3rd Quarter Results

FOR: RAMBLER METALS & MINING PLC TSX VENTURE SYMBOL: RAB AIM SYMBOL: RMM June 26, 2008 Rambler Metals and Mining PLC: 3rd Quarter Results 2008 and Operations Update LONDON, ENGLAND AND BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - June 26, 2008) - Rambler Metals and Mining PLC (TSX VENTURE:RAB)(AIM:RMM) ("Rambler" or the "Company") today reports its 3rd Quarter results for the three months ending 30 April 2008, along with the Company's operations update. The principal activity of the Company is carrying out development and exploration on the Rambler Property, a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula. Operational Highlights: - On 30 April 2008 Rambler released its first published NI43-101 Resource Estimate. The resource revealed: /T/ -------------------------------------------------------- Tonnes Cu(%) Au (g/t) Ag (g/t) -------------------------------------------------------- Measured 484,000 2.98 2.28 9.6 -------------------------------------------------------- Indicated 9,576,000 1.78 0.2 1.75 -------------------------------------------------------- Inferred 3,077,000 1.57 0.58 4.29 -------------------------------------------------------- /T/ - The Scoping Study conducted by SRK Consulting was completed in April 2008 using a non NI43-101 compliant resource estimate. It revealed that the mineralized zones were large enough to substantiate a 4,000 tonnes per day mine, with a mine life in excess of 10 years. The project will be advanced to pre-feasibility study in the fourth quarter of fiscal 2008 utilizing the published NI43-101 Resource Estimate with results expected in fiscal Q3 2009. - Exploration Drilling- -- Surface exploration drilling activity was completed during the quarter as the 10,000 metre contract drill program was concluded. The surface drills were demobilized from the property. -- Due to successful dewatering most of the drilling took place from underground, with 6,848 metres being drilled during the quarter. -- Underground drilling intercepted areas of high grade copper and gold mineralization. - Mine Dewatering- -- At 11 June 2008, 233 million US gallons of water had been pumped out of the mine with the water level receding to the 2300 Level. -- Rambler estimated there was 200 million US gallons of water contained in the Mine and that dewatering would be complete by 31 March 2008. The 200 million US gallon milestone was reached as planned; however the watershed has proved to be larger than anticipated. This has not hindered the project as the underground diamond drilling has still been able to continue. -- The ground conditions remain good. As the water level recedes, air, water and electrical infrastructure is being installed. -- The mine will be dewatered during the next quarter whereupon pre- development work in to the high grade massive sulphide areas will begin. Future Operations: - Rambler will drill off the footwall zone with holes on 50m centres to publish an updated NI 43-101 compliant resource estimate in fiscal Q2 2009. Once this has been completed Rambler will commence 25m spacing drilling to upgrade the indicated resource base into the measured category. - The Company will continue to pursue the exploration programme on the 1807 Zone, Gold Zone, Ming Massive Sulphide and unexplored areas on the property. The exploration potential of the Ming Mine remains one of the project's greatest assets. All the ore zones are open at depth and to the West, and in the case of the Ming Massive Sulphide along strike as well. A TITAN 24 geophysics survey will be conducted in July 2008 to provide additional near surface targets. - The mine dewatering is expected to be completed by the end of July 2008. - Rambler will progress with underground mining, mill and environmental pre-feasibility studies. In preparation for mining the Company has acquired an underground truck and jumbo for pre-development work scheduled to begin in July 2008. - Rambler will be recruiting additional manpower for key positions during 2008. These key positions include a Financial Controller, a Project Manager with experience in multi-disciplinary activities including contractors, a Human Resource Assistant; in preparation for a recruitment programme scheduled for 2009 and also a Mining Engineer to become the Company's representative focusing on all pre-feasibility engineering studies. Financial Highlights: - Compared to the quarter ending 30 April 2007, net losses increased Pounds Sterling 38,316 to Pounds Sterling 229,757 due primarily due to an increased operational programme causing higher salary costs and the loss per share decreased from 0.48p to 0.45p. Interest income on cash deposits decreased Pounds Sterling 12,094 to Pounds Sterling 19,333 as a consequence of lower average cash balances on hand. - Cash flows used for operating activities decreased by Pounds Sterling 120,277 substantially as a result of reduced VAT receivables associated with the secondary listing on TSX-V. Cash flows used for investing activities increased by Pounds Sterling 325,268 primarily as a result of our ongoing aggressive exploration and mine rehabilitation activities. Cash flows from financing activities were Pounds Sterling 5,418,150 arising mainly from the placing of 9,660,000 ordinary shares at 60p each on the 13th March 2008, net of expenses. - Total assets including accumulated deferred exploration expenditures and mine rehabilitation costs increased Pounds Sterling 