SOURCE: Rambler Metals & Mining Plc

October 26, 2015 03:26 ET

Rambler Metals and Mining PLC: Financial Results for year ended July 31, 2015

BAIE VERTE, NL--(Marketwired - Oct 26, 2015) - Rambler Metals & Mining PLC (TSX VENTURE: RAB) (LSE: RMM)

26 October 2015 TSX-V: RAB; LSE: RMM


London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc, a Canadian copper and gold producer, explorer and developer (TSXV: RAB; LSE: RMM) ("Rambler" or the "Company") today reports its financial results and operational highlights for the year ended July 31, 2015.

While the volatility of our markets over the last 12 months has added new challenges to the business and to the copper industry in general, the Company has been quick to react taking cost cutting measures to ensure minimum impact. For the fiscal year the operation met its key targets of tonnes milled, recoveries and head grades, whilst falling short of the total copper and gold metal production guidance.

It has been a year of significant progress for Rambler, most notably with the results of the pre-feasibility engineering study and economic assessment ('PFS') aimed to integrate the Lower Footwall Zone ('LFZ') mineral resource into the life of mine plan for the Ming Mine. The results of this defined a staged, low capital strategy for the optimisation of the existing infrastructure allowing the operation to run at full capacity of 1,250 metric tonnes per day by 2018. Importantly it has also extended the life of Ming Mine from 6 to 21 years.
As a Canadian producer, we continue to advance and develop other opportunities within the region and benefit from not only working in one of the safest jurisdictions in the world, but also from selling our commodities in US dollars whilst most of our costs remain in Canadian Dollars.
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