BAIE VERTE, NL–(Marketwired – Mar 15, 2016) – Rambler Metals & Mining PLC (TSX VENTURE: RAB) (LSE: RMM)
(TSX-V: RAB; LSE: RMM)
15 March 2016
Rambler Signs a Non-Binding Letter of Intent to
Explore Custom Milling for the Cape Ray Gold Project
London, England & Baie Verte, Newfoundland and Labrador, Canada – Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) (‘Rambler’ or the ‘Company’) today announces that it has signed a non-binding letter of intent (‘LOI’) with Benton Resources Inc. (TSXV: BEX) (‘Benton’) and its partner Nordmin Engineering Ltd. (‘Nordmin’) to explore the potential of custom milling gold-rich concentrate from the Cape Ray deposits at Rambler’s Nugget Pond milling facility located near Baie Verte, NL, Canada.
Benton and Nordmin are reviewing options to improve the economics of their recently released preliminary economic assessment on the Cape Ray Project with a focus to reduce both capital and operating costs. For more information on the project please visit Benton’s website at http://www.bentonresources.ca.
Stephen Stares, Benton’s President and CEO commented,
“We, along with our partner Nordmin, are pleased to have executed this exploratory agreement with Rambler to determine the economics of custom milling gold-rich concentrate from the Cape Ray project. Not only are we committed to finding the most economic and streamlined pathway to potential development at Cape Ray, but this agreement allows us to leverage the knowledge and expertise of an extremely capable mining team at Rambler. We look forward to examining all of our mining options as we move closer to development”.
Norman Williams, Rambler’s President and CEO commented,
“The Cape Ray region holds great potential for future gold discoveries and Benton has a proven track record in exploration and discovery. This, combined with Nordmin’s engineering abilities, makes this group highly capable of advancing the Cape Ray Project towards production.
“We have an idle gold leaching and refining circuit ready and available for gold concentrate. Should Benton and Nordmin push their project towards production we would be happy to assist with tolling milling and making their project a success. The mining space is showing some signs of recovery, making this an ideal timing to solidify those relationships that will help continue growing the business while optimizing all available infrastructure at Nugget Pond.”
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