🕐20.06.11 - 08:27 Uhr
RAMBLER METALS AND MINING (AIM: RMM / TSX: RAB) - Q3 RESULTS
Please find attached todays announcement from Rambler Metals & Mining
(TSX: RAB / AIM: RMM), including the Results, MD&A and Financial
Statements.
Results Highlights are below.
Best,
Philippe
Interim Results Quarter Ended April 30, 2011
London, United Kingdom; & Baie Verte, Newfoundland and Labrador, Canada;
- Rambler Metals and Mining PLC (TSXV: RAB, AIM: RMM) ("Rambler" or the
"Company") today is pleased to report its financial results and
operational highlights for the quarter year ended 30 April 2011.
The
Company is focused on bringing the Ming Copper-Gold Mine ("Ming Mine")
located in Newfoundland and Labradors Baie Verte Peninsula, Canada,
into full production.
Operational Highlights
o Successfully raised CAD$15 million after expenses through the
placing of 27,777,778 ordinary shares on May 3, 2011.
The proceeds will
be used to provide the working capital required ahead of full production
at the Ming Mine
o Final permits received from the Government of Newfoundland and
Labrador for the Ming Mine, allowing for the final payment of US$6
million to Rambler under the terms of the Gold Loan agreement with
Sandstorm Gold Ltd
o Processing of the Nugget Pond Crown Pillar commenced in mid May
2011 at an average throughput rate of 430 tonnes per day and concluded
on June 13, producing approximately 880 gold ounces at estimated cash
cost of $493 per ounce.
Final reconciliation of totalled recovered
ounces will be known following the completion of further refining and
the treatment of material recovered during system cleanout.
o Following completion of the Crown Pillar ore haulage and processing
of the Tilt Cove-East Mine Deposit commenced on June 13 2011.
o Updated NI43-101 resource estimates for the Lower and Upper
footwall Zones at the Ming Mine with an increase of 1.63 million tonnes
representing an additional 27,375 tonnes of contained copper, 403 ounces
of gold and 53,827 ounces of silver resulting in a 21% increase.
o All construction continued on schedule including the concentrator
expansion and mine site.
The new office/dry facility was completed in
preparation for an increase in the underground workforce.
Construction
of concentrate storage facility in Goodyears Cove scheduled to begin
late June
o Exploration continued during the quarter, including a notable
discovery of high grade visible gold on the 1700 level at the Ming Mine
Financial Highlights (All expressed in CAD$)
o During the quarter, the Group generated gross profit of $8,000 some
of which was attributable to the completion of a third party test
program at the Nugget Pond Mill compared with a gross profit of $68,000
in Q2/11
o The Net Profit for the quarter ended April 30, 2011 was $193,000
including an exchange gain of $836,000 or $0.002 per share compared to a
net loss of $555,000 for Q2/11 and a net loss of $630,000 for Q3/10
o Cash flows utilized for operating activities were $406,000 in Q3/11
compared to $979,000 in Q2/11 and $307,000 in Q2/10.
The decrease in the
cash utilized is due to changes in working capital
o Cash resources (including short-term investments) as at April 30,
2011 were $2.4 million and as of June 20, 2011 had increased to $11.2
million
George Ogilvie, President and CEO, Rambler Metals & Mining commented;
"The Groups performance over the past quarter has been extremely
positive with new revenue being generated from the Companys own mineral
property, the Nugget Pond Crown Pillar.
Furthermore, our continued
exploration at the Ming Mine has resulted in the discovery of visible
gold underlining our belief that the Ming Mine will continue to provide
high grade discoveries with continued exploration.
The coming months will be a pivotal turning point for the company as our
flagship project will be in production during the second half of 2011."
Philippe Polman
Account Manager
Direct line: +44 (0)20 7861 3921
Mobile: +44 (0)7841 672 830
Pelham Bell Pottinger
5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233
www.pelhambellpottinger.co.uk
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