SOURCE: Rambler Metals & Mining Plc

February 23, 2015 02:00 ET

Rambler Metals and Mining plc: Second Quarter 2015 Production Results

BAIE VERTE, NEWFOUNDLAND--(Marketwired - Feb 23, 2015) -  Rambler Metals and Mining plc (TSX VENTURE: RAB) (LSE: RMM)

TSX-V: RAB

23 February 2015

Second Quarter 2015 Production Results

London, England & Baie Verte, Newfoundland and Labrador, Canada -Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company'), a copper and gold producer operating in Newfoundland and Labrador, Canada, today provides an operational update for its second quarter ending 31 January 2015 ('Q2 2015').

HIGHLIGHTS OF THE QUARTER:

  • For the quarter head grades for copper averaged 2.76 per cent; gold at 1.11 grammes per tonne; silver at 8.76 grammes per tonne. Recoveries to concentrate for copper 97.0 per cent, gold 68.1 per cent and silver 71.3 per cent;

  • At six months production results were within the guidance for the fiscal year and the Company remains on target to meet the lower end of its annual production forecast;

  • Dry tonnes milled of 54,869 tonnes, representing an 8 per cent increase on Q2 2014 results and a 6 per cent decrease on Q1 2015. For Q2 2015 there was production of: 1,284 tonnes of copper; 1,269 ounces of gold; 9,878 ounces of silver;

  • Production of 4,648 tonnes of copper concentrate representing an 8 per cent decrease over Q1 2015. Concentrate grade of 27.62 per cent, 8.49 grammes per tonne and 66.11 grammes per tonne for copper, gold and silver respectively;

  • As previously announced, the Company experienced a decline in head grades in January. With the recent fall in copper price and lower grades in January the Group has implemented a revised mine plan for the remainder of the fiscal year. Thus far in Q3 run of mine copper grade has averaged 2.96 per cent copper; and

  • Operating cash flow for the quarter is expected to be positive. However when considering all the financial factors, including unrealized currency translation losses, the Company's profitability will be impacted as previously announced. Further details will be announced on or before 19 March 2015 with the release of the complete financial statements. 

To view the full announcement please click on the following link.

http://www.rns-pdf.londonstockexchange.com/rns/5644F_1-2015-2-23.pdf

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