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13/05/2011

George Ogilvie from Rambler Metals says the company is “significantly undervalued”

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Additional Information
Market: TSX-V AIM
Sector: General Mining
EPIC: RAB
Latest Price: 0.54  (12.50% Ascending)
52-week High: 0.78
52-week Low: 0.38
Market Cap: 66.58M
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Rambler Metals & Mining
www.ramblermines.com

Rambler Metals and Mining plc was established to invest in the base metal sector in politically stable jurisdictions. Its principal project is the Rambler copper-gold property, located on the Baie Verte Peninsula of Newfoundland and Labrador, Canada.

Full Rambler Metals & Mining profile here
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Rambler Metals trims budgets to conserve cash

8th Jan 2009, 12:00 am

Rambler Metals & Mining PLC said while it continues with its evaluation of the Ming copper-gold project, it decided to implement the first phase of a cost reduction programme at the mine site, and it has suspended all underground drilling and pre-development. It has laid off 18 employees.


Following a review, the operations at the Ming Mine are to be scaled back in order to preserve working capital ahead of potential project development.  


Technical and management staff are being retained as work continues towards the target of producing a NI43-101 resource update, accompanying technical report and detailed engineering study in Q1 2009.


In the meantime, the underground workings at the Ming Mine are to be put on care and maintenance.


Chief executive George Ogilvie said: “This has been a difficult but essential decision due to the current financial challenges facing our industry.  The company is still committed and confident that a financing can be completed in 2009, however, by implementing this plan, Rambler will be able to care and maintain its high quality asset without requiring any external funding until 2010.”

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