Rambler Metals & Mining (LON:RMM, CVE:RAB) has conditionally raised an additional C$4.13 million (£2.56 million) from its China-based strategic investor.

Tinma International, a wholly owned subsidiary of the Chinese investor, has subscribed for 7.2 million shares in Rambler in addition to the 15.6 million shares, which represents an 11.55 percent stake, it already holds.

The placing price of 58 Canadian cents equals 36 pence per share compared with yesterday’s closing price of 33 pence.

Following the placing, Tinma will hold 22.7 million shares in Rambler, giving it a 16 percent stake in the company and the right to nominate a second member to the board.

The proceeds will be used for general working capital purposes and to repay part of Rambler’s debt.

“We are pleased with the support that Tinma has and will provide in these markets,” said president and CEO of Rambler George Ogilvie.

“They have been actively buying our stock since November 2011 and have provided great support during this transitional period from mine developer to mine producer.

“We appreciate their vote of confidence in the operation and management teams and look forward to furthering our relationship through a successful placement.”

The placing came two weeks after Rambler completed a record gold pour of 1,935 ounces at the Ming gold-copper mine in Canada over a two week period.

Milling throughputs over that period averaged 706 wet metric tonnes per day (mtpd) with an average gold grade of 7.39 grams per ton, the highest continuous throughput and grade seen to date.

During the period the mill also broke its previous daily operating record and achieved a rate of 845 mtpd.

Rambler Metals & Mining (LON:RMM, CVE:RAB) has conditionally raised an additional C$4.13 million (£2.56 million) from its China-based strategic investor.

Tinma International, a wholly owned subsidiary of the Chinese investor, has subscribed for 7.2 million shares in Rambler in addition to the 15.6 million shares, which represents an 11.55 percent stake, it already holds.

The placing price of 58 Canadian cents equals 36 pence per share compared with yesterday’s closing price of 33 pence.

Following the placing, Tinma will hold 22.7 million shares in Rambler, giving it a 16 per cent stake in the company and the right to nominate a second member to the board.

The proceeds will be used for general working capital purposes and to repay part of Rambler’s debt.

“We are pleased with the support that Tinma has and will provide in these markets,” said president and CEO of Rambler George Ogilvie.

“They have been actively buying our stock since November 2011 and have provided great support during this transitional period from mine developer to mine producer.

“We appreciate their vote of confidence in the operation and management teams and look forward to furthering our relationship through a successful placement.”

The placing came two weeks after Rambler completed a record gold pour of 1,935 ounces at the Ming gold-copper mine in Canada over a two week period.

Milling throughputs over that period averaged 706 wet metric tonnes per day (mtpd) with an average gold grade of 7.39 grams per ton, the highest continuous throughput and grade seen to date.

During the period the mill also broke its previous daily operating record and achieved a rate of 845 mtpd.

Investors continue to get behind dual-listed mine developer Rambler Metals & Mining (LON:RMM, CVE:RAB) as the Ming copper-gold mining operation continues to beat expectations.

Today on AIM Rambler is up 3p a share, almost 9 per cent, trading at 37.5p each. This followed a fairly rise yesterday which coincided with an encouraging update.

The group is making good progress with the newly modified Nugget Pond processing facility performing above expectations. 

Rambler revealed yesterday that it has poured 9,714 ounces of gold to date, with an average ore throughput of 650 tonnes per day. This was achieved with around 90 per cent gold recoveries, which was better than expected. 

Soon the focus will switch to copper production.

“At current production rates the company estimates that the final ounces of its gold-rich 1806 Zone ore will be processed and poured to allow commissioning of the company's copper concentrator to begin sometime in the middle of May,” Seymour Pierce analyst Matthew McDonald said in a note to clients.

“Following a brief switchover period (we estimate 2-4 weeks) the copper concentrator will begin processing ~15,000 tonnes of low grade material (1-1.5% Cu) from the Lower Footwall as part of the commissioning and start-up process. 

