LONDON, UNITED KINGDOM and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwire) -- 12/20/12 -- Rambler Metals and Mining PLC (TSX VENTURE: RAB)(AIM: RMM) ("Rambler" or the "Company") is pleased to report its financial results and operational highlights for the three months ended 31 October 2012. This was a significant period for the Company as Management successfully completed commissioning the Ming Copper-Gold Mine leading to the declaration of commercial production commencing on 1 November 2012. Testing and commissioning continued throughout the first quarter of fiscal 2013 returning revenue of $9.5 million from the provisional sale of 4,797 wet metric tonnes ('wmt') of copper concentrate.
Highlights of the first quarter of the 2013 fiscal year included:
Capital Development and Operational Achievements
-- Produced a total of 4,955 wmt of concentrate during the quarter for a total of 7,450 wmt since the start of commissioning in May 2012. Concentrate produced averaged 27% copper with 6 g/t gold and 49 g/t silver with milling recoveries for copper and gold consistently averaging 90% and 65% respectively.-- Development into the high grade 1807 copper zone continued with ore being stockpiled as development progressed. With the majority of tonnes for the 2013 fiscal year coming from this zone, ore access on multiple levels was the main focus for underground development crews.-- During a scheduled 10-day shutdown in September, the Company finalized preparations to begin re-processing floatation tailings through the carbon-in-pulp circuit to try and improve gold recovery to 85%. In plant testing is expected to begin before the end of the calendar year.-- Provided its customer, Transamine Trading S.A. ('Transamine'), with notice of "Load Readiness" for the first shipment of copper/gold/silver concentrate from Goodyear's Cove. Subsequent to quarter end, the vessel arrived at port and loaded 8,873 wmt of concentrate destined for a European smelter.
Financial Highlights (All expressed in CAD$)
-- A total of 4,797 wmt of concentrate were provisionally invoiced to Transamine during the period at an average price of $3.49 per pound copper, $1,668 gold per ounce gold and $31.16 per ounce silver, generating $9.5 million in revenue.
-- The net loss for the quarter ended 31 October 2012 was $718,000 or $0.005 per share; which compares with a loss of $845,000 or $0.007 per share for the quarter ended 31 October 2011.
Cash flow and cash resources
-- Cash flows utilized for operating activities for the quarter ended 31 October 2012 were $1,157,000 compared with $1,211,000 in the quarter ended 31 July 2012 and cash generated from operations of $1,284,000 in the quarter ended 31 October 2011. Cash was generated in the quarter ended 31 October 2011 from gold sales from the Company's satellite deposits.-- Cash resources (including short-term investments) at 31 October 2012, were $4.9 million and as of 20 December 2012 had increased to $6.6 million after a $500,000 repayment on the Company's credit facility. Operating cash flows are anticipated to build throughout the balance of the fiscal year in line with the move to commercial production effective 1 November 2012.