Name and Location
Ming copper/gold mine, Newfoundland and Labrador, Canada.

Client
Rambler Metals & Mining Canada.

Project Description
The results of a prefeasibility study (PFS) on the Ming copper/gold project have shown positive economics, a strong internal rate of return (IRR) and significant cash flow under reasonable commodity price assumptions.

In addition, there remains further opportunities for improvement as the operation becomes fully optimised.

Net Present Value/Internal Rate of Return
The project has a pretax net present value (NPV), at a 5% discount rate, of $70.2-million, with an IRR of 46%.

The project has an after-tax NPV, at a 5% discount rate, of $62.1-million, with an IRR of 45%, based on trending copper and gold prices, including the long-term copper price of $2.79/lb.

Value
The project involves a five-year, $66-million LFZ capital plan, mainly self-funded by the current mining operation. During the initial expansion, the operation will require additional working capital to execute its plan.

The first year projects a shortfall of $8.43-million, with a net cash position of $650 000 over the five-year period.

Duration
Not stated.

Latest Developments
Additional opportunities exist to improve the low-risk, low-capital base case scenario, including:
• integration of ore preconcentration at the mine site, which could allow for further optimisation of mine production, resulting in equal but higher-grade tonnage being delivered to the mill;
• additional resource growth through ongoing exploration in the higher-grade massive sulphide and LFZs; and
• further use of the Nugget Pond base and precious metals milling facility, with new feed sources from other regional copper and gold plays.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Rambler Metals & Mining Canada, tel +1 709 800 1929, fax +1 709 800 1921 or email contact@ramblermines.com.