NEWFOUNDLAND – The final feasibility study for the Ming mine at Baie Verte is in the hands of owner Rambler Metals and Mining. The report confirms an initial six-year mine life with average annual production of 7.7 million lb of copper, 11,600 oz of gold and 42.600 oz of silver.
Production is targeted for Q2 2011. To reach that point, the company plans to make initial capital expenditures of US$25.5 million to create a 630-t/d operation. Sustaining capital of US$71.0 million will also be required, according to the study. The Ming project has a net present value of 6% US$14.3 million, a payback period of 1.5 years, and an internal rate of return of $23.7%.
The Ming mine property has underground measured and indicated resources of 10.7 million tonnes grading 1.65% Cu and 0.11 g/t Au. Proven and probable reserves are 1.5 million tonnes at 1.62% Cu and 2.40 g/t Au.
Rambler also owns the Nugget Pond mill 40 km from the Ming mine site. More information is available at www.RamblerMines.com.