Rambler Metals and Mining PLC announced its financial results and operational highlights for the 3 months ended April 30th 2012.
1. Operational Achievements;
Total of 8,013 ounces of gold doré poured and shipped of which 6,082 ounces physically sold along with the sale of 2,112 ounces from Q2 2012 The newly constructed copper concentrating facility was completed and ready for ‘live’ commissioning following the completion of gold processing Development of the high grade copper 1807 zone continued, while development of the Lower Footwall Zone, which will provide the initial 22,000 tonnes to the concentrator for commissioning, has been completed Released a favorable Preliminary Economic Assessment that sees the potential for an expansion of the Ming Mine in the Lower Footwall Zone following additional value optimization studies and later a bankable feasibility study.
2. Financial highlights;
Revenue: USD 14.2 million in Q3 realized on the physical sale of 8,194 ounces of gold at an average price of USD 1,672, produced during the commissioning and testing of the 1806 zone ores; all revenues offset against mineral property expenditures Net loss of USD 281,000 after an exchange gain of USD 476,000 Cash flows utilized in operating activities: USD 752,000 in Q3 2012 compared to USD 530,000 in Q2 2012 Cash resources as at April 30th 2012 were USD 4.8 million, as at June 18th 2012, this had increased to USD 5.8 million Accepted an offer from Tinma International Limited to become a strategic shareholder for a total cash consideration of USD 4.58 million raised through a private placement at a placing price of USD 0.44 per ordinary share. Acquired a 17% stake and a board position in Maritime Resource Corp purchasing 4,500,000 shares for a total consideration of USD 1,035,000.
3. Post Period Highlights;
Commencement of live commissioning of copper concentrator with first copper production on May 14th 2012. The concentrator is being commissioned on LFZ ore, to maximize recoveries on a lower grade ore and will then be switched to high grade copper ore from the 1807 zone.
Mr George Ogilvie president and CEO of Rambler Metals & Mining said that “The Company continues to make progress towards commercial copper production, having already trucked its first shipment of concentrate to the port facility, and is delighted to announce strong gold production and revenues. We are equally pleased to have an international partner, Tinma, on board with the project’s development. Subsequent to their placing they have continued to increase their ownership of our business.
Source - Metals & Mining
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