News Column

Rambler's Strategic Partner Maritime Files Technical Report

Jul 11 2013 12:00AM

Marketwire

LogoTracker

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 07/11/13 -- Rambler Metals and Mining plc (TSX VENTURE: RAB)(AIM: RMM) ('Rambler' or the 'Company') would like to announce that its Strategic Partner, Maritime Resources Corp. (TSX VENTURE: MAE) ('Maritime') has filed the Technical Report to accompany the NI43-101 compliant resource estimate released on 28 May 2013 on the Green Bay Gold Property.

The Green Bay Gold Property Mineral Resource Estimate is summarized below at a 3 g/t cut-off grade:

-- 428,600 ounces of gold in the Measured and Indicated categories-- 661,100 ounces in the Inferred category



A copy of Maritime's press release has been attached in its entirety under Appendix 1. For more information on the Green Bay Gold Property please visit Maritime's website at www.maritimeresourcescorp.com.

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. Rambler holds a 17% equity stake in Maritime Resources.

Our Company Vision is to be Atlantic Canada's leading mine operator and resource developer 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.

Larry Pilgrim, P.Geo., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Pilgrim is an independent consultant contracted by Rambler Metals and Mining plc.

Tonnes referenced are dry metric tonnes unless otherwise indicated.

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward- looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable securities law.

APPENDIX 1

Maritime Files Technical Report And Commences Work Program on Green Bay Gold Property

Maritime Resources Corp. (TSX VENTURE: MAE) ("Maritime" or the "Company") - announces that, further to the news release dated May 28,2013, it has now filed the Technical Report, dated July 3,2013, and entitled "Technical Report and Resource Estimate on the Green Bay Property, Newfoundland, Canada". The Report was authored by Tetra Tech of Sudbury, Ontario in accordance with NI 43-101 guidelines.

Maritime is now commencing a work program as recommended in the Report. This summer's work will be to continue trenching at the eastern extension of the Rumbullion zones, sample and analyze mine water from the closed Hammerdown gold mine, and test metallurgical recoveries of gold from ore on the Green Bay property.

Maritime holds 100% of the Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance. As a result of an expanded land position, Maritime now controls 51.7 square kilometres (12,775 acres) near Springdale in north-central Newfoundland.

Green Bay Gold Property NI 43-101 Mineral Resource Estimate:

The Resource is summarized below, at a 3 g/t cut-off grade, and shown in various cut-off grades in Table 1.

-- 428,600 ounces of gold in the Measured and Indicated category-- 661,100 ounces in the Inferred category Table 1: SENSITIVITY OF RESOURCES TO GRADE CUT-OFF--------------------------------------------------------------------------------------------------------------------------------------------------------Resource Category Cut-off Deposit Tonnes Grade Gold (g/t Au) (Ounces)-------------------------------------------------------------------------------------------------------------------------------------------------------- 2 g/t Au HD, RM, MS 831,330 10.46 279,574 ---------------------------------------------- Orion 1,581,500 3.87 196,776 ----------------------------------------------------------- ----------------------------------------------------------- 3 g/t Au HD, RM, MS 727,460 11.59 271,072 ----------------------------------------------Measured and Indicated Orion 1,096,500 4.47 157,582 ----------------------------------------------------------- ----------------------------------------------------------- 4 g/t Au HD, RM, MS 642,180 12.67 261,592 ---------------------------------------------- Orion 630,500 5.24 106,220 ----------------------------------------------------------- ----------------------------------------------------------- 5 g/t Au HD, RM, MS 562,760 13.82 250,048 ---------------------------------------------- Orion 347,200 5.86 65,414---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2 g/t Au HD, RM, MS 2,204,000 6.64 470,513 ---------------------------------------------- Orion 1,891,000 4.52 274,803 ----------------------------------------------------------- ----------------------------------------------------------- 3 g/t Au HD, RM, MS 1,767,000 7.68 436,304 ----------------------------------------------Inferred Orion 1,288,000 5.44 225,272 ----------------------------------------------------------- ----------------------------------------------------------- 4 g/t Au HD, RM, MS 1,336,000 9.02 387,440 ---------------------------------------------- Orion 917,000 6.18 182,201 ----------------------------------------------------------- ----------------------------------------------------------- 5 g/t Au HD, RM, MS 1,027,000 10.39 343,066 ---------------------------------------------- Orion 692,000 6.75 150,176-------------------------------------------------------------------------------------------------------------------------------------------------------- HD = Hammerdown RM = Rumbullion MS = Muddy ShagResource Estimate Notes and Parameters:1. CIM definition standards were followed for the resource estimate.2. The 2013 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.3. A cut-off grade of 3.0 g/t Au over 1.2 metres was used for reporting resources with capping of gold grades at 125 g/t at Hammerdown and 50 g/t at Orion.4. A Specific Gravity of 2.84 was applied.5. Numbers may not add exactly due to rounding.6. Mineral Resources, which are not mineral reserves, have not demonstrated economic viability.7. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.8. A portion of the estimated resource, specifically the Hammerdown mineralization, may be located in close proximity to previously mined areas and, as such, may not be recoverable due to structural or safety concerns.



The Resource Estimate was prepared by Todd McCracken, P. Geo. of Tetra Tech, Sudbury, ON. Mr. McCracken is a qualified person and independent of the Company, as defined by section 1.5 of NI 43-101. The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Krig method of grade interpolation. The mineral resources were estimated using a block model with parent blocks of 5m X 5m X 5m split three times into sub-blocks. The geological model including mineralized intercepts were generated by Maritime personnel and then audited by Tetra Tech. The QAQC protocols and corresponding sample preparation and shipment procedures have been reviewed by Tetra Tech.

ABOUT MARITIME:

Maritime Resources holds 100% of the Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, and the Lochinvar base metals/precious metals deposit.

The Hammerdown gold deposit was successfully mined by Richmont Mines between the years 2000 and 2004 while gold prices averaged $325/oz. During its operation a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals, 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.

On Behalf of the Board of Directors,

Eric W. Norton, President & CEO

For further information, please call:

Cathy DiVito, Investor Relations

Telephone: (604) 484-7111

info@maritimeresourcescorp.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.



Contacts:
Rambler Metals and Mining
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921

Rambler Metals & Mining Plc
Corporate Office
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
www.ramblermines.com

Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson
+44 (0) 20 7894 7000

Pelham Bell Pottinger
Marcin Zydowicz
+44 (0) 20 7861 3921

Ocean Equities Limited
Guy Wilkes
+44 (0) 20-7786-4370





Source: Marketwire


Story Tools