“Once processes have been optimised Rambler will begin feeding high grade 1807 zone ore through the mill.”

While the production operation makes headway Rambler’s exploration efforts also look promising. Much of this activity is focused on the areas near the firm’s existing infrastructure.

The diamond drilling results reported today included intervals of 4.45 metres grading 49.69 grammes per tonne (g/t) gold and 29.8 metres at 39.8 g/t gold.

“With continued development drilling Rambler has confirmed continuation of the 1806 zone up and down plunge indicating potential for more undiscovered high grade gold zones in or near the massive sulphide lenses,” McDonald adds.

The Seymour Pierce analyst says the stock trades on a very low 2012 multiple (PE – price to earnings) of just 1.8x. And as such he believes it is overdue a re-rating.

Seymour Pierce has a ‘buy’ rating on the stock with a 62p a share target price.

The broker’s positive outlook is echoed by other City firms.

Yesterday’s update also drew positive comments from broker Ocean Equities, which expects the exploration success to continue from the 1806 and 1807 zones and the Lower Footwall zone.

“It has been known for some time that the earlier exploration efforts at Ming were production focused and did not get the full measure of the deposit,” said Ocean analyst Christopher Welch.

“Rambler now has a de-risked exploration programme ahead of it with a secure revenue source and so it can broaden the exploration effort.”

The analyst added that Rambler has a fully operational mine, which gives it the ability to quickly turn exploration success into mineable reserves and operating profit.

Speaking of profits, Welch estimates that Rambler’s costs are currently US$1,000 per ounce, giving it a good profit during the initial gold production phase.

Welch also noted that Rambler is inching closer to the start-up of the first copper production phase, calling it a major milestone for the company. Rambler’s base case scenario is for six years production as a small scale production, but Welch expects a transformation of the company to occur before the end of that period.

“The early indications are that the Lower Footwall Zone would be economically viable to develop from only a very high level investigation of the ore zone,” said Welch.

“Developing this zone would turn Rambler into a much larger copper producer and would likely allow the company to have a dedicated gold production circuit as well.”

Rambler Metals & Mining (LON:RMM, CVE:RAB) reported “encouraging” results from exploration drilling at its Ming gold-copper project in Canada and said mining and processing of gold ore has topped expectations.

Exploration drilling in the 1806 zone of Ming mine in Canada returned new visible gold intersections, which, according to Rambler, is a significant discovery for the Ming deposits as it indicates the potential for more undiscovered high grade gold zones.

The diamond drilling results reported today included intervals of 4.45 metres grading 49.69 grammes per tonne (g/t) gold and 29.8 metres at 39.8 g/t gold.

The company also said mining and processing of gold ore has been ahead of expectations with 9,714 ounces of gold poured to date from zone 1806.

At the 1807 zone, development face sampling returned grades of 5.08 per cent copper, 0.94 g/t gold and 10.04 g/t silver and 0.13 per cent zinc.

Meanwhile, development of the 1807 down ramp intersected a previously unknown massive sulphide ore body with grades of 4.05 per cent copper, 4.08 g/t gold, 42.95 g/t silver and 0.31 per cent zinc over 1.5 metres.

Rambler plans to complete gold processing by mid-May, when it plans to start running low-grade copper ore through the concentrator as part of the start-up and commissioning process. High-grade copper ore from the 1807 zone will then be fed through the mill.

“The early gold production from the 1806 zone has been successful; while the recent exploration drilling in new areas of the 1806 zone has also returned some very encouraging grades,” said president and CEO of Rambler George Ogilvie.

“Fiscal 2013 will be an important year...as we aim to place the company on a strong financial footing by executing our Phase I high grade low tonnage mine plan with a mind to continuing to identify opportunities for optimization and possible expansion beyond 2014.”

Shares in Rambler rose one per cent to 34.25 pence in early deals, valuing the company at £46.3 million.

