|By Marketwired .||
|March 3, 2014 02:00 AM EST||
LONDON, UNITED KINGDOM and BAIE VERTE, NEWFOUNDLAND and LABRADOR, CANADA -- (Marketwired) -- 03/03/14 -- Rambler Metals and Mining plc (TSX VENTURE: RAB) (LSE: RMM) ('Rambler' or the 'Company'), a copper and gold producer operating in Newfoundland and Labrador, Canada, today announces that following a final payment of CAD $1.0 million on 28 February 2014 the outstanding balance of the Company's CAD $10.0 million credit facility with Sprott Resource Lending Partnership ('Sprott') has been repaid.
Cash resources as at 28 February 2014 were CAD $5.5 million.
Norman Williams, President and CEO, commented:
"This is a tremendous achievement for Rambler and demonstrates its ability to generate free cash flow from its Ming Mine asset. Steady production, coupled with meeting budgeted grades and higher than budgeted copper recoveries, has enabled the Company to meet its cash flow targets and focus on repaying this credit facility ahead of schedule.
"As the Company's cash position strengthens, the Board of Directors will continue its review of capital allocation resulting from free cash to maximize shareholder value."
Please click on the link below for an audio interview with Norman Williams;
Click on, or paste the following link into your web browser, to view the associated PDF document.
Vice President and Corporate Secretary
Rambler Metals and Mining
Tel No: 709-800-1929
Fax No: 709-800-1921
Stewart Dickson / Jeremy Stephenson
Cantor Fitzgerald Europe
Tel No: +44 (0) 20 7894 7000
Rambler Metals & Mining Plc
Tel No: +44 (0) 20 8652-2700
Fax No: +44 (0) 20 8652-2719
Tim Blythe/Halimah Hussain
Blythe Weigh Communications
Tel No: +44 (0) 20 7138 3204
Ocean Equities Limited
Tel No: +44 (0) 20-7786-4370