Rambler Metals & Mining Plc: Financial Results Year Ended July 31, 2013
LONDON, UNITED KINGDOM and BAIE VERTE, NEWFOUNDLAND AND LABRADOR --
(Marketwired) -- 10/29/13 -- Rambler Metals and Mining PLC (TSX
VENTURE:RAB)(AIM:RMM) ("Rambler" or the "Company") today announces
its financial results and operational highlights for the year ended
July 31, 2013.
Rambler's principal activity is the development, mining and
exploration of the Ming Copper-Gold Mine ("Ming Mine") in
Newfoundland and Labrador and the exploration and development of
other properties located in Atlantic Canada.
KEY FINANCIALS (CAD$)
Revenue 34,669,000 1,219,000
Cost of sales 20,936,000 674,000
Profit (loss) before tax 2,985,000 (3,367,000)
Profit (loss) after tax 9,053,000 (3,367,000)
Earnings (loss) per share 0.063 (0.026)
Cash & cash equivalents 5.6 million 7.8 million
-- Subsequent to the declaration of commercial production on November 1,
2012 the Group generated revenue of $34.7 million mainly from the sale
of copper concentrate. Prior to commercial production the Company
generated revenue from saleable material produced during commissioning
of $9.5 million and offset this revenue along with operating
expenditures against the Mineral Property asset.
-- Following the declaration of commercial production the Group concluded
it has sufficient evidence of future taxable profits to justify the
recognition of a deferred tax credit of $6.1 million thereby increasing
the Profit after tax to $9,053,000.
-- The gross assets of the Company amounted to $116.9 million as at the end
of the fiscal year. This included Mineral Properties of $49.3 million
and Intangible assets of $17.4 million which consisted of accumulated
deferred exploration and evaluation expenditures on the Lower Footwall
Zone at the Ming Mine.
-- At October 28, 2013 the Company had $6.5 million in cash and cash
-- Commercial production commenced on November 1, 2012 producing profits
before tax of $3.7 million for the last three quarters of the year.
-- Generated cash of $12.6 million from operations since starting
-- Continued exploration activity at the Ming Mine and acquired exploration
and development rights to other local copper/gold properties.
POST PERIOD END
-- On August 30and September 30, 2013 payments of $500,000 and $650,000
were made to the Sprott credit facility. These payments reduced the
outstanding balance to $4.75 million.
-- On October 1, 2013 the Company announced that approximately 7,800 wet
metric tonnes of copper concentrate had been shipped to international
markets from the Company's bulk storage facility in Goodyear's Cove.
This was the fourth shipment as part of the off-take agreement with
Transamine Trading SA, bringing the total to approximately 26,000 wet
metric tonnes since first production in late May 2012.
-- On October 15, 2013 the Company completed a transaction with Cornerstone
Capital Resources Inc. (TSX VENTURE:CGP) ("Cornerstone") for the
purchase of its 50 per cent participating interest in the Little Deer
Copper Deposit and Whalesback Mine (together called the 'Little Deer
Project'). Located in north-central Newfoundland the previous operators
had invested approximately $8 million into the property including 55,000
metres of diamond drilling, scoping level metallurgical test work, NI43-
101 mineral resource estimates and a Preliminary Economic Assessment.
GEORGE OGILVIE, PRESIDENT AND CEO, RAMBLER METALS & MINING COMMENTED
"As we approach our first full year of commercial production at our
Ming Copper-Gold Mine, we have realized a significant increase in
revenues compared to the same period in 2012; as well as generating
cash flow from operations and profitability. We are continuing to
evaluate the various options we have before us to extend the project
life including evaluating ways to upgrade the crushing and grinding
circuit at our Nugget Pond Mill, by progressing with Krissy's Buckle
property, Maritime Resources and the recently acquired 50 per cent
interest at the Little Deer Project.
"Cash flow from operations will be used to pay down the Sprott
facility by the end of March 2014. The Board remains optimistic and
looks forward to being able to report a full year of commercial
production and corporate development in 2014."
There will be a conference call for analysts and investors at 11.00
am London time today. Dial in details as below:
+44 (0)203 003 2666
1 800 608 0547, Canada toll free
0808 109 0700, UK toll free
Please use the password "Rambler Metals"
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development Company that in 2012 brought its
first mine into commercial production. The group has a 100 per cent
ownership in the Ming Copper-Gold Mine, a fully operational base and
precious metals processing facility and year round bulk storage and
shipping facility; all located on the Baie Verte peninsula,
Newfoundland and Labrador, Canada.
Our Company Vision is to be Atlantic Canada's leading mine operator
and resource developer through the expansion of the Ming Mine,
discovering new deposits and through mergers and acquisitions.
Rambler listed on the London AIM in 2005 and Toronto TSX-V in 2007.
Larry Pilgrim, P.Geo., is the Qualified Person responsible for the
technical content of this release and has reviewed and approved it
accordingly. Mr. Pilgrim is an independent consultant contracted by
Rambler Metals and Mining Canada Limited.
Tonnes referenced are dry metric tonnes unless otherwise indicated.
Neither TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements:
Certain information included in this press release, including
information relating to future financial or operating performance and
other statements that express the expectations of management or
estimates of future performance constitute "forward-looking
statements". Such forward-looking statements include, without
limitation, statements regarding copper, gold and silver forecasts,
the financial strength of the Company, estimates regarding timing of
future development and production and statements concerning possible
expansion opportunities for the Company. Where the Company expresses
or implies an expectation or belief as to future events or results,
such expectation or belief are based on assumptions made in good
faith and believed to have a reasonable basis. Such assumptions
include, without limitation, the price of and anticipated costs of
recovery of, copper concentrate, gold and silver, the presence of and
continuity of such minerals a
t modeled grades and values, the
capacities of various machinery and equipment, the availability of
personnel, machinery and equipment at estimated prices, mineral
recovery rates, and others. However, forward-looking statements are
subject to risks, uncertainties and other factors, which could cause
actual results to differ materially from future results expressed,
projected or implied by such forward-looking statements. Such risks
include, but are not limited to, interpretation and implications of
drilling and geophysical results; estimates regarding timing of
future capital expenditures and costs towards profitable commercial
operations. Other factors that could cause actual results,
developments or events to differ materially from those anticipated
include, among others, increases/decreases in production; volatility
in metals prices and demand; currency fluctuations; cash operating
margins; cash operating cost per pound sold; costs per ton of ore;
variances in ore grade or recovery rates from those assumed in mining
plans; reserves and/or resources; the ability to successfully
integrate acquired assets; operational risks inherent in mining or
development activities and legislative factors relating to prices,
taxes, royalties, land use, title and permits, importing and
exporting of minerals and environmental protection. Accordingly,
undue reliance should not be placed on forward-looking statements and
the forward-looking statements contained in this press release are
expressly qualified in their entirety by this cautionary statement.
The forward-looking statements contained herein are made as at the
date hereof and the Company does not undertake any obligation to
update publicly or revise any such forward-looking statements or any
forward-looking statements contained in any other documents whether
as a result of new information, future events or otherwise, except as
required under applicable law.
Rambler Metals and Mining Plc
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921
Rambler Metals & Mining Plc
+44 (0) 20 8652-2700
+44 (0) 20 8652-2719 (FAX)
Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson
+44 (0) 20 7894 7000
Blythe Weigh Communications
Tim Blythe / Halimah Hussain
+44 (0) 20 7138 3204
Ocean Equities Limited
+44 (0) 20-7786-4370
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