LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 06/27/13 -- Rambler Metals and Mining PLC (TSX VENTURE: RAB)(AIM: RMM) ("Rambler" or the "Group") today is pleased to report its financial results and operational highlights for the three months ended 30 April 2013.
The accompanying financial information for the quarter ended 30 April 2013 has not been reviewed or audited by the Group's auditor and has an effective date of 27 June 2013.
-- Produced a total of 4,996 wmt (Q2'13 - 4,350 wmt) of copper concentrate during the quarter for a total of 14,301 wmt for the fiscal year to date and 16,796 wmt since the start of copper production in May 2012.-- Significant milestone was reached during the quarter with the breakthrough of the independent 1807 ramp system allowing access to the high grade copper zone with larger 42 tonne haul trucks. Additional drill sites are also now available for continued exploration and extensional drilling of the known mineralized areas.-- Concentrate produced during the third quarter averaged 28% copper with 7 g/t gold and 51 g/t silver (Q2'13: 28% copper with 7 g/t gold and 51 g/t silver). Milling recoveries for copper and gold averaged 92% and 65% respectively (Q2'13: 88% and 62% respectively).-- Shipped a second load of copper concentrate, totalling approximately 3,141 wmt via the Group's port facility at Goodyear's Cove, Newfoundland and Labrador.-- Finalized a purchase and sale agreement with a local exploration company for the exclusive rights to explore and develop the Krissy's Buckle gold/copper property located within 40 kilometres of the Group's Nugget Pond precious and base metal processing facility.
Financial Highlights (All expressed in CAD$)
-- Q3/13 profit was $193,000 or $0.001 per share which compares with a loss of $281,000 or $0.002 per share for Q3/12.-- Revenue: $10.1 million (Q2/13: $11.4 million). Earnings before interest, taxes, depreciation, amortisation ("EBITDA"): $1.5 million (Q2/13: $3.7 million).-- Cash flows utilized in operating activities for Q3/13 were $380,000 compared with cash generated of $4,978,000 in Q2/13 and cash utilized of $752,000 in Q3/12. The generation of cash from operations for the nine months of $3,441,000 reflects the commencement of commercial production and a change in accounts receivable, inventory and account payable balances.-- Cash resources as of 30 April 2013 were $3.5 million and as of 27 June 2013 had increased to $6.0 million with a further $3.0 million available under the Group's Credit Facility Agreement.-- Payment of CAD$500,000 was made to Sprott Resource Lending Partnership ('Sprott') in the reporting quarter with a subsequent payment of CAD$600,000 on 31 May 2013.
-- Continue as a profitable copper and gold producer by first optimizing concentrate production at the Nugget Pond milling facility than improving revenue through the integration of the gold hydrometallurgical plant into the production stream.-- Increase available resources and reserves through further exploration both within the Ming mine and current land holdings.-- Continue to investigate, through various optimization studies, development of the Lower Footwall Zone creating organic growth.-- Selectively pursue growth opportunities within Atlantic Canada including joint ventures, acquisitions, strategic alliances and equity positions.