In what it calls the first phase of a cost reduction program, Rambler Metals and Mines is halting all underground drilling and pre-development work on its Ming Mine at Baie Verte, Newfoundland.
The company is laying off 18 employees and retaining those staff necessary to complete a technical report, resource study and engineering assessment. That work is due by the end of January.
In December, the company reported net losses of more than GBP 212, 000 but company management indicated they were confident that additional financing could be secured by mid-2009. In making the announcement on Thursday, however, Rambler chief executive officer George Ogilvy said the halt at Ming would enable the company “to care [sic] and maintain its high quality asset without requiring any external funding until 2010.”
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