5,091,595 to Pounds Sterling 20,537,290. This increase was substantially funded from the share issue during the quarter. - The cash balance at the end of the period was Pounds Sterling 7,015,870. George Ogilvie, President and Chief Executive Officer, commented: "I am very pleased with the progress made by Rambler over the last quarter. The completion of the Scoping Study and publication of the first National Instrument 43-101 compliant -resource estimate are major milestones which confirm the Ming project is sufficient for a 4,000 tonnes per day operation, with a mine life in excess of 10 years. "Rambler plans to advance the project through to pre-feasibility study in fiscal Q3 2009 whilst remaining on budget and on target. I am excited about forming a strong operational and management team which will transform the Ming Mine into a producing mine over the coming years and continue to pursue the aggressive exploration programme which we hope will add further value to the Company." About the Company Rambler was founded in 2004 when Altius Minerals Corporation ("Altius"), a Newfoundland and Labrador based resource company, contributed to the Company's asset base an option to acquire and develop the Rambler property. The Rambler property had been a former underground copper and gold producing property that ceased production when the deposit reached a then third party property boundary. This neighbouring property was subsequently consolidated before being brought into the Company. The Company now owns a 100% interest in the property. The principal activity of the Group is carrying out development and exploration on the Rambler Property a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula. RAMBLER METALS AND MINING PLC MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THIRD QUARTER The following management's discussion and analysis ("MD&A") of Rambler Metals & Mining plc (the "parent company") and its subsidiaries (the "Group" or "Rambler") contains forward-looking statements that involve numerous risks and uncertainties. Our actual results could differ materially from those discussed in such forward-looking statements as a result of these risks and uncertainties, including those set forth in this MD&A. The following discussion provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition for the quarter ended 30 April 2008. This discussion should be read in conjunction with our audited financial statements for the year ended 31 July 2007, the notes thereto and the related annual MD&A. These consolidated statements have been prepared in accordance with International Financial Reporting Standards (IFRS). This MD&A, which has been prepared as of 25 June 2008, is intended to supplement and complement our audited consolidated financial statements and notes thereto for the year ended 31 July 2007 prepared in accordance with International Financial Reporting Standards (IFRS). Unless otherwise stated, all reported amounts are stated in British Pounds. OUR BUSINESS & OPERATIONS REVIEW The parent company was incorporated as Fortress Metals and Mining plc on 14 April 2004 and changed its name to Rambler Metals and Mining plc on 17 March 2005. The parent company's Ordinary Shares were admitted for trading on the London AIM market on 8 April 2005 under the symbol "RMM" and were listed on the TSX Venture Exchange on 7 February 2007 under the symbol "RAB". The principal activity of the Group is carrying out development and exploration on the Rambler Property a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula. Operational highlights include: - Exploration Drilling- surface exploration drilling activity continued with a total of 2,096 metres drilled in the quarter compared to 5,037 metres drilled for the same period in 2007. For fiscal 2008 year-to-date a total of 8,858 metres has been drilled compared to 12,697 metres for the same period in 2007. In March 2008 the surface drills were demobilized from the property as the 10,000 metres contract drill program concluded. Further, the underground workings had been substantially dewatered such that most drilling could now take place from underground. The underground drilling continued throughout the quarter with 6,848 metres being drilled. To date the underground drill has drilled 10,118 metres of delineation and exploration drilling. In April the underground drill also tested for the Au Zone from 1200L, 1300L and 1500L intercepting mineralization in all cases. - Mine Dewatering- at 30 April 2008, 219 million US gallons of water had been pumped out of the mine with the water level receding to the 2115 Level. At 11 June 2008, 233 million US gallons had been pumped out with the water level now situated on the 2300 Level. Prior to commencement of dewatering the company estimated there was 200 M US gallons of water contained in the Mine and the surrounding watershed and that dewatering would be complete by 31 March 2008. The 200 M US gallon milestone was reached on 28 March 2008, however, the watershed has proved to be a larger factor than anticipated and consequently more water has been pumped than originally planned. This has not hindered the project as the underground diamond drilling has still been able to continue. The ground conditions remain good while very little rehabilitation work has been required to date. As the water level recedes, air, water and electrical infrastructure is being installed which will allow a more cost effective and faster resumption