facility achieved record throughput. The facility processed 112,679 dmt at a feed grade of 1.40% copper and 0.60 grammes per tonne gold during Q2 2019 versus 94,589 tonnes at a feed grade of 1.12% copper and 0.63 grammes per tonne gold in Q2 2018. Daily production during the quarter averaged 1,309 dry tonnes per day with a monthly peak of 1,339 dry tonnes per day in June. On July 22, the mill achieved a new one-day record throughput of 1,493 dry tonnes per day. This again confirms that the mill improvements will allow the facility to produce at a sustained rate at or greater than 1,250 dry tonnes per day.
· Recovery of metal to concentrate was 93.7% and 68.4% for copper and gold respectively for the quarter, nearly unchanged from Q2 2018 despite higher throughput.
· During the quarter, the operation produced 5,425 tonnes of concentrate containing saleable metal of 1,417 tonnes of copper and 1,321 ounces of gold. Saleable tonnes of copper increased 45% from Q2 2018 and ounces of gold increased 10% from Q2 2018.