Mr. George Ogilvie reports

RAMBLER METALS AND MINING PLC SECOND QUARTER RESULTS 2012 & OPERATIONAL HIGHLIGHTS

Rambler Metals and Mining PLC has provided its financial results and operational highlights for the three months ended Jan. 31, 2012. Over the quarter, the company successfully moved into production, producing gold during the commissioning and testing of 1806 zone ores, at its 100-per-cent-owned Ming copper-gold mine in Newfoundland's Baie Verte Peninsula, Canada.

Operational achievements

• A total of 4,022 ounces of gold were processed from the Ming mine of which 3,563 ounces were poured and shipped for further refining at an average price of $1,662 (Canadian) per ounce.
• Gold recoveries were nearly 91 per cent in the first quarter of gold production.
• Total of 38,922 tonnes of the gold-rich ore were mined with an additional 39,677 tonnes either developed, drilled or blasted.
• Finalized an off-take agreement for the copper concentrates production from the Ming mine with Transamine Trading for the sale of 85,000 tonnes of concentrates over the initial six-year mine life, at international market rates.
• Drawdown of the second instalment of $2.5-million from the $10.0-million credit facility issued by Sprott Resource Lending Partnership. The remaining $2.5-million is available until August, 2012.

Financial highlights

• Revenue: $2.5-million in second quarter realized on the physical sale of 1,459 ounces of gold produced during the commissioning and testing of 1806 zone ores with an additional $3.6-million realized subsequent to the quarter-end on the sale of remaining 2,104 ounces poured and shipped during second quarter; all revenues offset against mineral property expenditures (second quarter 2011: $1.2-million realized on the group's Tilt Cove satellite deposit);
• Net loss: $1,039,000 in second quarter (first quarter 2012: $845,000/second quarter 2011: $555,000) including a foreign exchange loss of $267,000 resulting from the strengthening of the U.S. dollar relative to Canadian dollar on the translation of the U.S.-dollar gold loan;
• Cash flows utilized in operating activities: $530,000 in second quarter 2012 compared with $1,284,000 generated from operating activities in first quarter of 2012 (second quarter 2011: cash flows utilized of $979,000);
• Cash resources as at Jan. 31, 2012, were $4.0-million (as of March 22, 2012: $7.1-million). A further $2.5-million is available under the group's credit facility agreement.

Postperiod highlights

• On Feb. 8, 2012, the group announced the purchase of Ming Mine's 2-per-cent net smelter royalty held by Philippine Metals Inc., formerly Meridian Mining Corp., for $600,000 (Canadian) to bring the net smelter royalty down to 2.5 per cent from 4.5 per cent.
• On Feb. 15, 2012, the group acquired a 17-per-cent stake and a board position in Maritime Resources Corp. for a total consideration of $1,035,000.
• On March 6, 2012, the group accepted an offer from Tinma International Ltd. to become a strategic shareholder for a total cash consideration of $4.58-million, issuing new shares to bring Tinma's total shareholding to approximately 9.9 per cent of the issued share capital.
• On March 15, 2012, the group announced a favourable preliminary economic assessment that sees the potential for an expansion of the Ming mine into the Lower Footwall zone (LFZ) following additional value optimization studies and later a bankable feasibility study.

George Ogilvie, president and chief executive officer, Rambler Metals & Mining, commented:

"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 optimizing 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."

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