of mining operations than competing projects. The company anticipates it will have the mine dewatered during the next quarter whereupon it shall embark upon pre-development work in to the high grade massive sulphide areas. These accesses will act as exploration drifts while also providing the company with access to a bulk sample. They will then later be used for mining purposes. - On 30 April 2008 the Company released its first published NI43-101 Resource Estimate. The resource revealed measured: -- 484,000 tonnes of ore @ 2.98% Cu, 2.28 g/t Au, 9.6 g/t Ag -- Indicated: 9,576,000 tonnes of ore @ 1.78% Cu, 0.2 g/t Au, 1.75 g/t Ag -- Inferred: 3,077,000 tonnes of ore @ 1.57% Cu, 0.58 g/t Au, 4.29 g/t Ag The orebody remains open at depth and on all sides. - Scoping Studies- on 1 September 2007, a contract was entered with SRK Consulting, Toronto to conduct a scoping study for the mine. The scoping study was completed in April 2008 using a non NI43-101 compliant resource estimate. The scoping study revealed that the mineralized zones were large enough to substantiate a 4,000 metric tonnes per day mine with a mine life in excess of 10 years. This information will now be further refined as the company moves the project in pre-feasibility while utilizing the recently published NI43-101 resource estimate. - Headcount - The headcount for fiscal Q3 2008 remained at 35 employees. During the next quarter the company will be looking to hire some key individuals for the next phases of the project. /T/ SELECTED FINANCIAL INFORMATION The following selected financial information has been derived from the consolidated financial statements of the Group for the periods indicated and should be read in conjunction with such statements and notes thereto. ---------------------------------------------------------------------------- Selected Financial Information 3 months 3 months 9 months 9 months All amounts in Pounds ended ended ended ended Sterling, except shares 30 April 30 April 30 April 30 April and per share figures 2008 2007 2008 2007 ---------------------------------------------------------------------------- Revenue - - - - Administrative Expenses 238,876 222,561 712,243 702,523 Bank Interest Receivable 19,333 31,427 144,697 121,159 Net (loss) (229,757) (191,441) (601,131) (581,671) Loss per share in pence (basic and diluted) (0.45p) (0.48p) (1.20p) (1.45p) Cash Flow (used) for operating activities (188,369) (308,646) (661,269) (644,236) Cash Flow (used) for investing activities (1,393,924) (1,068,656) (4,440,253) (2,803,634) Cash Flow from for financing activities 5,418,150 170,975 5,318,750 170,975 Net increase/(decrease) in cash 3,835,857 (1,206,327) 217,228 (3,276,895) Cash & Cash Equivalents at end of period 7,015,870 2,176,418 7,015,870 2,176,418 Total Assets 20,537,290 15,445,695 20,537,290 15,445,695 Total Liabilities 1,440,635 1,441,045 1,440,635 1,441,045 Working Capital 6,377,601 2,812,600 6,377,601 2,812,600 Weighted average number of shares outstanding 51,335,000 40,030,000 51,335,000 40,030,000 ---------------------------------------------------------------------------- /T/ Review of quarter ending 30 April 2008 The Group's only source of income since incorporation has been bank deposit interest. Compared to the quarter ending 30 April 2007, net losses increased Pounds Sterling 38,316 to Pounds Sterling 229,757 due primarily to increased salary costs and the loss per share decreased from 0.48p to 0.45p. Interest income on cash deposits decreased Pounds Sterling 12,094 to Pounds Sterling 19,333 as a consequence of lower average cash balances on hand. Cash flows used for operating activities decreased by Pounds Sterling 120,277 substantially as a result of a delay in receiving an HST refund. Cash flows used for investing activities increased by Pounds Sterling 325,268 primarily as a result of our ongoing aggressive exploration and mine rehabilitation activities. Cash flows from financing activities were Pounds Sterling 5,418,150 arising mainly from the placing of 9,660,000 ordinary shares at 60p each during the quarter, net of expenses. Total assets including accumulated deferred exploration expenditures and mine rehabilitation costs increased Pounds Sterling 5,091,595 to Pounds Sterling 20,537,290. This increase was substantially funded from the share issue during the quarter. With the exception of the impact of the financing which took place during the quarter, the reasons or explanations for movements in costs, balance sheet accounts or cash flows compared to the second quarter of fiscal 2008 are consistent with explanations given above. SUMMARY OF QUARTERLY RESULTS As only the quarterly financial statements for the quarter ending 31 October 2006 were prepared by the Group prior to the parent company becoming a reporting issuer in the provinces of British Columbia and Alberta, the Group is not presently required under applicable Canadian securities law to provide any additional quarterly results other than as provided below. /T/ Quarterly Results (all amounts in British Pounds except per share figures) 4th 3rd 2nd 1st Fiscal 2008 Quarter Quarter Quarter Quarter ----------- Revenue - - - Net Loss (229,757) (238,377) (135,296) Loss per share Basic & diluted (in pence) (0.45) (0.48) (0.27) Fiscal 2007 ----------- Revenue - - - - Net Loss (87,557) (191,441) (339,517) (50,714) Loss per share-Basic & diluted (in pence) (0.14) (0.48) (0.85) (0.13) /T/ Net losses for the first three quarters of 