The update drew positive comments from broker Ocean Equities, which expects the exploration success to continue from the 1806 and 1807 zones and the Lower Footwall zone.

“It has been known for some time that the earlier exploration efforts at Ming were production focused and did not get the full measure of the deposit,” said Ocean analyst Christopher Welch.

“Rambler now has a de-risked exploration programme ahead of it with a secure revenue source and so it can broaden the exploration effort.”

The analyst added that Rambler has a fully operational mine, which gives it the ability to quickly turn exploration success into mineable reserves and operating profit.

Speaking of profits, Welch estimates that Rambler’s costs are currently US$1,000 per ounce, giving it a good profit during the initial gold production phase.

Welch also noted that Rambler is inching closer to the start-up of the first copper production phase, calling it a major milestone for the company. Rambler’s base case scenario is for six years production as a small scale production, but Welch expects a transformation of the company to occur before the end of that period.

“The early indications are that the Lower Footwall Zone would be economically viable to develop from only a very high level investigation of the ore zone,” said Welch.

“Developing this zone would turn Rambler into a much larger copper producer and would likely allow the Company to have a dedicated gold production circuit as well.”

---Adds comments from broker Ocean Equities---

Rambler Metals and Mining’s (LON:RMM, CVE:RAB) latest quarterly results charted the move into production at the Ming copper-gold mine in Newfoundland.

A total of 4,022 ounces were processed in the three months to the end of January, achieving an average price of C$1,662 an ounce. 

Revenues of C$2.5 million were generated by the sale of 1,459 ounces, giving a net loss of just over C$1 million. A further C$3.6 million of revenues will be booked in the current quarter. 

Almost 40,000 tonnes of ore were processed and gold recoveries were a very robust 91 per cent.

Chief executive George Ogilvie said: "I am pleased to report a successful first quarter of production, producing gold during the commissioning and testing of 1806 zone ores, from our 100 per cent owned Ming Mine. 

“Bringing this mine into production is a testament to the hard work of all Rambler employees and speaks to the broad success of this team. 

“While the company enjoys first gold pours and ramping up of production we look forward to the mining of higher grade ore from the 1807 zone while firing up our copper production capacities.

"The next few quarters will be very significant for Rambler, particularly as we move the Ming Mine into commercial production. 

“We will seek to continue optimising the mining and processing of ores while taking a closer look at the LFZ. 

Furthermore, we will continue to develop and explore the various zones for additional opportunities.

"I continue to be optimistic about Rambler's long term strategy to become the region's low-cost producer by continuing to assess opportunities for joint ventures or acquisitions."

Ocean Equities analyst Christopher Welch reckons Rambler shares should see a significant re-rating as the copper circuit starts up. 

"The latest quarter was a transformational period for Rambler as it successfully brought its Ming mine into production," Welch said in a note to clients.

"Taking advantage of the high gold price has proven to be a good decision for the company and good early revenues have been added to the balance sheet value of Rambler’s Minerals Properties, preserving Rambler’s tax loss credit."

He adds: "The initial gold production phase has been a profitable interlude but the bigger story is copper production that will produce much larger revenues.

"The company can then build on its firm production base and is now well positioned to achieve its near term objective to become a mid-tier producer with a China-based strategic investor and good organic growth options such as the Lower Footwall Zone or one of the nearby, high grade deposits."

The Chinese group subscribed for 10.4 million shares at a placing price of C$0.44 (approximately 28 pence).

Following the issue of subscription shares, Tinma has an interest in 13.39 million shares representing approximately 9.9 per cent of the issued share capital of Rambler.

Tinma also has first right of refusal to participate in any subsequent funding deals to increase its stake in Rambler to no more than 19.9 per cent.

Rambler’s Ming mine in Newfoundland started producing gold at the end of last year with copper production expected to start later this year.

The cash will be used to fund the development of the Ming Mine's Lower Footwall Zone (LFZ) through a feasibility study, Rambler said. 

