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 first optimizing concentrate production at the Nugget Pond concentrating facility then improving revenue through the integration of the gold hydromet plant into the production stream.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 and its shareholders, while providing the best opportunity to build a successful and long term mining company.
HIGHLIGHTS OF THE THIRD QUARTER
The third quarter ("three months ended 30 April 2013", "Q3/13", "Q3'13") marks the second full quarter of commercial production since first declaring in November 2012.
Highlights of the third quarter of the 2013 fiscal year included:
Capital Development and Production
-- Produced a total of 4,996 wmt (Q2'13 - 4,350 wmt) of copper concentrate for a total of 14,301 wmt for fiscal year ending 31 July 2013 and 16,796 wmt since the start of copper production in May 2012. 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) with milling recoveries for copper and gold averaging 92% and 65% respectively (Q2'13: 88% and 62% respectively).-- During the third quarter daily tonnage through the mill increased from 536 wmt during a difficult February, improved to 583 wmt in March and 590 wmt in April. The continued increase in throughput was evident in the increased tonnage of concentrate produced: February - 751 wmt; March - 1,594 wmt; and April - 2,651 wmt. Production was hampered in February with continued problems with fine grained ore freezing in the outside course ore bin. The problem was eventually overcome when the Companies short term action plans of installing an air cannon in the bin and placing additional heaters and vibrators on the outside of the bin took effect. The Company is now actively looking to re-engineer the course ore bin and thus provide a permanent solution to this freezing problem.-- A significant milestone was reached during the quarter, being the breakthrough of the independent 1807 ramp system. Ore from all developed levels of this high copper grade zone can now be accessed with larger 42 tonne haul trucks. Additional drill sites are also now available for continued exploration and extension drilling of the known mineralized areas.-- 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.
-- During the third quarter a repayment of US$291,579 (project to date US$8,916,148) was made on the Group's gold loan from the delivery of 156 ounces of gold representing the payable portion of gold contained within the concentrate provisionally invoiced to Transamine and 29 ounces of gold produced from the testing of floatation tails from the copper concentrator being reprocessed through the Group's gold processing facility (project to date 5,407 ounces have been delivered)-- Agreed terms for the extension of its $10 million secured credit facility to 31 March 2014. Under the amendment agreement the Group paid Sprott Resource Lending Partnership ('Sprott'), in shares, a 4% extension fee. Interest will continue to accrue at 9.25% and any drawdown on the facility will be subject to the 4% drawdown fee as per the original agreement. Of the initial $10 million credit facility made available, only $7.5 million was drawn with $500,000 repaid in November 2012. $3.0 million was made available under the amended credit facility and is available until 30 September 2013. On 30 April 2013 a payment of $500,000 and subsequent to the end of the third quarter a further payment of $600,000 was made on 31 May 2013. As of the date of this release the outstanding balance on the facility is $5,900,000.