Rambler generates $1.1m profit from Nugget Pond, construction at Ming Mine on track

Rambler Metals and Mining (CVE:RAB) (AIM:RMM) announced Tuesday its Nugget Pond project on the Baie Verte Peninsula in northeastern Newfoundland returned a profit, while construction at its nearby Ming mine is well on its way to production in the second half of the year.
Since operations began in May, mining and milling at the Nugget Pond Crown Pillar returned a total of 1,053 ounces of gold, after refining, providing Rambler with over $1.1 million in net profit, at $401 per ounce, from the operation.
At the Tilt Cove East mine, 5,424 tonnes of material have been transported to and processed through the Nugget Pond mill, which Rambler purchased for $3.5 million in 2009. The mined material has an average grade of 2.64 grams per tonne (g/t) gold, and an estimated 92% recovery rate.
The company said Tilt Cove processing at the Nugget Pond mill will continue throughout the summer, until construction of the new concentrator is completed.
"We anticipate the mining of the Tilt Cove East deposit will be as successful as the Nugget Pond Crown Pillar, creating another net profit for the company," said president and CEO, George Ogilvie.
"We expect the net profit from these satellite deposits, and toll milling contracts as a whole, will more than payback the CAD $3.5M Rambler paid for the mill in 2009."
Meanwhile, construction at the Ming mine remains on schedule, with first production still expected in the second half of the year. Rambler said it has 2,500 tonnes of ore from the copper mine stockpiled, aiming for 15,000 tonnes before commissioning the mill concentrator.
Rambler said that zone 1806 at Ming has resources of 349,000 tonnes, grading 3.96 g/t gold and 0.60% copper. Crews will soon turn their attentions to the 1807 zone, which has measured and indicated resources of 432,000 tonnes, grading 3.86% copper, 1.75 g/t gold and 7.18 g/t silver.
Rambler is a junior mining company based in Sutton, Surrey, UK, with offices in Baie Verte, Newfoundland. The company, which is listed both in Toronto and in London, has full ownership of its Ming mine and, in 2009, purchased the Nugget Pond mill located 40 kilometres away.