2007 are stated in accordance with UK GAAP. Starting in the second quarter of Fiscal 2007, increasing administrative expenses associated with mine rehabilitation activities started driving up losses generally. One-off costs associated with pursuing a secondary listing for the shares of the parent company and completing a fund raising were also key factors behind the increase in net losses for the second and third quarters of Fiscal 2007. Options were also granted during the second quarters of Fiscal 2007 and 2008 resulting in a share based payment expense. OUTLOOK The Group continues to: - Drill off the footwall zone with holes on 50 metre centres so that a NI 43-101 compliant report update can be published in the second quarter of Fiscal 2009. Once the entire footwall has been drilled off on 50 metre centres, providing an indicated resource, in-fill drilling on 25 metre centres will follow to move the indicated resource up into the measured category. - Continue to pursue an exploration programme on the 1807 Zone, Gold zone, Ming Massive Sulphide and unexplored areas on the property. A TITAN 24 geophysics survey will also be conducted before the end of July 2008 to provide additional near surface targets. - Dewater the mine - management estimates the dewatering programme is now 98% complete with the mine being dewatered before the end of July 2008. - Progress with underground mining, mill and environmental pre-feasibility studies. In preparation for mining the company will be acquiring an underground truck and jumbo in anticipation of starting pre-development work. - In preparation for moving the project to pre-feasibility, construction and ultimately production, recruit additional manpower in key positions during the final quarter of Fiscal 2008. These key positions include a financial controller, a Project Manager with experience in multi- disciplinary activities including contractors, a Human Resource Assistant in preparation for a recruitment drive in calendar 2009 and a Mining Engineer who will become the Group's representative and will manage all pre-feasibility engineering studies. - Continue to invest in plant and equipment to support mine rehabilitation and pre- production activities. LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION To date, the Group has relied on shareholder funding to finance its operations. With finite cash resources and no material income, the liquidity risk is significant and is managed by controls over expenditure. Success will depend largely upon the outcome of ongoing and future exploration and evaluation programmes. The majority of the Group's expenses are incurred in Canadian Dollars. The Group's principal exchange rate risk is therefore related to movements between the Canadian Dollar and the British Pound. The Group's cash resources are held in British Pounds and Canadian dollars. The Group has a downside risk to any strengthening of the Canadian Dollar as this would increase expenses in British Pound terms. Any weakening of the Canadian Dollar would however result in the reduction of expenses in British Pound terms and preserve cash resources. Additionally, any such movements would affect the Consolidated Balance Sheet when the net assets of the Canadian subsidiary are translated into British Pounds. Cash balances in Canadian Dollars are kept under constant review and surplus funds are held on deposit on the most advantageous terms of deposit available up to three month's maximum duration. Floating rate financial assets comprise interest earning bank deposits at rates set by reference to the prevailing LIBOR or equivalent prime rate. Fixed rate financial assets are cash held on fixed term deposit. /T/ Cash and short terms deposits (expressed in British Pounds) were as follows: ------------------------------------------------------------------------- At 30 April 2008 Fixed Rate Assets Floating Rate Assets Total Currency ------------------------------------------------------------------------- British Pound 1,350,000 90,845 1,440,845 ------------------------------------------------------------------------- Canadian Dollars 4,564,409 1,010,616 5,575,025 ------------------------------------------------------------------------- ------------------------------------------------------------------------- At 30 April 2007 Fixed Rate Assets Floating Rate Assets Total Currency ------------------------------------------------------------------------- British Pound 1,052,546 51,017 1,103,563 ------------------------------------------------------------------------- Canadian Dollars 526,901 545,954 1,072,855 ------------------------------------------------------------------------- /T/ The Group also entered into leases for mining and other equipment. At 30 April 2008, the Group has outstanding obligations, including interest, relating to these leases of Pounds Sterling 633,362. The Group utilised Pounds Sterling 188,369 (2007: Pounds Sterling 308,646) to finance operating cash flows during the quarter. This reduction was primarily a result of a delay in receiving an HST refund. Cash outflows from investing activities increased to Pounds Sterling 1,393,924 (2007: Pounds Sterling 1,068,656) as a result of a Pounds Sterling 551,014 increase in evaluation and exploration activities. In the quarter ended 30 April 2007 there was significant expenditure on the waste water treatment plant and as such, expenditure on plant and equipment reduced by Pounds Sterling 259,876 