Last week, week, Rambler said a preliminary economic assessment (PEA) on its expansion plan at Ming indicated good returns over a twenty year mine life.

The PEA included the Lower Footwall Zone mineralisation in its mine plan.

The PEA projected a before tax net present value (NPV) of $251 million with an internal rate of return of 18 per cent based on trending copper and gold prices. Pre-tax cash flow from operations were $861 million undiscounted. 

Capital expenditure for the project was estimated at $231 million, which included a significant expansion to the mining fleet, a newly built 3,500 mtpd copper concentrator, new production hoist, a backfill plant and fresh air intake/ exhaust raises.

The PEA included the Lower Footwall Zone mineralisation in its mine plan at the Ming Copper-Gold Mine, in Newfoundland, Canada.

The plan evaluated an expansion programme that would first optimise production at Ming and then turn it into a bulk tonnage operation.

Rambler said the results showed positive economics, good internal rates of return, significant cash flow and numerous other potential targets.

The plan envisages ramping up current production from 630 mtpd in year one to 1.000 mtpd in years two and three and 3,500 mtpd from year four onwards.

In year four and five, the Nugget Pond hydrometallurgical facility will process all remaining gold ore from the 1806 zone within the Ming Mine.

The PEA projected a before tax net present value (NPV) of $251 million with an internal rate of return of 18 per cent based on trending copper and gold prices. Pre-tax cash flow from operations were $861 million undiscounted.

Capital expenditure for the project was estimated at $231 million, which included a significant expansion to the mining fleet, a newly built 3,500 mtpd copper concentrator, new production hoist, a backfill plant and fresh air intake/ exhaust raises.

Production over the mine life would be approximately 980,000 tonnes of copper concentrate (616M lbs of copper), 193,000 ounces of gold and 851,000 ounces of silver at an average annual cash operating cost of $1.94 per equivalent pound copper. 

George Ogilvie, Rambler’s president and chief executive, said the PEA confirmed its belief that the Lower Footwall Zone can provide a profitable mine life in excess of 20 years.

“The study now shows the expansion of the Ming Mine over a three to four year period, however more importantly the work has also uncovered some of the projects opportunities and challenges. “

"It is these areas that we must now focus on over the coming months in various optimization studies so that the external risk factors can be minimized allowing the Lower Footwall Zone to remain profitable over varying degrees of price commodity conditions. 

"We intend to maximize the return on investment for our shareholders by first delivering on our existing mine plan through mining the known high grade massive sulphides.

The eventual expansion into the footwall zone has great potential and it is important to continue with the engineering work now so that when long term market conditions are favourable, our company is ready for the transition." 

The new shares are being priced at 28p, or C$0.44 - a 17 per cent discount to Monday’s closing price on AIM. Tinma International already owns around 3 million Rambler shares. It will subsequently own nearly 10 per cent of the company.

Tinma has a first right of refusal to participate in any subsequent funding deals to increase its stake in Rambler to no more than 19.9 per cent.

At Rambler’s Ming mine gold production mine came online in December and copper production is expected to start later this year.

The cash will be used to fund the development of the Ming Mine's Lower Footwall Zone (LFZ) through a feasibility study, Rambler said. 

Analysts at Ocean Equities say that Rambler has made a smart move picking a China based group as a strategic partner, as it strengthens ties with Chinese groups that are most likely to take Rambler’s copper concentrate.

"This new alliance has been specifically formed to provide the company with increased financial strength,” said chief executive George Ogilvie.

“In addition, with Tinma's international connections and Rambler's proven ability in developing its mineral properties, there is now new potential to expand the Company, both at the existing Ming copper gold mine and regionally.”

Ogilvie says Tinma selected Rambler as its first investment in a mining operation after an extensive search.

“In early 2011 Tinma commissioned a study to find a junior mining company that had a good quality asset, located in a geopolitically safe jurisdiction, was at or near production, had good growth potential and was undervalued,” he explains.

