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Thursday, 27 June 2013
Rambler Metals well poised after second quarter of commercial production
Rambler Metals and Mining (LON:RMM,TSE:RMM) reported a second quarter of profit as its momentum as a commercial producer continues.
Unveiling third quarter results to April 30 - the firm's second quarter as a commercial producer - the gold and copper miner reported a profit of C$193,000 (Q3, 2012: loss of C$381,000) and said the period was notable for a "milestone" breakthrough of the independent 1807 ramp system at its flagship Ming mine. This allows the firm to access high grade copper zones, expected to improve efficiencies at Ming.
Mill production was affected by severe weather in February, and for the three month period Rambler produced 4,996 wet metric tonnes (wmt) of copper concentrate, compared to 4,350 wmt in the previous quarter.
Concentrate produced averaged 28% copper with 7 grams per tonne (g/t) gold and 51 g/t silver, compared to 28% copper with 7 g/t gold and 51 g/t silver in the last quarter.
Milling recoveries for copper and gold improved to an average 92% and 65% respectively (Q2: 88% and 62%).
The period also saw the company finalise a deal for the exclusive rights to explore and develop the Krissy's Buckle gold/copper property located within 40 kilometres of the group's Nugget Pond precious and base metal processing facility.