Third Quarter 2014 Operating Results

Transcription

1 1 22 May 2014 Third Quarter 2014 Operating Results Lndn, England & Baie Verte, Newfundland and Labradr, Canada Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ( Rambler r the Cmpany ), a cpper and gld prducer perating in Newfundland and Labradr, Canada, tday prvides an peratinal update fr its fiscal third quarter ending 30 April HIGHLIGHTS IN THE QUARTER: Prductin f 6,238 tnnes f cpper cncentrate representing a 36 per cent increase ver Q and a 9 per cent decrease ver Q Dry tnnes milled f 49,355 tnnes representing a 12 per cent increase ver Q and a 3 per cent decrease ver Q2 2014, resulting in the prductin f: 1,829 tnnes f cpper (8 per cent decrease ver the previus quarter) 1,608 unces f gld (4 per cent increase ver the previus quarter) 13,196 unces f silver (23 per cent increase ver the previus quarter) Head grades f cpper 3.84 per cent, gld 1.62 grammes per tnne and silver grammes per tnne with recveries t cncentrate fr cpper 96.4 per cent, gld 66.2 per cent and silver 79.2 per cent Cncentrate grade fr cpper per cent, gld 8.02 grammes per tnne and silver grammes per tnne Nrman Williams, CA, President and CEO, cmmented: I am pleased t reprt cpper recveries remained cnsistent with previus quarters with average cpper head grades matching year t date expectatins. Althugh we experienced extreme winter cnditins frm December t late Spring in Newfundland, the peratins team have demnstrated their ability t adapt and deliver steady prductins in such varying cnditins. I am cnfident that Rambler is n track t meet r exceed the tp end guidance fr cpper recvery, cncentrate prduced and metal prductin.

2 2 OPERATIONAL SUMMARY Since Q the Cmpany has milled 155,971 dry metric tnnes f re and prduced 19,648 tnnes f cpper cncentrate cntaining 5,764 tnnes f cpper metal, 4,814 unces f gld and 35,831 unces f silver. The average feed grade during this perid was 3.85 per cent cpper, 1.57 grammes per tnne gld and 9.90 grammes per tnne silver fllwed by a mill recvery f 96.3 per cent, 65.6 per cent and 79.0 per cent fr cpper, gld and silver respectively. The Cmpany first declared cmmercial prductin in Nvember 2012 and has since milled 293,368 dry metric tnnes and prduced 33,450 tnnes f cpper cncentrate cntaining 9,717 tnnes f cpper metal, 7,951 unces f gld and 59,789 unces f silver. Table 1 Ore and Cncentrate Prductin Summary fr Fiscal 2014 PRODUCTION Q (Aug, Sep, Oct) Q (Nv, Dec, Jan) YTD F2014 Guidance Dry Tnnes Milled 55,659 50,957 49, , , ,000 Cpper Recvery 95.9 % 96.8 % 96.4 % 96.3 % % Gld Recvery 61.7 % 69.1 % 66.2 % 65.6 % % Silver Recvery 76.1 % 81.9 % 79.2 % 79.0 % % Cpper Head Grade (%) Gld Head Grade (g/t) Silver Head Grade (g/t) CONCENTRATE (Prduced and Stred in Warehuse) Cpper (%) Gld (g/t) Silver (g/t) Dry Tnnes Prduced 6,591 6,818 6,238 19,648 20,000 24,000 Cpper Metal (tnnes) 1,956 1,978 1,829 5,764 5,700 6,840 Gld (unces) 1,655 1,551 1,608 4,814 4,500 5,500 Silver (unces) 11,870 10,764 13,196 35,831 32,000 39,000 See Nte 1 belw. FISCAL 2014 GUIDANCE The peratinal results fr the fiscal year cntinue t be in line with frecasts (see Table 1 abve). Frecasted cpper grades fr Q are anticipated t be n the lwer end f the prductin guidance. Hwever, the Cmpany remains n track t meet r exceed the tp end guidance fr cpper recvery, cncentrate prduced and metal prductin fr the fiscal year. Details f the Cmpany's financial perfrmance, including capital expenditure and perating csts, will be included in its financial results t be released n r befre Thursday 19 June 2014.

3 3 Table 2 belw indicates the cmparative results frm Q versus and Q versus. The cmparisns cntinue t demnstrate the peratinal imprvements accmplished ver the last twelve mnths as well as the stable prductin prfile ver the last six mnths. Table 2 Quarter ver Quarter Results Cmparisn PRODUCTION Q Q (Nv, Dec, Jan) Dry Tnnes Milled 43,907 49, % 50,957 49,355-3 % Cpper Recvery 91.0 % 96.4 % 6 % 96.8 % 96.4 % 0 % Gld Recvery 62.0 % 66.2 % 7 % 69.1 % 66.2 % -4 % Silver Recvery 71.0 % 79.2 % 11 % 81.9 % 79.2 % -3 % Cpper Head Grade (%) % % Gld Head Grade (g/t) % % Silver Head Grade (g/t) % % CONCENTRATE (Prduced and Stred in Warehuse) Cpper (%) % % Gld (g/t) % % Silver (g/t) % % Dry Tnnes Prduced 4,575 6, % 6,818 6,238-9 % Cpper Metal (tnnes) 1,278 1, % 1,978 1,829-8 % Gld (unces) 987 1, % 1,551 1,608 4 % Silver (unces) 7,557 13, % 10,764 13, % See Nte 1 belw. Quarter ver Quarter (Q vs and Q vs ) Prductin f 6,238 tnnes f cpper cncentrate representing a 36 per cent increase ver Q and a 9 per cent decrease ver Q Dry tnnes milled f 49,355 tnnes representing a 12 per cent increase ver Q and a 3 per cent decrease ver Q Prcess tnnes were similar t the previus quarter as we began t mve ut f the extreme cld cnditins. This resulted in the prductin f: 1,829 tnnes f Cpper (8 per cent decrease ver the previus quarter) 1,608 unces f Gld (4 per cent increase ver the previus quarter) 13,196 unces f Silver (23 per cent increase ver the previus quarter) Head grades f Cpper 3.84 per cent, Gld 1.62 grammes per tnne and Silver grammes per tnne with recveries t cncentrate fr Cpper 96.4 per cent, Gld 66.2 per cent and Silver 79.2 per cent. Each f these key perfrmance indicatrs shw a cnsistent trend cmpared t the previus quarter and a marked imprvement ver the same quarter in fiscal 2013 Cncentrate grade fr Cpper per cent, Gld 8.02 grammes per tnne and Silver grammes per tnne. Cncentrate prductin has been cmparatively cnsistent thrughut the fiscal year

