LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 05/28/13 -- Rambler Metals and Mining plc (TSX VENTURE: RAB)(AIM: RMM) ('Rambler' or the 'Company') would like to announce that its Strategic Partner, Maritime Resource Corp. (TSX VENTURE: MAE) ('Maritime') has released its first NI43-101 compliant resource estimate encompassing the entire Green Bay Property group, located in Newfoundland and Labrador, Canada. Maritime holds 100% of the Green Bay Property which hosts the former producing Hammerdown Gold Mine and the newly discovered Orion deposit.
A copy of Maritime's press release has been attached in its entirety under Appendix 1. For more information on the Green Bay Property group please visit Maritime's website at www.maritimeresourcescorp.com. A technical report is being prepared and will be filed with SEDAR within 45 days.
George Ogilvie, President and CEO, comment:
"We are pleased to see our Strategic Partner, Maritime Resources, advancing this project forward with its first NI43-101 resource estimate. Rambler's investment in Maritime was partly based on the potential of the Hammerdown Gold Mine and it's synergies with our own Nugget Pond milling facility, where the ore from Hammerdown was formerly processed between 2000 and 2004. In many ways the Hammerdown Gold Mine resembles the Ming Mine before it was dewatered and brought back into production. The increase in resource ounces on the Orion deposit is also encouraging as it may add new flexibility to the potential of the property group. We look forward to continuing to build on our strategic partnership with Maritime."
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in 2012 brought its first Mine into commercial production. The group has a 100% ownership in the Ming Copper-Gold Mine, a fully operational copper and gold processing mill and year round bulk storage and shipping facility all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.
Our Company Vision is to be the leading mine operator and resource developer in Atlantic Canada through the expansion of the Ming Mine, discovering new deposits and through mergers and acquisitions. Rambler listed on the London AIM in 2005 and Toronto TSX-V in 2007.
ABOUT MARITIME RESOURCES CORP.
Maritime Resources holds a 100% interest in the Green Bay property group which hosts the past producing Hammerdown gold mine, the Orion gold deposit, separated by a 1.5 km distance, and the Lochinvar base / precious metals deposit.
Hammerdown itself was successfully mined by Richmont Mines between 2000 and 2004 with gold prices averaging $325 US per ounce. During its operation a total of 291,400 tonnes of ore were mined and milled, at an average head grade of 15.83 g/t gold, recovering a total of 143,000 ounces during its life. All ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals and Mining, with an average gold recovery of 97.1%. Mining concluded in 2004 due to low gold prices with mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, up and down plunge.