PEK Rambler Metals Eyes Up Crew Gold’s Nugget Pond Processing Facilities For Ming Copper-Gold Project
UK and Canadian listed mineral exploration and development junior, Rambler Metals and Mining (TSXV: RAB, AIM: RMM) said it had entered into exclusive talks to acquire the Nugget Pond processing facility from Crew Gold (TSX: CRU).
The processing facility is situated only 40 kilometres from Rambler’s Ming Copper-Gold Mine on the Baie Verte Peninsula in Newfoundland. By acquiring the facility, Rambler would improve the economics of developing the Ming Mine. Rambler said the processing facility would require a copper flotation circuit but was otherwise in good condition.
“The eventual acquisition of the facility provides an attractive opportunity for the Company and would greatly improve project economics. The mill is in excellent condition and operates to high environmental standards,” George Ogilvie, President and CEO commented.
Rambler Metals is looking to restart mining operations at the Ming Mine in 2010. An underground engineering study incorporating the mine plan, capital program and schedule for building a high grade, low tonnage mine is expected to be releases shortly.
In February, Rambler announced a revised NI 43-101 measured and indicated resource of 3.65 million tonnes @ 2.21% copper, 1.37 grams per tonne gold, 7.86 grams per tonne silver and 0.39% zinc. There is an additional 1.5 million tonnes in the inferred category.
