Rns...22 Mar 2010 07:01
FOR: RAMBLER METALS & MINING PLC TSX VENTURE SYMBOL: RAB AIM SYMBOL: RMM March 22, 2010 Rambler Metals and Mining PLC: Second Quarter Results 2010 & Operational Highlights LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 22, 2010) - Rambler Metals and Mining PLC (TSX VENTURE:RAB)(AIM:RMM) ("Rambler" or the "Company" today reports its financial results and operational highlights for the three months ended 31 January 2010. The principal activity of the Company is carrying out development and exploration on the Ming Mine Property, a gold and copper property located on Newfoundland and Labrador's Baie Verte Peninsula. Q2 2010 Highlights and Subsequent Events: -- Detailed engineering and environmental work for the Ming Mine, Mill and Port sites were awarded and are due to be completed by April 30, 2010. -- On 26 January 2010 Rambler announced it will be investigating the resource potential within the mining lease at the recently purchased Nugget Pond gold facility. Highlights include: -- Exploration target of 13,000 to 15,000 ounces of gold contained within 50,000 to 66,000 tonnes grading at 7 to 9 g/t gold. -- Low capital development and operating costs. -- Permitted mill and tailings impound. -- Crown pillar amenable to open pit mining methods. -- Since Q2 2010 Rambler has announced it has entered into an agreement with Sandstorm Resources Ltd. (TSX VENTURE:SSL) to sell a portion of the life-of-mine gold production from its Ming Mine. Under the terms of the agreement Sandstorm Resources Ltd. will make staged upfront cash payments for the gold to Rambler totalling US$20 million. For this, Rambler has agreed to sell 25% of the first 175,000oz of payable gold and thereafter 12% of all further payable gold up to 40 years, renewable in year blocks. (Further details are available in the press release dated 4 March 2010). Financial Highlights: -- Compared to the quarter ending 31 January 2009, net losses increased GBP 5,208 to GBP 338,087 and the loss per share reduced from 0.56p to 0.38p. This was mainly due to exploration expenses of GBP 28,745 incurred during the quarter on the geological evaluation of the Corkscrew/Big Bear property and Nugget Pond Crown Pillar, as well as legal and professional fees increasing by GBP 27,724 to GBP 79,137 mainly as a result of costs incurred in connection with the AGM and various financing opportunities. -- A tax credit of GBP 17,448 was received during the quarter related to scientific research and experimental development (SRED) claims filed for 2008 and 2009 with the Canadian Revenue Agency. This meant that cash flows used for operating activities reduced by GBP 15,162. -- Cash flows used for investing activities reduced by GBP 715,730 primarily as a result of a reduction in exploration expenditure on the Ming Mine of GBP 607,739 and expenditure on tangible fixed assets by GBP 117,208. This reduction is consistent with prior quarters and aimed at conserving
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