Rambler Metals & Mining (LON:RMM, TSX-V:RAB) announced the promotion of its project coordinator Peter Mercer to the position of vice president for corporate development.
The VP Corporate Development role is a new position created to help explore and develop growth opportunities both internal and external to the company.
Mercer joined Rambler in 2007 as the project coordinator for the Ming copper-gold mine, having been part of the original Altius team that began work on the property as early as 2003.
Rambler president and CEO George Ogilvie commented: “During his tenure as project coordinator he has shown tremendous drive and enthusiasm and has been integral to the success of the project, taking it from a grass roots exploration play to a near term producer.
“We anticipate that these same characteristics, coupled with Peter's education in geology, will aid in the discovery and development of the next business opportunity for Rambler. I would like to congratulate Peter on his new appointment as we look to grow our business in the future."
Rambler said last week it was set to receive a US$2m cash boost after Sandstorm Resources (CVE:SSL) accepted the company’s feasibility study for the Ming mine. The payment represents the second instalment under the gold off-take deal, which was arranged in March 2010.
Sandstorm paid an initial US$5m in March, and the third payment of US$13m will be made once Rambler has secured the key permits for the Ming Mine's construction. It is currently anticipated that the permitting will be completed during the second half of 2010.
In return for the upfront payments, Sandstorm will be entitled to 25% of the Ming mine’s first 175,000 ounces of payable gold, and 12% of all payable gold thereafter. Initially the agreement will last for 40 years and Sandstorm has the right to renew the deal for successive 10 year periods thereafter.
The final feasibility study of the project confirmed an initial 6-year mine life at 630 tonnes per day with an average annual production of 7.7 million lbs of copper, 11,600 ounces of gold and 42,600 ounces of silver. Production is targeted in Q2 2011.
Total production for the 6 year mine life is expected to be at 46.24 Mlbs (million pounds) of copper, 69,468 ounces of gold and 255,388 ounces of silver.