“This study revealed Rambler to be an ideal fit to those prerequisites. 

“Subsequently, Tinma made contact with Rambler in March 2011 and, over the last year, we have familiarized ourselves with one another's business models and Executive Groups.” 

He adds: “We saw this as very encouraging as it showed Tinma's commitment to the investment and we are excited about having Tinma as a strategic partner."

Tinma wanted to expand its investments into mining so it could leverage on China's increasing demand of natural resources, says 

Its current business is involved with the trading and processing of non-ferrous metals.

Tinma chairman Mr Huang said: “This is a win-win alliance and the synergistic values between Tinma's non-ferrous metals trading and processing businesses with Rambler's mining operation are obvious.

“Besides asset quality and other qualitative measures, Tinma places a lot of value in management quality and vision. 

“Tinma trusts the execution capability of Rambler's management team and the parties' visions are allied. As a strategic investor, Tinma commits to utilize its resources, connections and networks to support the growth of Rambler."

Ocean Securities analyst Christopher Welch highlights that a preliminary study on the LFZ is expected soon and it could fundamentally change Rambler’s outlook.

“Whereas this news has little bearing on Rambler’s current operations, which have shown that the initial copper production phase will be economically robust and self sustaining, the bigger implications for this news are that Rambler is preparing the way for the development of the LFZ. 

He adds: “Most importantly, there is a chance that Rambler will be able to sustain separate copper concentrate and gold dore production streams, which would give the company two sources of revenue and allow it to target the recently discovered high grade gold areas in the Ming mine as well as produce copper concentrate from the bulk mineralised areas in the LFZ.

“Moreover, as we have seen from Rambler’s recent strategic move to take an equity stake in Maritime Resources, its fellow Newfoundland explorer, Rambler is beginning to look at its prospects beyond the Ming mine.”

The secured credit facility is being provided by the Sprott Resource Lending Partnership. 

In September it was agreed that Rambler could draw down up to C$10 million from the credit facility. 

It has already drawn down C$5 million, and today’s transaction takes the tally to C$7.5 million.

Rambler plans to use the money to buyout the royalty that is held over its flagship Ming Mine property, on Baie Verte Peninsula in Canada.

Earlier this month Rambler said it expects to start producing copper concentrate from the mine in the second quarter of this year.

In the meantime, it is generating revenue with continuing gold pours.  The first dore bars were produced last month and to date, Rambler has completed three gold pours for a total of 2,446 ounces.

The next pour is scheduled for January 31 and every two weeks thereafter.

Rambler Metals & Mining (LON:RMM, CVE:RAB) realised first revenue of C$3.5 million in the year to July 31 2011, giving it some welcome cashflow while it brings the Ming copper-gold mine on Newfoundland and Labrador's Baie Verte Peninsula, Canada, into full production.

The group generated its first revenue in the period, C$2.1 million by selling 1,399 ounces of gold produced at its satellite deposits Nugget Pond Crown Pillar and the Tilt Cove East Mine dump, and additional revenue of C$1.4 million from various toll processing agreements.

Net loss was reduced to C$53,000 from C$2.42 million in the previous full year.

Rambler reported significant progress on all construction works throughout the year including the group's floatation circuit addition at the Nugget Pond Mill and the site works at the Ming mine.  It is near completion of the construction phase and expects to bring the Ming mine back into production in the fourth quarter of 2011.

As at October 14, the group has C$4 million in cash and cash equivalents.

President and chief executive George Ogilvie said: “Strengthened by the operation of the Nugget Pond Mill and the near-term production at the Ming copper-gold mine the company is well positioned operationally and financially to be the leading copper and gold producer in Baie Verte.

“With the strong balance sheet, the company is able to fund future developments, establish additional regional relationships and accelerate the production ramp-up at the Ming mine."

Seymour Pierce mining analyst Asa Bridle said the firm's full year results had come "well inside" the broker's forecasts with an adjusted pre-tax loss of C$0.8 million against its expected loss of $2.5million.