during the quarter ended 30 April 2008. Cash inflows relating to financing activities were Pounds Sterling 5,418,150 (2007: Pounds Sterling 170,975) as a result of the placing of 9,660,000 ordinary shares at 60p each, net of expenses. Interest received reduced in line with lower cash balances on deposit throughout the quarter compared to the same period in the previous financial year. Cash at the end of the period stood at Pounds Sterling 7,015,870. The directors completed a financing during the quarter and a further fundraising may be completed before the end of December 2008. At 25 June 2008, the Group has Pounds Sterling 5,831,017 in cash. Commitments /T/ As at 30 April 2008 commitments included: ------------------------------------------------------------------------- All commitments in Canadian Dollars $ ------------------------------------------------------------------------- ------------------------------------------------------------------------- Surface & underground drill programmes 720,000 ------------------------------------------------------------------------- Engineering Studies 200,000 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TOTAL $920,000 ------------------------------------------------------------------------- /T/ As at 25 June 2008, additional commitments have been made totalling $1m as a result of orders which had been placed for an aquatic survey, equipment, a TITAN geological survey and a more sophisticated management reporting and control system. Financial Instruments The board of directors determines, as required, the degree to which it is appropriate to use financial instruments and hedging techniques to mitigate risks. The main risks for which such instruments may be appropriate are foreign exchange risk, interest rate risk and liquidity risk. There are no perceived credit risks as the Group has no trade receivables and there were no derivative instruments outstanding at 30 April 2008. Related Party Transactions The parent company has a related party relationship with its subsidiary, and with its directors and executive officers. Directors of the parent company and their immediate relatives control 20% of the voting shares of the parent company. Brian Dalton and John Baker, directors of the parent company are also directors of Altius Resources Inc ("Altius"), a 20% shareholder in the parent company. A total of Pounds Sterling 52,528 (2007: Pounds Sterling 58,310) was paid to key management personnel during the period. Additionally, according to the terms of a service contract dated 7 March 2005, Altius continues to provide limited services to the Group. The Group was invoiced Pounds Sterling 8,379 during the nine months ended 30 April 2008 (2007: Pounds Sterling 899,232) by Altius under a service agreement that was terminated during the quarter. /T/ The following expenses reimbursements were payable to directors at 30 April 2008: S Neamonitis Pounds Sterling 1,073 (2007: Pounds Sterling 1,073) B Hinchcliffe Pounds Sterling 2,913 (2007: Pounds Sterling 2,313) /T/ The following consultancy fees were payable to Altius Minerals Corporation for the quarter ended 30 April 2008 for the consultancy services of: /T/ J Baker & B Dalton Pounds Sterling 3,300 (2007: Pounds Sterling 3,300) /T/ An amount of Pounds Sterling 13,200 (2007: Pounds Sterling 15,400) was outstanding in respect of these fees at the period end. CRITICAL ACCOUNTING POLICIES & ESTIMATES Going Concern The Group's ability to continue as a going concern, and the recoverability of its mineral properties, is dependent on the copper price, its ability to fund its development and exploration programs, and to manage and generate positive cash flows from operations in the future. These financial statements do not reflect the adjustments to carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary should the going concern assumption be inappropriate, and these adjustments could be material. In common with many exploration companies, the Group raises finance for its exploration and appraisal activities in discrete tranches. The directors completed a financing during the third quarter and have therefore concluded that the Group is a going concern. Impairment Assessments of Development Projects and Exploration Properties The carrying value of assets are reviewed and tested when events or changes in circumstances suggest that the carrying amount may not be recoverable. A comparison of the carrying value of the assets of the mine or project is compared to the expected future cash flows associated with the project. Expected future cash flows are based on a probability-weighted approach applied to potential outcomes and a reduction of assets is made to fair value as a charge to earnings if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cash flows using a discount factor that reflects the risk free rate of interest for a term consistent with the period of expected cash flows. Stock Based Compensation In the 2007 and 2008 fiscal years, the parent company granted a number of individuals employee stock options. The number of share options being granted is considered by the directors to be consistent with companies of a similar size and profile to Rambler. The parent company is likely to grant individuals employee stock options again in the future. The Group calculates the cost of share based payments using the Black-Scholes model. Inputs into the model in respect of the expected option life and the volatility