Name and Location
Ming copper/gold mine project, Canada.

Client
Rambler Metals and Mining.

Project Description
A prefeasibility study (PFS) on the Ming project has defined a staged, low-capital strategy for the optimisation of all existing infrastructure through the integration of the lower footwall zone (LFZ) mineral resource into the life-of-mine plan for the project. The PFS is based on an optimisation of the current high-grade massive sulphide (Phase 1) operation by blending increasing amounts of LFZ ore with the massive sulphides as production ramps up to 1 250 t/d.

With the current infrastructure in place, the Phase 2 expansion into the LFZ is the natural next step, allowing for the mining and milling processes to be fully optimised.

During the 21-year mine life, which ends in 2036, an estimated 536 000 t of copper concentrate, 89 600 oz of gold and 527 800 oz of silver are expected to be produced, after milling and recovery.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value (NPV), at a 5% discount rate, of $62-million, with an internal rate of return (IRR) of 45%, based on trending copper and gold prices, including a long-term copper price of $2.79/lb. The project has a pretax NPV, at a 5% discount rate, of $70.2-million, with an IRR of 46%.

Value
The PFS outlines a five-year, $66-million, LFZ capital plan for this expansion, mainly self-funded by the current mining operation.

Duration
The operation is expected to run at full capacity in 2018.

Latest Developments
Additional opportunities exist to improve the low-risk, low-capital base case scenario, including:
• delaying the initial five-year capital by continuing post-pillar cut-and-fill mining in upper portions of the LFZ;
• integrating ore preconcentration at the mine site, which could allow for further optimisation of mine production, with equal, but higher-grade, tonnage being delivered to the mill;
• additional resource growth through ongoing exploration in the higher-grade massive sulphide and LFZ; and
• further use of the Nugget Pond 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 Mining & Metals, tel + 1 709 800 1929, fax +1 709 800 1921 or email contact@ramblermines.com.