RAMBLER BEGINS NEGOTIATING THE DETAILS OF A SALE AND PURCHASE AGREEMENT WITH CREW GOLD CORPORATION FOR THE NUGGET POND PROCESSING FACILITIES
London, England & Baie Verte, Newfoundland and Labrador – Rambler Metals and Mining plc is pleased to announce that it has entered into exclusive negotiations with Crew Gold Corporation for the purchase of the Nugget Pond processing facility situated on the Baie Verte Peninsula in Newfoundland, just 40 km’s from Rambler’s Ming Mine.
Crew received Rambler’s original bid for the facility in April 2009, however the previous owner of the facility was entitled to exercise a Right of First Refusal to reacquire the assets under the same conditions of the sale and purchase. On 7 August 2009, the previous owner confirmed they were unable to exercise this Right thereby allowing Rambler to enter into final negotiations with Crew for this asset. The acquisition of the facility will give Rambler immediate access to the site allowing a retrofit of the existing CIL Gold Mill with the addition of a copper flotation circuit. The retrofit will not affect the current operation of the facility as Crew Gold currently toll mills ore from the Pine Cove Gold Mine under an agreement scheduled to expire on 30 June 2010.
George Ogilvie, President and CEO commented;
“The eventual acquisition of the facility provides an attractive opportunity for the Company and would greatly improve project economics. The mill is in excellent condition and operates to high environmental standards. Its location and milling infrastructure is well suited to Rambler’s operations on the Baie Verte Peninsula. ”
Further information will be released to the market as and when negotiations are concluded.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
About the Company
The Rambler property had been a former underground copper and gold producing property that ceased production when the deposit reached a then third party property boundary. This neighbouring property was subsequently consolidated before being brought into the Company. The Company now owns a 100% interest in the property.
The principal activity of the Group is carrying out development and exploration on the Rambler Property a mineral exploration property located on Newfoundland and Labrador’s Baie Verte Peninsula.