NEWFOUNDLAND - Rambler Metals and Mining of Baie Verte, NL, has signed its first off-take agreement for the copper concentrates from its Ming copper-gold mine and mill on the Baie Verte Peninsula. Transamine Trading, a global metals sourcing, marketing, finance and investment company, has agreed to take all of the 85,000 tonnes of copper concentrate produced each year for at least six years.
The commissioning of the new concentrator at the Nugget Pond site, 40 km from the Ming mine, is nearing completion, and commercial production will begin in Q2 2012.
The first six years of the Ming mine project is based on the underground mining of massive sulphides with a minable reserve estimate of 1.50 million tonnes grading 1.62% Cu, 2.40 g/t Au and 10.90 g/t. All massive sulphide zones remain open both up and down plunge. In addition a sizeable footwall deposit, beneath the massive sulphide horizon, has been outlined with a resource grade of 9.85 million tonnes grading 1.70% Cu.
The 2010 technical report may be read at www.RamblerMines.com.
Last year Sandstorm Resources agreed to purchase 25% of the first 175,000 oz of payable gold and 12% of the Ming gold output thereafter.