RMM.L Regulatory News (RMM)

25 May 2006 07:00

Rambler Metals & Mining PLC25 May 2006 RAMBLER METALS AND MINING PLC Interim Results Statementfor the half year ended 28 February 2006 Chairman's Statement The Company is pleased to present its result of the six month period ending 28February, 2006. During this period, the Company has continued its explorationprogram on the Rambler copper and gold property at Baie Vert in Newfoundland andLabrador, Canada. During this period, the Phase 1 diamond drilling program was completed inDecember 2005 after 13,759 metres of drilling, of which 2,884 metres weredrilled during this period. Phase 1 was a regional drilling program designed toestablish the scope of the mineralizing system and to identify significant newdeposits. Phase 2 directional drilling program was initiated on the Ramblerproperty in late December 2005 and is designed to better define the significantmineralization which was previously indicated with the ultimate purpose ofcalculating a mineral resource. Results from this program have confirmed the continuity of mineralization andhave given impetus to begin the process of estimating the costs, benefits andenvironmental requirements of dewatering the mine in order to facilitateunderground exploration. The Company is looking forward to advancing its exploration program on theRambler property in the midst of these exciting markets for base and preciousmetals. Harry DobsonChairman25 May 2006 Group Profit and Loss Account - 28 February 2006 Unaudited six months Unaudited six months Audited period to to 14 April 2004 to 28 February 2006 28 February 2005 31 August 2005 £'000 £'000 £'000 Turnover - - - Administrative expenses 126 - 135 Operating loss (126) - (135)Interest receivable 112 - 104 Loss on ordinary activities before taxation (14) - (31) Taxation - - - Loss on ordinary activities after taxation (14) - (31) Dividends - equity - - - Loss for the period (14) - (31) Earnings per share (p) (0.03) - (0.23) Dividends per share (p) - - - The basis of calculation of Earnings per Share is set out in note 2 on page 6. Group Statement of Total Recognised Gains and Losses - 28 February 2006 Unaudited six months Unaudited six months Audited period to to 14 April 2004 to 28 February 2006 28 February 2005 31 August 2005 £'000 £'000 £'000 Loss for the financial period (14) - (31) Foreign exchange gains and losses 283 - 170 Total recognised gains and losses for thefinancial period 269 - 139 Group Balance Sheet - 28 February 2006 Unaudited Unaudited Audited 28 February 2006 28 February 2005 31 August 2005 £'000 £'000 £'000 Fixed assetsIntangible assets 1,985 - 1,097 Current assetsDebtors 100 - 152Investments 3,238 - 6,865Cash at bank and in hand 2,974 - 41 6,312 - 7,058 Creditors: amounts falling due within one 204 - 331 year Net current assets 6,108 - 6,727 Total assets less current liabilities 8,093 - 7,824 Capital and reservesCalled up share capital 400 - 400Share premium account 7,165 - 7,165Other reserve 120 - 120Profit and loss account 408 - 139Shareholders' funds 8,093 - 7,824 Consolidated Cash Flow Statement - 28 February 2006 Unaudited six months Unaudited six months Audited period to to 14 April 2004 to 28 February 2006 28 February 2005 31 August 2005 £'000 £'000 £'000 Net cash outflow from operating activities (221) - (159) Returns on investments and servicing offinanceInterest received 132 - 73 Net cash inflow from returns on investmentsand servicing of finance 132 - 73 Capital expenditure and financial investmentPayments to acquire intangible fixed assets (774) - (558) Net cash outflow from capital expenditure - (558)and financial investment (774) AcquisitionsPurchase of 51190 Newfoundland and Labrador - - (65)Inc. Net cash outflow from acquisitions - - (65) Cash outflow before use of liquid resources (863) - (709)and financing Management of liquid resourcesCash withdrawn from/(placed in) other liquidinvestments 3,627 - (6,865) Net cash inflow/(outflow) from management ofliquid resources 3,627 - (6,865) FinancingIssue of equity share capital - - 7,445 Net cash inflow from financing - - 7,445 Net cash inflow/(outflow) in period 2,764 - (129) Notes to the Interim Statements 1. Preparation of the interim financial information The financial information for the 6 month period ended 28 February 2006 isunaudited and does not constitute statutory accounts within the meaning of theCompanies Act 1985. It has been prepared using accounting policies consistentwith those set out in the accounts for the period from 14 April 2004 to 31August 2005. The financial information for the period from 14 April 2004 to 31 August 2005has been extracted from the group's statutory accounts for that year whichcontained an unqualified audit report and which have been filed with theRegistrar of Companies. The directors are of the opinion that the company has sufficient cash reservesto continue its planned exploration and appraisal activities for the next twelvemonths. 2. Earnings per share calculation Unaudited six months Unaudited six months Audited period to to 14 April 2004 to 28 February 2006 28 February 2005 31 August 2005 Loss attributable to equity shareholders (14) - (31)(£'000) Ordinary shares in issue during the 40,030,000 2 13,579,000period (number) Earnings per share (p) (0.03) - (0.23) 3. Reconciliation of operating loss to net cash flow from operating activities Unaudited six months Unaudited six months Audited period to to 14 April 2004 to 28 February 2006 28 February 2005 31 August 2005 £'000 £'000 £'000 Operating loss (126) - (135) Decrease/(increase) in debtors 32 - (121) (Decrease)/increase in creditors (127) - 97 Net cash outflow from operating (221) - (159)activities 4. Reconciliation of net cash flow to movement in net funds Unaudited six months Unaudited six months Audited period to to 14 April 2004 to 28 February 2006 28 February 2005 31 August 2005 £'000 £'000 £'000 Increase/(decrease) in cash in the 2,764 - (129)period Cash (withdrawn from)/used to increaseliquid resources (3,627) - 6,865 (863) - 6,736 Foreign exchange differences 169 - 170 Net cash at 1 September 6,906 - - Net funds at end of period 6,212 - 6,906 5. Copies of this announcement are available to members of the general public from the Company's Registered Office at 33 St James's Square, London SW1Y 4JS. This information is provided by RNS The company news service from the London Stock Exchange