🕐21.03.11 - 08:27 Uhr
Rambler Metals & Mining - Q2 2011 Results
Please find attached the Interim Statement and MD&A for Rambler Metals
and Mining (TSXV: RAB / AIM: RMM).
Highlights are below.
Kind regards,
Philippe
Financial Results Quarter Ended January 31, 2011
London, England & Baie Verte, Newfoundland and Labrador - 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 31 January 2011.
The Company is focused on
bringing the Ming Copper-Gold Mine located in Newfoundland and
Labradors Baie Verte Peninsular, Canada, into full production.
Significant Operational Achievements
o Officially submitted the environmental registration for the mining
of the Nugget Pond Crown Pillar located less than 150 metres away from
its gold hydromet processing facility.
The Group plans on mining the
crown pillar in calendar Q2, 2011.
o Announced it had received further approval for the construction of
its Office/Dry facility and fresh water source at the Ming Mine.
The
receipt of these permits allowed for the drawdown of US$7 million from
Sandstorm Gold Ltd.
(Sandstorm).
o Successfully negotiated Net Smelter Royalty (NSR) terms with Metals
Creek Resources Corp.
(MEK) to process surface material remaining at
Tilt Coves East Mine, Newfoundland and Labrador, located 23 kilometres
from the Groups Nugget Pond Mill.
o Nugget Pond Mill foundation work, site construction and the new
office and dry facility continued at pace and on schedule.
Completed the
installation of the second means of egress via the mine shaft
o Terms for all major underground equipment, components for the new
concentrator negotiated and purchased orders issued.
The majority of
this equipment has arrived on site with additional deliveries scheduled
throughout the coming months ahead of the start up of production.
o Restarted the exploration program at the Ming Mine through the
development of an exploration drift to the top of the 1807 zone
resulting in the intersection of high grade copper and gold
mineralization.
Further exploration development is scheduled for the
1700 level historical wire gold zone.
o Subsequent to the quarter end the Group received the final
construction approval from the Government of Newfoundland and Labrador
for the Ming Copper-Gold Mine allowing access to the final US$6M tranche
of financing from Sandstorm.
Financial Highlights (All expressed in CAD$)
o During the quarter the Group generated gross profit of $68,000 from
the completion of its first toll milling agreement compared with a gross
profit of $374,000 in Q1/11.
The net loss for the quarter ended January
31, 2011 was $555,000 or $0.006 per share which compares to a net loss
of $268,000 for Q1/11 and $591,000 for Q2/10.
o Cash flows utilized for operating activities were $979,000 in Q2/11
compared to $483,000 in Q1/11 and $676,000 in Q2/10.
The increase in the
cash utilized is due to increased operating losses following the
completion of toll processing.
The major components of the working
capital changes are an increase in inventory and accounts receivable
changes offset by an increase in trade payables.
o Cash resources (including short-term investments) as at January 31,
2011 were $4.9 million and as of March 21, 2011 had increased to $7.6
million.
George Ogilvie, President and CEO, Rambler Metals & Mining commented;
"We are extremely pleased with the progress made over the past quarter
in developing the Ming Copper-Gold Mine as well as the renewed
exploration program.
Following receipt of complete construction
approval from the provincial authorities Rambler is now financially
positioned to begin pre-production development in the mine whilst
continuing work on the Nugget Pond Mill expansion.
Supported with high copper and gold prices and strong fundamentals we
aim to further advance both the Nugget Pond Crown Pillar and the Tilt
Cove East Mine projects into production during 2011.
Furthermore, we
look forward to developing the Baie Verte region into a resurgent copper
and gold producer."
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
PLEASE NOTE OUR NEW OFFICE
ADDRESS & TELEPHONE NUMBERS AS OF MONDAY 24 MAY 2010
.......................................
A CarbonNeutral(r) company
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