Photo by: Rambler Metals and Mining
TORONTO (miningweekly.com) – Junior copper and gold producer Rambler Metals & Mining on Thursday said it had exceeded its 2014 full-year output guidance by significant margins.
The TSX-V- and Aim-listed miner, which currently operated the Ming copper/gold mine, in Newfoundland and Labrador, pointed out that it had met or exceeded the high-end of its output guidance by 9% for copper, 26% for gold and 35% for silver.
Rambler stated that for the fourth quarter ended July 31, it milled some 59 500 t of ore, up 20% year-on-year, resulting in a 9% year-over-year improvement in copper output by 1 708 t, while gold output rose 62% to 2 107 oz and silver output rose 69% to 16 708 oz.
For the full year, Rambler produced 7 472 t of copper, 6 921 oz of gold and 52 539 oz of silver.
The company first declared commercial production in November 2012 and had since milled 352 893 dry metric tonnes, producing 39 449 t of copper concentrate, containing 11 425 t of copper metal, 10 058 oz of gold and 76 497 oz of silver.
Rambler explained that it was now looking to the future, when the company would expand the current reserves by demonstrating the mineral potential of the lower footwall zone (LFZ) through a low-capital expansion programme.
“Fiscal 2015 will be a transformational year for us as we solidify plans to [improve the efficiency of] available infrastructure with a goal to increase the longevity of the Ming copper/gold mine, while ensuring that we maintain a safe and profitable operation,” Rambler chairperson George Ogilvie said.
The company’s president and CEO Norman Williams added that he was confident that the Ming mine could demonstrate itself as a long-term, profitable producer with the substantial resource of the LFZ being brought into mine reserve. This would allow the board to consider dividend and other payback structures to reward the company’s long-term and dedicated shareholders.
Rambler added that it expected to produce similar volumes of metals in the coming financial year, specifically between 5 400 t and 6 700 t of metal, with increases forecast for gold and silver.