RAMBLER METALS AND MINING PLC (RMM) - 3rd Quarter Results 2008 and Operations Update
Rambler Metals and Mining PLC today reports its 3rd Quarter results for the three months ending 30 April 2008, along with the Company’s 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.
On 30 April 2008 Rambler released its first published NI43-101 Resource Estimate. The resource revealed:
• The Scoping Study conducted by SRK Consulting was completed in April 2008 using a non NI43-101 compliant resource estimate. It revealed that the mineralized zones were large enough to substantiate a 4,000 tonnes per day mine, with a mine life in excess of 10 years. The project will be advanced to pre-feasibility study in the fourth quarter of fiscal 2008 utilizing the published NI43-101 Resource Estimate with results expected in fiscal Q3 2009.
• Exploration Drilling
• Mine Dewatering
• Compared to the quarter ending 30 April 2007, net losses increased £38,316 to £229,757 due primarily due to an increased operational programme causing higher salary costs and the loss per share decreased from 0.48p to 0.45p. Interest income on cash deposits decreased £12,094 to £19,333 as a consequence of lower average cash balances on hand.
• Cash flows used for operating activities decreased by £120,277 substantially as a result of reduced VAT receivables associated with the secondary listing on TSX-V. Cash flows used for investing activities increased by £325,268 primarily as a result of our ongoing aggressive exploration and mine rehabilitation activities. Cash flows from financing activities were £5,418,150 arising mainly from the placing of 9,660,000 ordinary shares at 60p each on the 13th March 2008, net of expenses.
• Total assets including accumulated deferred exploration expenditures and mine rehabilitation costs increased £5,091,595 to £20,537,290. This increase was substantially funded from the share issue during the quarter.
• The cash balance at the end of the period was £7,015,870.
George Ogilvie, President and Chief Executive Officer, commented:
“I am very pleased with the progress made by Rambler over the last quarter. The completion of the Scoping Study and publication of the first National Instrument 43-101 compliant–resource estimate are major milestones which confirm the Ming project is sufficient for a 4,000 tonnes per day operation, with a mine life in excess of 10 years.
“Rambler plans to advance the project through to pre-feasibility study in fiscal Q3 2009 whilst remaining on budget and on target. I am excited about forming a strong operational and management team which will transform the Ming Mine into a producing mine over the coming years and continue to pursue the aggressive exploration programme which we hope will add further value to the Company.”
For more information please go to www.ramblermines.com