|
|
L-R - Brian Dalton, George Milton, & Harry Dobson during a mid-June tour of the Rambler Project |
|
|
High grade copper mineralization (>14% Cu) from the new "upper" MFZ discovery at Rambler |
Altius holds 12 million shares in Rambler Metals and Mining plc, which is
listed on the Alternative Investment Market of the London Stock Exchange (AIM:RMM),
and on the TSX-V (RAB). Rambler is focused on the historic Ming copper -
gold mine, located near Baie Verte, Newfoundland and Labrador.
Rambler had a very productive year through 2010 with continued progress
towards its goal of mine development and production at its Ming copper-gold
deposits. Of particular significance, Rambler effectively secured the
budgeted funds to see it through its development plans for an anticipated
mid 2011 production start up at the mine. The funds included approximately
$18 million in equity financings and a $U.S. 20 million gold off-take
agreement with Sandstorm Resources Ltd. for a portion of its life-of-mine
gold production.
Most recently, Rambler released details of its Final Feasibility Study for
the mining and economics of the Ming project. The completed feasibility
study suggests an initial six-year mine life with an average annual
production of 7.7 million pounds of copper, 11,600 ounces of gold and 42,600
ounces of silver. Rambler stated an anticipated internal rate of return (IRR)
of 23.7% based on an average copper price of $3 per pound, gold $1,000 per
ounce and silver $14.50 per ounce.
Altius’ Rambler shares were received in 2005 has payment shares in exchange
for its direct property ownership of the Ming project. The strategy was to
create a new company that could independently fund itself through to
production without direct financial and/or technical risk exposure to Altius.
For a comprehensive overview of Rambler's mine development planning please visit
Rambler's corporate website at
www.ramblermines.com.