are subject to management estimate and any changes to these estimates may have a significant effect on the cost. MI 52-109 COMPLIANCE Internal controls over financial reporting There have been no changes in the Group's internal control over financial reporting that occurred during the period ended 30 April 2008 that have materially affected, or are reasonably likely to materially affect, the Group's internal control over financial reporting. /T/ CHANGES IN ACCOUNTING POLICIES International Financial Reporting Standards that have recently been issued or amended but are not yet effective have not been adopted for the annual reporting period ended 31 July 2008: IFRS Title Application date Application date /Amendment of standard for Group ---------------------------------------------------------------------------- IFRS 8 Operating segments 1 January 2009 1 August 2009 ---------------------------------------------------------------------------- IAS 23 Borrowing costs 1 January 2009 1 August 2009 amendment ---------------------------------------------------------------------------- Service concession IFRIC 12 arrangements 1 January 2008 1 August 2008 ---------------------------------------------------------------------------- Presentation of financial IAS 1 revised statements 1 January 2009 1 January 2009 ---------------------------------------------------------------------------- IFRIC 13 Customer loyalty programmes 1 July 2008 1 January 2008 ---------------------------------------------------------------------------- /T/ Management have reviewed the impact of the above standards and have determined that they do not result in any changes to accounting policies. /T/ OUTSTANDING SHARE DATA As at the date of this MD&A the following securities are outstanding: Ordinary Shares 59,385,000 Warrants 4,675,000 Compensation options 478,200 Options 1,014,000 ---------- Total 65,552,200 ---------- /T/ Further information Additional information relating to the Group is on SEDAR at www.sedar.com and on the Group's web site at www.ramblermines.com. RAMBLER METALS AND MINING PLC UNAUDITED CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE AND NINE MONTHS ENDED 30 APRIL 2008 The accompanying financial information for the three and nine months ended 30 April 2008 and 30 April 2007 have not been reviewed or audited by the Group's auditors and has an effective date of 25 June 2008. /T/ RAMBLER METALS AND MINING PLC CONSOLIDATED INCOME STATEMENT (Unaudited) Three months ended Nine months ended 30/04/08 30/04/07 30/04/08 30/04/07 Pounds Pounds Pounds Pounds Sterling Sterling Sterling Sterling Administrative expenses 238,876 222,561 712,243 702,523 --------- --------- --------- --------- Operating loss (238,876) (222,561) (712,243) (702,523) --------- --------- --------- --------- Bank interest receivable 19,333 31,427 144,697 121,159 Finance lease interest payable (10,214) (307) (33,585) (307) --------- --------- --------- --------- 9,119 31,120 111,112 120,852 --------- --------- --------- --------- Loss before tax (229,757) (191,441) (601,131) (581,671) Taxation - - - - --------- --------- --------- --------- Loss after tax (229,757) (191,441) (601,131) (581,671) --------- --------- --------- --------- Basic and diluted loss per ordinary share (0.45)p (0.48)p (1.20)p (1.45)p ------- ------- ------- ------ The accompanying notes are an integral part of these consolidated financial statements RAMBLER METALS AND MINING PLC CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (Unaudited) Three months ended Nine months ended 30/04/08 30/04/07 30/04/08 30/04/07 Pounds Pounds Pounds Pounds Sterling Sterling Sterling Sterling Foreign exchange differences (157,015) 181,130 917,760 (244,267) Loss for the period (229,757) (191,441) (601,131) (581,671) --------- --------- --------- --------- Total recognised income and expense for the period (386,772) (10,311) 316,629 (825,938) --------- --------- --------- --------- --------- --------- --------- --------- The accompanying notes are an integral part of these consolidated financial statements. RAMBLER METALS AND MINING PLC CONSOLIDATED BALANCE SHEET 30/04/08 31/07/07 Unaudited Audited Pounds Sterling Pounds Sterling ASSETS Property, plant and equipment 2,516,216 2,137,086 Deferred exploration costs 10,834,006 5,941,947 ---------------- ---------------- Total non-current assets 13,350,222 8,079,033 ---------------- ---------------- Other receivables 171,198 203,534 Cash and cash equivalents 7,015,870 6,590,372 ---------------- ---------------- Total current assets 7,187,068 6,793,906 ---------------- ---------------- Total assets 20,537,290 14,872,939 ---------------- ---------------- ---------------- ---------------- EQUITY Issued share capital 593,850 497,000 Share premium account 18,737,013 13,356,081 Merger reserve 120,000 120,000 Translation reserve 955,367 37,607 Accumulated losses (1,309,575) (789,148) ---------------- ---------------- Total equity 19,096,655 13,221,540 ---------------- ---------------- LIABILITIES Interest bearing loans and borrowings 557,703 539,271 Deferred tax liabilities 73,465 68,159 ---------------- ---------------- Total non-current liabilities 631,168 607,430 ---------------- ---------------- Interest bearing loans and borrowings 75,659 183,536 Trade and other payables 733,808 860,433 ---------------- ---------------- Total current liabilities 809,467 1,043,969 ---------------- ---------------- Total liabilities 1,440,635 1,651,399 ---------------- ---------------- Total equity and liabilities 20,537,290 14,872,939 ---------------- ---------------- ---------------- ---------------- The accompanying notes are an integral part of these consolidated financial statements. The comparative information has been restated in accordance with IFRS. RAMBLER METALS AND MINING PLC CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Three months ended Nine months ended 30/04/08 30/04/07 30/04/08 30/04/07 Pounds Pounds Pounds Pounds Sterling Sterling Sterling Sterling Cash flows from operating activities Operating loss (238,876) (222,561) (712,243) (702,523) Depreciation 1,004 838 7,965 1,856 Share-based payments 14,501 - 80,704 119,714 Decrease/(increase) in receivables 3,958 (94,454) 31,329 (151,510) Increase/(decrease) in payables 41,267 7,838 (35,439) 88,534 --------- --------- --------- --------- Cash used in operations (178,146) (308,339) (627,684) (643,929) Interest paid (10,214) (307) (33,585) (307) --------- --------- --------- --------- Net cash used for operating activities (188,369) (308,646) (661,269) (644,236) --------- --------- --------- --------- Cash flows from investing activities Interest received 19,407 53,477 145,704 142,954 Balance paid for acquisition of Rambler Metals and Mining Canada Limited - - - (138,797) Acquisition of evaluation and exploration assets (1,275,167) (724,093) (3,813,437) (2,136,748) Acquisition of property, plant and equipment (138,164) (398,040) (772,520) (671,043) ----------- --------- ----------- ----------- Net cash used for investing activities (1,393,924) (1,068,656) (4,440,253) (2,803,634) ----------- --------- ----------- ----------- Cash flows from financing activities Proceeds from the issue of share capital 5,467,157 176,000 5,477,782 176,000 Capital element of finance lease payments (49,007) (5,025) (159,032) (5,025) ----------- --------- ----------- ----------- Net cash from financing activities 5,418,150 170,975 5,318,750 170,975 ----------- --------- ----------- ----------- Net increase/(decrease) in cash and cash equivalents 3,835,857 (1,206,327) 217,228 (3,276,895) Cash and cash equivalents at beginning of period 3,307,939 3,394,554 6,590,372 5,499,008 Effect of exchange rate fluctuations on cash held (127,926) (11,809) 208,270 (45,695) ----------- --------- ----------- ----------- Cash and cash equivalents at end of period 7,015,870 2,176,418 7,015,870 2,176,418 ----------- --------- ----------- ----------- ----------- --------- ----------- ----------- The accompanying notes are an integral part of these consolidated financial statements. RAMBLER METALS AND MINING PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) /T/ 1 NATURE OF OPERATIONS AND GOING CONCERN The principal activity of Rambler Metals and Mining plc (the "parent company") and its subsidiaries (the "Group" or "Rambler") is carrying out development and exploration on the Rambler copper and gold property in Baie Verte, Newfoundland, Canada. The accounting policies and methods of computation used in the preparation of the unaudited consolidated financial information are the same as those described in the Company's audited consolidated financial statements and notes thereto for the year ended 31 July 2007 and are consistent with the principles of International Financial Reporting Standards ("IFRS") and its interpretations adopted by the International Accounting Standards Board ("IASB"), as those adopted by the European Union and with IFRSs and their interpretations adopted by the International Accounting Standards Board (IASB). In the opinion of management, the accompanying interim financial information includes all adjustments considered necessary for fair and consistent presentation of financial statements. These interim consolidated financial statements should be read in conjunction with the Group's audited financial statements and notes for the year ended 31 July 2007. This interim consolidated financial information has been prepared on the basis of a going concern, which contemplates the realisation of assets and settlement of liabilities in the normal course of business as they fall due. The Group's ability to continue as a going concern, and the recoverability of its mineral properties, is dependent on the copper price, its ability to fund its development and exploration programmes, and to manage and generate positive cash flows from operations in the future. These financial statements do not reflect the adjustments to carrying values of assets and liabilities and the reported expenses and balance sheet reclassifications that would be necessary should the going concern assumption be inappropriate, and these adjustments could be material. In common with many exploration companies, the Group raises finance for its exploration and appraisal activities in discrete tranches. The directors completed a financing during the third quarter and have therefore concluded that the Group is a going concern. The accounting policies and methods of computation used in the preparation of the unaudited consolidated financial information are the same as those described in the Group's audited financial statements and notes thereto for the year ended 31 July 2007. The financial information for the twelve months ended 31 July 2007 has been derived from the Group's audited financial statements for the period as filed with the Registrar of Companies. It does not constitute the financial statements for that period. The auditors' report