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October 08 www. bus- ex. com 105 2.5 g/ t gold over a 10- year period up to closure; Ming West extracted 271,000 tons of ore with 4 percent copper and 5.8 g/ t gold in 1995/ 6. " We have some 26 miners currently on the payroll," says Ogilvie. " They're working underground putting services such as air, water and electrical back into the mine while the development work of accessing the 1807 zone has started. There are two underground diamond drills on the property, one for exploration while the other is carrying out delineation drilling. We're fi nding high- grade ore with a valuable gold content as well." The company has an advantage over previous owners of the Ming mines: advances in exploration and mining over the past decade or so, which have been signifi cant. " We're using some leading- edge technology to explore for deposits," says chief geologist Larry Pilgrim. " We have recently completed a Quantec Titan 24 deep imaging surface geophysical survey. This survey will test the sub- surface for mineralization well beyond the depth of several hundred meters tested by historical surveys completed over the areas. This high- tech approach should save Rambler Metals signifi cant time and money in evaluating the favorable ground that we have control of. Hopefully, the Titan 24 survey will reveal undiscovered ore bodies that will add to the Rambler economic picture and help in reactivating the old facility." Newfoundland has an unusual geological aspect, being located where continents have collided in the extreme past. This orogenic collision zone has given rise to a large variety of geological settings favorable to ore deposition. The Baie Verte Peninsula alone has a large concentration of base metal and precious metal prospects and showings that are certainly underexplored at depth. When gold touched $ 1,000 per ounce in March 2008, there was obviously a major attraction in going into it; since then, the price has dropped 20 percent, to around $ 800. Copper also has declined from its recent highs. How does that affect the profi tability and attractiveness of the Ming complex? " This is a copper mine, but gold gives us a useful credit," Ogilvie says. " Based on current projected production rates over an eight- year period, we expect to extract around 115,000 ounces of gold— about 14,000 to 15,000 ounces a year. At $ 650 per ounce, it provides $ 60 per ton of ore revenue; ongoing operational costs we expect to be at $ 80 to $ 90 a ton." So the gold is helpful, but it isn't the whole reason for reopening Ming. " On the copper side, we're looking at a production yield in the region of 10 million pounds annually over the fi rst fi ve years. During this period we'll be developing the infrastructure for mining in the footwall deposit, which lends itself to a bulk tonnage mining method. Once mining begins in the footwall deposit, annual copper production will increase to 40 million pounds. The bulk of our revenues will come from copper. It has performed as well as or better than other base metals. There's still a lot of demand for it, from the Far East and Asia. And India is the potential dark horse; China has a large population, but the birthrate is limited. India has no birth limits at the moment." Rambler went to the Alternative Investment Market ( AIM) in London to raise its capital. Its immediate plans are to use the current scoping study to provide the base information for a prefeasibility and feasibility document that will be complete in early 2009. A NI43- 101 resource has already been released for the mine, with an update expected also in early 2009. Production is expected to start in 2010, and, 20 years after the closure of Ming Mine, improved technology will help to keep operating costs down. The future looks pretty good, too. " Rambler is interested in the potential of this area, as well as immediate opportunities," says Ogilvie. " We were very fortunate this summer, when the Federal Government's geological data were made available to be integrated with new exploration data. That's going to help companies like ours fi nd new sources more easily." And the revitalization of Newfoundland's economy is attracting another type of resource. " A lot of departed Newfoundlanders have talked about wanting to return home," he says. " When we advertised 26 mining positions last year, we received over 300 applications— more than half of them expatriate Newfoundlanders. We're able to attract professional geologists, engineers, mine planners and all the skills we need from people who have built on their experience elsewhere, which is great for everyone." Rambler Metals & Mining