"In total C$38 mln was spent during the year on property, plant and equipment and the company remains on track to commission its new operation this quarter with first concentrate shipped in 1Q CY12.

"With financing in place to guarantee the transition from developer to producer we now look forward to Rambler establishing itself as the key copper-gold producer in Newfoundland," he added in a note.

The broker rated the stock a 'buy' targeting a price of 55 pence.

George Ogilvie: Oh, it’s a pleasure Harry.

Given the current price weakness of copper, gold and silver, do you still regard Rambler Metals & Mining as undervalued?

Yes. The feasibility study was conducted on the average price of $3 a pound copper, $1,000 an ounce of gold and $14.50 an ounce for silver. And we still made money. So therefore, with copper at $3.30, gold at $1600, we can still do better than the feasibility study.

There's obviously significant turmoil and volatility in the financial markets, but at the end of the day, the world needs copper. Even modest projections of growth, show that copper supply is not going to be able to be met with demand over the next several years. That means higher prices. I don’t believe there can be many copper/gold projects literally weeks away from commissioning and start up with a market cap of only £36 million.

With the project located in Newfoundland, Canada, a very stable mining jurisdiction, significant exploration potential and a former mining camp, and the opportunities to consolidate other projects. And of course, having both gold and silver as revenue streams, it’s important when there's volatility and uncertainty in the financial markets. We see breakeven for copper as being $1.70 a pound. And for gold, it’s $849 an ounce.

Please would you give investors a brief overview of Rambler Metals & Mining?

Rambler is a copper/gold mining company. It’s about to bring its first mine, known as the Ming Mine in Newfoundland, Canada, into production in October 2011. Our vision is to be the leading mine operator and a resource developer in Atlantic Canada. We will achieve this by producing from the massive sulphides in the Ming Mine, which we call phase one. Growing the company organically from within, by expanding into the Lower Footwall Zone, exploring in the immediate area to the Ming Mine. And assessing merger and acquisition opportunity.

Please would you talk investors through the completion of phase one of the Ming Mine through to the sale of first concentrate, scheduled for the first quarter of 2012 George?

The Ming Mine phase one has a planned production of 46 million pounds of copper, 17,000 ounces of gold and 255,000 ounces of silver, over an initial six year mine life. First concentrates will be produced in calendar Q4, 2011, and shipped in calendar Q1, 2012, in 5,000 tonne lots. And will be shipped quarterly thereafter. Therefore on an annual basis, we should be shipping 20,000 tonnes of concentrate.

What can you tell investors about other ore bodies on the Ming Mine property, such as the Lower Footwall Zone and the 1700 Level Gold Zone?

The Lower Footwall Zone is a large, disseminated sulphide deposit, which sits 100 metres directly below the massive sulphides that we will be mining in phase one. It’s considerably larger in size but lower grade. The total mineralised zone is in excess of 80 million tons, grading 0.5% copper. Depending on what copper prices you apply, the zone can subsequently shrink and grow.

Using a copper price of $3 a pound copper, we believe there is currently 18 million tons, which equates to 251,000 tons of copper or 553 million pounds of copper in situ, at an average grade of 1.45% copper that could be mined profitably.

We’re embarking on a scoping study engineering report for the Lower Footwall Zone, that will hopefully show the zone to be profitable. If so, we will then look to advance the engineering with the goal of expanding into the Lower Footwall Zone, which we call phase two. Thus increasing the Ming Mine production, profitability, and the life of the mine to beyond 13 years from its current 6 years.

The 1700 Level Gold Zone is an area that was developed six months prior to the mine closing in 1982. The former owner discovered visible gold in the underground workings. As we’ve been developing out to our other massive sulphide zones, namely the 1807 Zone, we decided to break through into the historical area where visible gold had been reported.

