RMM19 Dec 2011 07:08
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND and LABRADOR--(Marketwire - Dec. 19, 2011) - Rambler Metals and
Mining PLC (TSX VENTURE:RAB)(AIM:RMM) ("Rambler" or the "Company") today is pleased to report its financial
results and operational highlights for the three months ended October 31, 2011. The quarter saw a transition
from construction and development to production with the first gold dore poured post-reporting period at the
Company's 100% owned Ming Copper-Gold Mine in Newfoundland and Labrador's Baie Verte Peninsula, Canada.
Operational Achievements
-- Post quarter: the first gold pour completed, marking the Company's move
into production.
-- 621 ounces of gold processed from the Tilt Cove East Mine satellite
deposit during the quarter generating revenue of $1,095,000.
-- Pre-production development to the various Ming Mine ore bodies
continuing, particularly in the near surface 1806 zone.
-- Initial phase of commissioning of the copper concentrator began on
October 17, 2011, with "live" commissioning planned for calendar Q1
2012. This first phase includes the pressurizing of pipelines and
hydrostatic testing of tanks to ensure they are functioning properly.
-- Development completed and planned to date has allowed access to
78,599 tonnes of material grading 4.10 g/t Au (10,360 Au oz
contained) and 34.50 g/t Ag (87,182 Ag oz contained).
-- Continued to work towards finalizing the long term off-take agreement
with a well-known international trading company for the sale/purchase of
the full production from the Ming Mine ore body and the current capacity
of the Nugget Pond facility.
-- Completed a 9,500 wet metric tonne concentrate storage facility at the
Goodyear's Cove Port, with only building services and hook up remaining.
The first shipment of copper concentrate will be in calendar Q2 2012
leaving this project well ahead of both schedule and budget.
-- Drew down its first installment of CAD$5.0 million from the $10.0
million credit facility agreed to during the quarter, with the final
tranche of $5.0 million now available at the Group's discretion upon the
delivery of the executed off-take agreement.
-- Initiated a NI43-101 preliminary economic assessment to evaluate the
profitability of mining the Lower Footwall Zone ("LFZ"). This study will
assess the Ming Mine's transition from the current high grade low
tonnage start-up operation into a bulk tonnage mining scenario utilizing
all available resources from the LFZ.
Financial Highlights (All expressed in CAD$)
-- Quarterly gross profit of $545,000 from the sale of 621 ounces of gold
from its Tilt Cove East Mine satellite deposit and 74 ounces of gold
from the further refining of Nugget Pond Crown Pillar **** materials
(Q1/11: $374,000).
-- The net loss for the quarter