The parent Company's Ordinary Shares trade on the London AIM market under the symbol "RMM", the TSX Venture Exchange under the symbol "RAB".
The Group has established the following four strategic goals:
1. Continue as a profitable copper and gold producer by maximizing the use of the Nugget Pond processing facility.2. Increase available resources and reserves through further exploration both within the Ming mine and current land holdings.3. Continue to investigate, through various optimization studies, development of the Lower Footwall Zone creating organic growth.4. Selectively pursue growth opportunities within Atlantic Canada including joint ventures, acquisitions, strategic alliances and equity positions.
The Group's directors and management believe that focussing on these priorities will instil a solid foundation for Rambler, while providing the best opportunity to build a successful and long term mining company.
HIGHLIGHTS OF THE SECOND QUARTER
The second quarter ("three months ended 31 January 2013", "Q2/13", "Q2'13") was a significant period for the Group, being the first quarter following the official declaration of commercial production on 1 November 2012.
Highlights of the second quarter of the 2013 fiscal year included:
Capital Development and Production
-- Produced a total of 4,350 wmt (Q1'13 - 4,955 wmt) of concentrate for a total of 11,579 wmt since the start of copper production in May 2012. Concentrate produced during the second quarter averaged 28% copper with 7 g/t gold and 51 g/t silver (Q1'13: 27% copper with 6 g/t gold and 49 g/t silver) with milling recoveries for copper and gold averaging 88% and 62% respectively (Q1'13: 90% and 65% respectively). Copper recoveries averaged 85% in November however improved to 91% over December and January 2013 more in line with anticipated recoveries.-- Experienced an unplanned 6-day shutdown in January when an electrical component failed in the motor control centre that was part of the original gold hydromet mill built in 1996. The Company was able to procure a replacement part and now has a critical spare in inventory to avoid any similar downtime in the future.-- During the second quarter daily tonnage through the mill decreased from 632 wmt in November to 597 wmt in December and 561 wmt in January. This decrease was primarily due to an increase in fine grained material as more of the higher grade 1807 zone was fed to the mill. With the advent of winter and below zero degree temperatures the fines have a tendency to freeze in the coarse ore bin in turn slowing concentrate production at Nugget Pond. As a short term solution the Group has installed an air canon inside the course ore bin and vibrators on the outside of the bin to ensure a steady flow of material through the system. The temporary fix has increased production back to the planned 630 wmt per day however further modifications may be required. The problem was not seen last winter as the 1806 zone had a different mineralogy with coarser grained material. In the longer term the coarse ore bin which was part of the original gold hydromet built in 1996, may have to be further modified. Management is considering various options.-- 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.-- In September (Q1/13) the Company took a 10-day shutdown in the mill to install additional pumps and piping that would allow the pumping of concentrator tailings to the gold hydromet plant. The intention was to determine if additional gold could be recovered through the gold hydromet prior to disposal into the tailings impound. The pilot test was initiated on 21 November 2012 and was concluded on 25 January 2013. Final clean out of the refinery is yet to be completed however initial results for overall gold recovery are in line with previous lab testing which showed a gold recovery of 85%. With gold in the feed grade anticipated to increase throughout the remainder of the fiscal year this process will be reinitiated at a later date.-- Shipped first copper concentrate, totalling approximately 8,873 wmt via the Group's port facility at Goodyear's Cove, Newfoundland and Labrador. Subsequently, on 23 February 2013, at the request of the Group's off- taker partner, shipped a further 3,150 wmt.