The Ming copper and gold mine on the Baie Verte Peninsula is expected to be in production for an extra year, thanks to a change made in the resource numbers for the site.
In a statement issued Jan. 27, Rambler Metals and Mining revealed drilling in an area known as the "1807 Zone" led to the company finding more gold than expected at the mine site, about 17 kilometres from the Town of Baie Verte. This resulted in higher overall numbers placed on the gold and copper available.
© Photo courtesy of Rambler.
Rambler’s goal to have the Ming Mine site up and running within five years is looking promising. Management expects to be in operation by fall 2011.
The mine is now estimated to contain 56,719,272 pounds of copper, 101,404 ounces of gold and 459,788 ounces of silver - proven and probable reserves.
"All zones remain open to further exploration," reads the company's statement on the change.
Rambler's leadership is promising more underground diamond drilling and exploration in this the fiscal and calendar year.
While the company has asserted mine's life is extended, it was not stated when the mine is expected to reach its end life, pointing instead to the promise of further exploration work.
The resource numbers are a piece of good news delivered early in Rambler president and CEO Norman Williams' time at the helm. Williams had been the company's chief financial officer and officially took over from 1 on Jan. 15.
Ogilvie stepped into the role of company chairman, filling the space left by Harry Dobson, who has replaced Brian Hinchcliffe as a non-executive director on the board, after Hinchcliffe resigned. Tim Slater, a former independent advisor, is the new chief financial officer.
"Over the past five plus years, growing the company from a junior explorer into a producing operation, with tremendous growth potential, has been a challenging yet rewarding experience," Ogilvie said, in a statement on the changes.
"As the company moves forward I will continue to look at ways of optimizing the Ming Mine's development and profitability. I also believe we must continue to evaluate our external growth opportunities that will ensure the company's continued success."
Rambler trades on London's AIM market under symbol RMM and on the TSX:V under symbol RAB.