Upon breakthrough, we discovered 4.5 metres grading 227 grams with 7.3 ounces a ton on the face. We followed that up with further high grade intersections. There’s also high grade pillars in the area that were never mined. We’re now rehabilitating the area with the goal of reactivating this area as a stoping block.

What can you tell investors about progress with Ming Mine satellite deposits, such as Nugget Pond and Tilt Cove East?

The Nugget Pond Crown Pillar was immediately adjacent to our mill. Due to the high price of gold, we decided this summer to mine the Crown Pillar to generate a little early revenue and profitability. At the end of the day, we recovered 1,053 ounces of gold, at an average cash cost of $401 per ounce, realising a net profit of $1.1 million. The Crown Pillar is now mined and the area has been reclaimed.

Tilt Cove is a former producing gold and copper mine, approximately 5 km from the Nugget Pond Gold Mill. Since the 1960s, there’s been approximately 50,000 tonnes, a pile of material, grading in excess of 2 grams per tonne of gold that was previous regarded as waste. But obviously with today’s prices, could be profitable.

After mining the Crown Pillar, we decided to truck this material to our mill and process it. To date, we’ve processed 20,000 tons of material at a cash cost of $947 per ounce, realising a profit of $720,000.

In August we suspended the operation in order to protect the sodium cyanide inventory, which was becoming low when our majored supplier declared force majeure. We since received additional supplies of the sodium cyanide but as we are only weeks away from starting up the Ming Mine, where the profit margin will be greater, we’ve decided to keep our focus there.

However, we do know that Tilt Cove can be processed and is profitable.

On June 1st, Rambler signed up to an exploration and development alliance with Maritime Resources and Commander Resources, focused on exploration and development of two main properties in the Baie Verte area. What is compelling to Rambler about this alliance?

We are currently constructing a new copper floatation circuit next to the existing Nugget Pond Mill. Once completed in the next several weeks, there will be a mill facility capable of treating both base metals and free gold. Although initially not independently as we only have one common crushing and grinding circuit.

However, when the expansion takes place in the Lower Footwall Zone, as we will have to mine that zone at a considerably higher rate of production, let’s say 3,000 tonnes for phase two versus 650 tonnes per day for phase one, we will have to install a new crushing and grinding circuit to accommodate this expansion. The old crushing and grinding circuit will remain in place. At this point in time, you effectively have a mill capable of handling both gold ore and base metals independently and at the same time. 

Most of the gold deposits historically in Newfoundland, are less than a million ounces. And therefore cannot justify their own mill. Hence you could see how the Nugget Pond Gold Mill will be a valuable asset in going forward. We believe there exists a real opportunity in the future to truck ore in from Maritime’s deposits in central Newfoundland.

Please would you talk investors through Rambler Metals & Mining’s capital structure, and of the company’s financial situation going forward?

Rambler has 123 million shares issued and 4 million options. And therefore 127 million shares when fully diluted. We trade on both the AIM and the TSXV, which aids retail investors as they can include Rambler in their ISA contributions.

As of the 1st October 2011, we’ll have £4 million of cash in the bank. As part as our off-take agreement, we’ll be looking for provisional payments on our concentrates, while sitting at the port storage facility, which will aid us through the initial start up cash cycle. And help fund our working capital requirements.

We’re also in talks with several financial institutions to secure a credit line, which will give us further access to capital if need be. With first concentrates being produced in October 2011, we would expect to see provisional concentrate payment shortly thereafter.

What can investors expect from Rambler Metals & Mining over the next 12 to 18 months?

Investors should expect to see an announcement shortly, advising of the Ming Mine commissioning and start up. They should also expect to receive details of our off-take agreement. And if a satisfactory credit facility can be agreed, we will announce that as well.

In 2012, we would also expect to announce the results of our scoping study on the Lower Footwall Zone, which in turn should lead to some exciting news flow on how the company is going to expand.

Over the next 18 months with cash from operations, we will reactivate our exploration programme. So exploration results should be forthcoming. We would also be hoping to explore business opportunities with our partners, which we will then announce.