Rambler Metals and Mining PLC: Financial Results for Quarter Ended 31 October 2013
09 Dezembro 2013 - 5:00AM
Marketwired
Rambler Metals and Mining PLC: Financial Results for Quarter Ended
31 October 2013
LONDON, UNITED KINGDOM and NEWFOUNDLAND AND LABRADOR,
CANADA--(Marketwired - Dec 9, 2013) - Rambler Metals and Mining PLC
(TSX-VENTURE:RAB) (AIM:RMM) ('Rambler' or the 'Company') today
announced its financial results and operational highlights for the
quarter ended 31 October 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$) 000's |
|
|
|
|
|
|
|
Q1 2014 |
|
Q1 2013 |
|
Q4 2013 |
Revenue |
16,745 |
|
- |
|
13,175 |
Profit (loss) before tax |
5,264 |
|
(718 |
) |
1,580 |
Earnings (loss) per share |
0.026 |
|
(0.005 |
) |
0.053 |
- This quarter completes 12 calendar months of commercial
production and resulted in pre-tax profits of $8,967,000.
- Post tax profit for the quarter produces $3,708,000 or $0.026
per share compared to a loss of $718,000 or $0.005 per share for
the same period in 2013.
- A total of 6,648 dry metric tonnes (dmt) (Q4 2013 - 5,573 dmt)
of concentrate was provisionally invoiced during the period at an
average price of $3.39 (Q4 2013 - $3.31) per pound copper, $1,390
(Q4 2013 - $1,409) per ounce gold and $22.81 (Q4 2013 - $21.98) per
ounce silver, generating revenue of $16.3 million. An additional
$424,000 in revenue was realized on the final settlement of 293
ounces of gold produced from 1806 zone ores through the Company's
gold processing facility.
- Cash resources as of 31 October 2013 were $5.7 million and as
of 9 December 2013 had increased to $6.7 million with operating
cash flows anticipated to continue to build throughout the fiscal
year.
- Secured credit facility outstanding balance reduced to
$3,750,000 at 31 October 2013.
- On 17 September 2013 a conditional offer was accepted by
Cornerstone Capital Resources Inc. for 50 per cent interest in The
Little Deer Copper Deposit and Whalesback Mine for $550,000
consisting of $200,000 in cash and $350,000 in shares.
- Produced 6,591 tonnes of copper concentrate containing 1,956
tonnes of copper metal, 1,655 ounces of gold and 11,870 ounces of
silver.
- First 12 months in commercial production produced a total of
20,393 tonnes of copper concentrate containing 5,909 tonnes of
copper metal, 4,792 ounces of gold and 35,828 ounces of
silver.
- In the quarter, daily tonnage through the copper concentrator
averaged 604 dmt compared to an average of 589 dmt in the fourth
quarter of 2013.
- This quarter marks the fourth full quarter of commercial
production since first declaring on 1 November 2012.
- Exploration and evaluation costs include the acquisition of a
50 per cent interest in the Little Deer Copper Deposit and
Whalesback Mine from Cornerstone Capital Resources Inc.
- Outstanding balance of secured credit facility now stands at
$2,750,000.
- Announced that it has entered into a non-brokered private
placement with Marathon Gold Corporation (TSX: MOZ) pursuant to
which Rambler will subscribe for common shares of Marathon for a
guaranteed contribution of $500,000 with the option to invest an
additional $1.5 million in quarterly tranches of up to $375,000 per
tranche commencing 1 May 2014.
George Ogilvie, President and CEO, Rambler Metals & Mining
commented
"These results mark the first full year of commercial
production at our Ming Copper-Gold Mine, with continued increases
in production and revenues compared to the same period in fiscal
2013 and quarter on quarter.
"Rambler continues to grow as a low cost producer by
pursuing growth opportunities in the investments of The Little Deer
Copper Project, Maritime Resources and Marathon Gold. Additional
cash flow from the operation is also being used to pay off the
outstanding balance on credit facility with a target to have this
extinguished by early next year.
"Our objective continues to be to maximise shareholder value
and increase exposure and liquidity on both the London's AIM and
Canada's TSX-V markets."
For a video interview with George Ogilvie discussing these
results please see the link below:
https://www.youtube.com/watch?v=c5_hcZJBpw4
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 has strategic investments in Maritime
Resources Corp. (TSXV:MAE) and Marathon Gold Corporation
(TSX:MOZ).
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 at
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 MiningGeorge Ogilvie, P.Eng.President and
CEO709-800-1929 or 709-800-1921Rambler Metals & Mining
PlcCorporate Office+44 (0) 20 8652-2700+44 (0) 20
8652-2719www.ramblermines.comCantor Fitzgerald EuropeStewart
Dickson / Jeremy Stephenson+44 (0) 20 7894 7000Blythe Weigh
CommunicationsTim Blythe/ Halimah Hussain/Camilla Horsfall+44 (0)
20 7138 3204Ocean Equities LimitedGuy Wilkes+44 (0)
20-7786-4370
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