Newfoundland, Canada (FSCwire) - 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 reports its financial results and operational highlights for the quarter  ended March 31, 2018.

 

Yearend Highlights

 

• Revenue for the quarter was US$6.2 million (Q4/17: US$8.4 million, Q1/17: US$5.7 million);

 

• Production of 83,017 dry metric tonnes ('dmt') (Q4/17: 97,997 dmt, Q1/17: 75,438 dmt) with copper concentrate grade of 28% (Q4/17: 28%, Q1/17: 28%) and copper head grade of 1.07% (Q4/17: 1.17%, Q1/17: 1.13%);

 

• Direct cash costs net of by-product credits ('C1 costs') for the quarter were US$3.99 (Q4/17: US$2.84, Q1/17: US$3.39);

 

• Operating loss of US$4.4 million (Q4/17: US$1.0 million, Q1/17: US$3.5 million) and Earnings/(losses) before interest, taxes, depreciation, amortisation ('EBITDA') of US$(3.3) million (Q4/17: US$1.6 million, Q1/17: US$(1.5) million);

 

• Completed all underground ventilation system upgrades in late March 2018 removing a significant bottleneck which had restricted development and production during the quarter.  Subsequent to the quarter end, in April the mine delivered 34,201 tonnes of ore to the mill at an average grade of 1.19% copper and 0.63 g/t gold resulting in an average daily mill throughout rate of 1,228 tonnes per day, while in operation, a 22% increase over the Q1/18 throughput rate.

 

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Source: Rambler Metals and Mining plc (TSX Venture:RAB, AIM:RMM, OTC Pink:RBMTF, FWB:51R)

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