+ 500,000,000 lbs contained Copper

Rambler Copper - Gold property, located on the Baie Verte Peninsula of Newfoundland.

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Message: 1st Quarter Results 2009 and Operations Update

1st Quarter Results 2009 and Operations Update

posted on Dec 26, 2008 05:38AM
December 10, 2008
Rambler Metals and Mining PLC: 1st Quarter Results 2009 and Operations Update
LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Dec. 10, 2008) - Rambler Metals and Mining PLC (TSX VENTURE:RAB)(AIM:RMM) ("Rambler" or the "Company") today reports its 1st quarter results for the three months ending 31 October 2008, along with an operations update. The principal activity of the Company is carrying out development and exploration on the Rambler Property, a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula.

Operational Highlights:

- The exploration drilling programme continued with a total of 3,796 metres drilled in the first quarter compared to 4,344 metres drilled in the same period in 2007. At the end of the quarter, 4,739 metres remain to be drilled on a 25,000 metre contract with a third party drilling contractor in the 2008 calendar year. During the quarter, the manpower resource on the drilling was reduced to one crew to preserve cash and drills were also shut down for two weeks for scheduled maintenance. Primary drilling was carried out on the newly discovered 1806 Zone and new drill cut-outs had to be developed off the existing main ramp to enable air powered diamond drills to access this zone.

- A total of 336 metres of Exploration and Pre-production development was carried out during the quarter.

- C.S.I. Engineering (ex-Blue Note Mining Ltd. Engineering Group) has been appointed to carry out the Pre-Feasibility, mine planning and scheduling, CAPEX, equipment selection and cost estimating for the first five years of the mine where a high grade, low tonnage scenario has been decided. This program will be completed by the end of January 2009 and will represent the basis for the Business Plan and Economic Model for the project.

- Headcount increased by 2 to 42 employees during the quarter, which included the hiring of a General Manager as planned.

Future Operations:

- Rambler remains fully committed to pursuing an aggressive exploration programme and delineating near term, high grade underground resources. The Company plans to release an update to its NI43-101 compliant resource at the end of the second quarter of 2009 (January 31, 2009). The new 1806 Zone has high intersections of gold, copper, silver and zinc, as announced in the Rambler Press Releases in September and October and Rambler plans to publish metallurgical testing results in the next quarter.

- Works on the pre-feasibility study and applications for the Environmental Licensing are on track and are anticipated to be completed by end of January 2009.

Financial Highlights:

- Compared to the quarter ending 31 October 2007, net losses increase Pounds Sterling 77,246 to Pounds Sterling 212,542 and the loss per share increased from 0.27p to 0.36p. These losses were mainly due to higher administration expenses which increased from Pounds Sterling 44,709 to Pounds Sterling 233,158. Administrative staff costs were the primary driver for this change increasing Pounds Sterling 59,677 to Pounds Sterling 156,032.

- Interest income was Pounds Sterling 35,517 lower at Pounds Sterling 29,209 as a result of lower cash balances.

- Cash flows used for operating activities increased by Pounds Sterling 28,320 mainly as a result of increased operating losses. Cash flows used for investment activities reduced by Pounds Sterling 169,953 primarily as a result of cost savings from the switch from surface to underground drilling. Cash flows used for financing activities reduced by Pounds Sterling 11,584 to Pounds Sterling 32,349 reflecting the lower capital payments on finance leases expired in previous periods.

- Total assets including accumulated deferred exploration expenditures and mine rehabilitation costs decreased Pounds Sterling 146,610 to Pounds Sterling 19,897,224 during the quarter.

- Cash at the end of the period was Pounds Sterling 3,454,608 and the management are currently evaluating a number of alternative ways of financing the project through to the production stage. The directors remain confident that further financing will be available by the end of July 2009.

George Ogilvie, President and Chief Executive Officer, commented:

"Despite the difficult financial climate Rambler has continued to meet all its targets on time and within budget. Rambler is confident that the update to the NI43-101 compliant resource and the completion of the Prefeasibility Study will demonstrate the long term economic viability of the Project. We feel strongly about the Company's future prospects in the coming year and we have an excellent team of people to advance the Ming Mine into production in the foreseeable future."

About the Company

Rambler was founded in 2004 when Altius Minerals Corporation ("Altius"), a Newfoundland and Labrador based resource company, contributed to the Company's asset base an option to acquire and develop the Rambler property.

The Rambler property had been a former underground copper and gold producing property that ceased production when the deposit reached a then third party property boundary. This neighbouring property was subsequently consolidated before being brought into the Company. The Company now owns a 100% interest in the property.

The principal activity of the Group is carrying out development and exploration on the Rambler Property a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula.
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