Mr. George Ogilvie reports

RAMBLER FIRST QUARTER RESULTS 2012 & OPERATIONAL HIGHLIGHTS

Rambler Metals and Mining PLC has released its financial results and operational highlights for the three months ended Oct. 31, 2011. The quarter saw a transition from construction and development to production with the first gold dore poured after the reporting period at the company's 100-per-cent-owned Ming copper-gold mine in Newfoundland and Labrador's Baie Verte peninsula in Canada.

Operational achievements:

• Postquarter: the first gold pour completed, marking the company's move into production;
• Six hundred twenty-one ounces of gold processed from the Tilt Cove East mine satellite deposit during the quarter, generating revenue of $1,095,000;
• Preproduction development to the various Ming mine orebodies continuing, particularly in the near-surface 1806 zone;
• Initial phase of commissioning of the copper concentrator began on Oct. 17, 2011, with live commissioning planned for the first calendar quarter of 2012; this first phase includes the pressurizing of pipelines and hydrostatic testing of tanks to ensure they are functioning properly;
  • Development completed and planned to date has allowed access to 78,599 tonnes of material grading 4.10 grams per tonne gold (10,360 contained ounces of gold) and 34.50 grams per tonne silver (87,182 contained ounces of silver);
• Continued to work toward finalizing the long-term off-take agreement with an international trading company for the sale/purchase of the full production from the Ming mine orebody and the current capacity of the Nugget Pond facility;
• Completed a 9,500-wet-metric-tonne concentrate storage facility at the Goodyear's Cove Port, with only building services and hookup remaining. The first shipment of copper concentrate will be in the second calendar quarter of 2012, leaving this project well ahead of both schedule and budget;
• Drew down its first instalment of $5-million from the $10-million credit facility agreed to during the quarter, with the final tranche of $5.0-million now available at the group's discretion upon the delivery of the executed off-take agreement;
• Initiated an NI 43-101 preliminary economic assessment to evaluate the profitability of mining the lower footwall zone; this study will assess the Ming mine's transition from the current high-grade, low-tonnage start-up operation into a bulk-tonnage mining scenario, utilizing all available resources from the lower footwall zone.

Financial highlights:

• Quarterly gross profit of $545,000 from the sale of 621 ounces of gold from its Tilt Cove East mine satellite deposit and 74 ounces of gold from the further refining of Nugget Pond crown pillar slag materials (first quarter of 2011: $374,000);
• The net loss for the quarter ended Oct. 31, 2011, was $845,000 including an exchange loss of $721,000 or 0.7 cent per share which compares with a net profit of $577,000 for the fourth quarter of fiscal 2011 and a net loss of $268,000 for the first quarter of fiscal 2011;
• Cash flows generated from operating activities were $1,284,000 in the first quarter of fiscal 2012 (the fourth quarter of fiscal 2011: $573,000) and cash flows utilized of $366,000 in the first quarter of fiscal 2011; the increase in the cash generated is due to changes in working capital;
• Cash resources (including short-term investments) as at Oct. 31, 2011, were $8.2-million and as of Dec. 19, 2011, had decreased to $3.2-million; a further $5-million is available under the group's credit facility agreement with Sprott Resource Lending Partnership upon delivery of an executed off-take agreement.

George Ogilvie, president and chief executive officer of Rambler Metals & Mining, commented: "This has been a transformational quarter for Rambler. Following the end of the quarter, the company has made the first gold pour a reality on Dec. 12, 2011. We owe this success to the dedication of each employee, their hard work and their commitment to rehabilitating this once-profitable mine.

"Rambler is now in a strong position to continue the momentum achieved in this quarter in order to increase gold and copper production. We look forward to continued successes as ore is moved initially from the high-grade zones and then increasingly from the lower footwall zone in creating additional value as a bulk-tonnage operation."

We seek Safe Harbor.