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Rambler Metals feeling the benefit of new underground zone

Wednesday, September 21, 2016 0:08
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(Before It's News)

Rambler Metals and Mining PLC (LON:RMM, CVE:RAB) is eyeing further production increases in its year to end July 2017 having met or bettered guidance in fiscal 2016.

A move into the higher grade Lower Footwall Zone (LFZ) paid off and the total put through the mill was 241,080 dry metric tonnes -  a 12% increase over the 216,000 tonnes milled in the previous year.

For copper, 4,580 dry tonnes were produced in the year, against guidance of 4,500 to 6,000 tonnes.

Gold exceeded guidance by 16% at 7,549 ounces, a record for gold concentrate production due to adjustments made to the flotation circuit in the first half. Silver ounce output came in at 53,830 ounces, against company guidance of 42,000 to 57,000.

In the fourth  quarter to July 31, the firm milled 69,874 tonnes, which was a 23% increase compared to the preceeding quarter and 18% more than the same period last year, driven by an increase in LFZ ore availability.

Rambler president and chief executive Norman Williams said that as had been expected, fiscal 2016 had been a transitional year at Rambler.

“Our fiscal yearend goal was to reach steady state production at 850 mtpd. With this goal achieved we will look forward to continuing to increase production levels throughout fiscal 2017.

Story by ProactiveInvestors

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