LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 05/01/13 -- Rambler Metals and Mining plc, the Newfoundland copper and gold producer, explorer and developer (TSX VENTURE: RAB)(AIM: RMM) ("Rambler" or "the Company") is pleased to announce that on 30 April 2013 a payment of CAD$500,000 was made to Sprott Resource Lending Partnership ('Sprott'). The payment reduces the outstanding balance on the Company's recently renewed credit facility to CAD$ 6.5 million.
Further reductions to this outstanding facility are planned over the coming months, with the intention of having the facility repaid by the end of calendar year 2013. Additional information on the loan arrangement with Sprott can be found in a Company press release dated 27 March 2013.
Norman Williams, CFO, commented:
"This payment demonstrates Rambler's commitment to paying off its debts. With the winter season now behind us, we are beginning to see increases in the amount of high grade copper concentrate produced from the operation. With further incremental operational improvements we are optimistic that more free cash flow can be generated, allowing us to be more aggressive with our debt repayment schedule."
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements." Such forward-looking statements include, without limitation, statements regarding the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable securities law.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Rambler Metals & Mining Plc
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921
Rambler Metals & Mining Plc
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson
+44 (0) 20 7894 7000
Pelham Bell Pottinger
+44 (0) 20 7861 3921
Ocean Equities Limited
+44 (0) 20-7786-4370
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