Rambler Metals and Mining reported it has sold the first lot of 600 tonnes copper concentrate from Ming, its flagship copper gold mine on Newfoundland and Labrador Baie Verte Peninsula to offtake partner Transamine Trading.
Provisional grade for the lot was 29.7% copper, 5.43 grams per ton gold and 47 gram per tonne silver with no deleterious material or penalties.
As of July 16 there are 1,700 tonnes of copper concentrate in storage at the company's port warehouse facility. The second lot of 800 tonnes copper concentrate is awaiting assays for invoicing and provisional payment.
The company started live commissioning of concentrate on May 14 2012 with material from the Lower Footwall Zone only. Average tonnage rate and mill head grade for May 2012 was 455 dry tonnes per day and 1.49% copper equivalent rising to 585 dry tonnes per day and 2.16% copper equivalent in June.
June increase was due to the blending of higher grade development ore from its 1807 zone into the feedstock. Mill copper recoveries range from 85% to 99% with an average to date of 92.5%.
Mr George Ogilvie President and chief executive said "The live commissioning of the copper concentrator is progressing smoothly, and on schedule. He said that it is our objective to reach commercial production during the second half of 2012 with the first 5,000 tonne load of copper concentrate being shipped to market prior to calendar year end.”
He added that "The realization of revenue from the sale of the first lot of copper concentrate is another important milestone for the company. While the fiscal 2013 budget is being finalized, we expect to provide guidelines on our fiscal targets after commercial production is declared.”
Rambler has revised the amount of gold produced over the first five months of the year upwards to 14,918 ounces at an average realized price of USD 1,649, approximately 400 ounces more than previously reported. This follows from additional information received from the Johnson Matthey refinery.
Source - Proactive Investors
(www.steelguru.com)