4 4 ABOUT RAMBLER METALS AND MINING Rambler is a mining and develpment Cmpany that in Nvember 2012 brught its first mine int cmmercial prductin. The grup has a 100 per cent wnership in the Ming Cpper-Gld Mine, a fully peratinal base and precius metals prcessing facility and year rund bulk strage and shipping facility; all lcated n the Baie Verte peninsula, Newfundland and Labradr, Canada. The Cmpany s Visin is t be Atlantic Canada s leading mine peratr and resurce develper thrugh grwth and expansin f its existing assets; discvering new depsits; strategic partnerships; mergers and acquisitins. In additin t the Ming Mine, Rambler has strategic investments in the frmer prducing Hammerdwn gld mine Little Deer/ Whales Back cpper mines and the advanced Valentine Lake Gld Prject. Rambler is dual listed in Lndn under AIM:RMM and in Canada under TSX-V:RMM. Fr further infrmatin, please cntact: Nrman Williams, CA President and CEO Rambler Metals & Mining Plc Tel N: Fax N: Stewart Dicksn / Jeremy Stephensn Cantr Fitzgerald Eurpe Tel N: +44 (0) Peter Mercer Crprate Secretary Rambler Metals & Mining Plc Tel N: +44 (0) Fax N: +44 (0) Tim Blythe/ Camilla Hrsfall Blytheweigh Tel N: +44 (0) Website: Larry Pilgrim, P.Ge., is the Qualified Persn respnsible fr the technical cntent f this release and has reviewed and apprved it accrdingly. Mr. Pilgrim is an independent cnsultant cntracted by Rambler Metals and Mining Canada Limited. Tnnes referenced are dry metric tnnes unless therwise indicated. Nte 1: Results reprted are accurate and reflective as f the date f release. The Cmpany perfrms regular auditing and recnciliatin reviews n its mining and milling prcesses as well as stck inventry, fllwing which past results may be adjusted t reflect any changes. Neither TSX Venture Exchange nr its Regulatin Service Prvider (as that term is defined in the plicies f the TSX Venture Exchange) accepts respnsibility fr the adequacy r accuracy f this release. Cautin Regarding Frward Lking Statements: Certain infrmatin included in this press release, including infrmatin relating t future financial r perating perfrmance and ther statements that express the expectatins f management r estimates f future perfrmance cnstitute frward-lking statements. Such frward-lking statements include, withut limitatin, statements regarding cpper, gld and silver frecasts, the financial strength f the Cmpany, estimates regarding timing f future develpment and prductin and statements cncerning pssible expansin pprtunities fr the Cmpany. Where the Cmpany expresses r implies an expectatin r belief as t future events r results, such expectatin r belief are based n assumptins made in gd faith and believed t have a reasnable basis. Such assumptins include, withut limitatin, the price f and anticipated csts f recvery f, cpper cncentrate, gld and silver, the presence f and cntinuity f such minerals at mdeled grades and values, the capacities f varius machinery and equipment, the availability f persnnel, machinery and equipment at estimated prices, mineral recvery rates, and thers. Hwever, frward-lking statements are subject t risks, uncertainties and ther factrs, which culd cause actual results t differ materially frm future results expressed, prjected r implied by such frward-lking statements. Such risks include, but are nt limited t, interpretatin and implicatins f drilling and gephysical results; estimates regarding timing f future capital expenditures and csts twards prfitable cmmercial peratins. Other factrs that culd cause actual results, develpments r events t differ materially frm thse anticipated include, amng thers, increases/decreases in prductin; vlatility in metals prices and demand; currency fluctuatins; cash perating margins; cash perating cst per pund sld; csts per tn f re; variances in re grade r recvery rates frm thse assumed in mining plans; reserves and/r resurces; the ability t successfully integrate acquired assets; peratinal risks inherent in mining r develpment activities and legislative factrs relating t prices, taxes, ryalties, land use, title and permits, imprting and exprting f minerals and envirnmental prtectin. Accrdingly, undue

5 5 reliance shuld nt be placed n frward-lking statements and the frward-lking statements cntained in this press release are expressly qualified in their entirety by this cautinary statement. The frward-lking statements cntained herein are made as at the date heref and the Cmpany des nt undertake any bligatin t update publicly r revise any such frward-lking statements r any frward-lking statements cntained in any ther dcuments whether as a result f new infrmatin, future events r therwise, except as required under applicable security law.