Rambler Metals & Mining Signs Engineering Agreement to Reopen Hammerdown Gold Mine, Canada
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Rambler Metals and Mining plc has entered into an engineering, evaluation and services agreement with Maritime Resource Corp. to evaluate the economic potential of re-opening the past producing Hammerdown gold mine located within Maritime’s Green Bay Property, Newfoundland and Labrador, Canada.
Under the terms of the agreement, the companies will work together and appoint an independent qualified third party consultant to prepare and complete a pre-feasibility study, funded by Maritime. The study will evaluate the mineral reserves available on the property. Should a positive economic analysis and a production decision, by the board of directors of Maritime and Rambler, be determined, the two companies will then negotiate a mutually agreeable management services and toll milling agreements that will see Rambler assist Maritime in the process of re-opening the old Hammerdown mine.
“We are pleased to see Maritime moving ahead with the economic evaluation and pre-feasibility work to determine the viability of restarting the past producing Hammerdown mine. Our gold plant at Nugget Pond remains under care and maintenance while Ming Mine ore is fed directly into the copper concentrator only. Fully utilizing all available infrastructure at our processing facilities could be a tremendous opportunity for both Rambler and Maritime,” said Norman Williams, president and CEO of Rambler Metals.
In order to assist Maritime and the management team in advancing the Hammerdown project pursuant to this agreement, Rambler has agreed to vote all its common shares of Maritime in favor of management during the terms of this agreement.
About Rambler Metals & Mining
Rambler Metals and Mining is a junior mining company that has 100 percent ownership of the Ming Copper-Gold Mine in Baie Verte, Newfoundland and Labrador, Canada.
To stop by Rambler Metals & Mining’s website, CLICK HERE
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