on the statutory financial statements for the year ended 31 July 2007 was unqualified and did not contain any statement under Section 237(2) or (3) of the Companies Act 1985. /T/ 2 PROPERTY, PLANT AND EQUIPMENT Land and Plant and Other Buildings Equipment Assets Total Pounds Pounds Pounds Pounds Sterling Sterling Sterling Sterling Cost Balance at 1 August 2006 - - 3,245 3,245 Additions 242,972 1,881,274 128,143 2,252,389 Effect of movements in foreign exchange (2,835) (21,950) (1,517) (26,302) ---------- ---------- --------- ---------- Balance at 31 July 2007 240,137 1,859,324 129,871 2,229,332 ---------- ---------- --------- ---------- Balance at 1 August 2007 240,137 1,859,324 129,871 2,229,332 Additions 188,118 520,178 27,656 735,952 Effect of movements in foreign exchange 26,013 164,969 10,920 201,902 ---------- ---------- --------- ---------- Balance at 30 April 2008 454,268 2,544,471 168,447 3,167,186 ---------- ---------- --------- ---------- Depreciation Balance at 1 August 2006 - - 361 361 Depreciation charge for period 17,059 54,064 21,843 92,966 Effect of movements in foreign exchange (199) (631) (251) (1,081) ---------- ---------- --------- ---------- Balance at 31 July 2007 16,860 53,433 21,953 92,246 ---------- ---------- --------- ---------- Balance at 1 August 2007 16,860 53,433 21,953 92,246 Depreciation charge for period 73,817 429,530 27,633 530,980 Effect of movements in foreign exchange 4,185 20,876 2,683 27,744 ---------- ---------- --------- ---------- Balance at 30 April 2008 94,862 503,839 52,269 650,970 ---------- ---------- --------- ---------- Carrying amounts At 1 August 2006 - - 2,884 2,884 ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- At 31 July 2007 223,277 1,805,891 107,918 2,137,086 ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- At 1 August 2007 223,277 1,805,891 107,918 2,137,086 ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- At 30 April 2008 359,406 2,040,632 116,178 2,516,216 ---------- ---------- --------- ---------- ---------- ---------- --------- ---------- 3 EXPLORATION AND EVALUATION COSTS Total Pounds Sterling Cost Balance at 1 August 2006 2,894,278 Additions 3,195,472 Effect of movements in foreign exchange (147,803) ---------------- Balance at 31 July 2007 5,941,947 ---------------- Balance at 1 August 2007 5,941,947 Additions 4,263,747 Effect of movements in foreign exchange 628,312 ---------------- Balance at 30 April 2008 10,834,006 ---------------- Carrying amounts At 1 August 2006 2,894,278 ---------------- ---------------- At 31 July 2007 5,941,947 ---------------- ---------------- At 1 August 2007 5,941,947 ---------------- ---------------- At 30 April 2008 10,834,006 ---------------- ---------------- 4 CAPITAL AND RESERVES Accumu- Trans- Share Share lated lation Merger Total Capital Premium losses reserve reserve equity Pounds Pounds Pounds Pounds Pounds Pounds Sterling Sterling Sterling Sterling Sterling Sterling Balance at 1 August 2006 400,300 7,164,625 (220,866) 191,428 120,000 7,655,487 Total recognised income and expense - - (669,229) (153,821) - (823,050) Share-based payments - 58,191 100,947 - - 159,138 Share issues 96,700 6,629,676 - - - 6,726,376 Costs of share issues - (496,411) - - - (496,411) -------- ---------- ----------- ------- ------- ----------- Balance at 31 July 2007 497,000 13,356,081 (789,148) 37,607 120,000 13,221,540 -------- ---------- ----------- ------- ------- ----------- Balance at 1 August 2007 497,000 13,356,081 (789,148) 37,607 120,000 13,221,540 Total recognised income and expense - - (601,131) 917,760 - 316,629 Share issues 96,850 5,709,775 - - - 5,806,625 Cost of share issues - (328,843) - - - (328,843) Share-based payments - - 80,704 - - 80,704 -------- ---------- ----------- ------- ------- ----------- Balance at 30 April 2008 593,850 18,737,013 (1,309,575) 955,367 120,000 19,096,655 -------- ---------- ----------- ------- ------- ----------- /T/ The Company issued 9,660,000 ordinary shares of 1p each at a premium of 59p during the period. At 30 April 2008 the Company had 1,014,000 share options, 478,200 compensation options and 4,675,000 share warrants in issue. These may have a dilutive effect on the basic earnings or loss per share in the future. 5 RELATED PARTY TRANSACTIONS Brian Dalton and John Baker, directors of the parent company are also directors of Altius Resources Inc ("Altius"), a 20% shareholder in the parent company. The Group was invoiced Pounds Sterling 8,379 for the nine months ended 30 April 2008 (30 April 2007: Pounds Sterling 899,232) by Altius under a service agreement that was terminated during the quarter. The following expenses reimbursements were payable to directors at 30 April 2008: /T/ S Neamonitis Pounds Sterling 1,073 (31 January 2008: Pounds Sterling 1,073, 31 October 2007: Pounds Sterling 1,073, 31 July 2007: Pounds Sterling 2,940) B Hinchcliffe Pounds Sterling 2,913 (31 January 2008, Pounds Sterling 2,313, 31 October 2007: Pounds Sterling 2,313, 31 July 2007: Pounds Sterling 2,313) /T/ Consultancy fees were payable to Altius Minerals Corporation for the three months ended 30 April 2008 for the consultancy services of J Baker & B Dalton amounting to Pounds Sterling 3,300 (30 April 2007: Pounds Sterling 3,300). At 30 April 2008 the company owed Pounds Sterling 13,200 (31 January 2008: Pounds Sterling 10,533, 31 October 2007: Pounds Sterling 20,900, 31 July 2007: Pounds Sterling 18,700) to Altius in respect of these fees. 6 SHARE BASED PAYMENTS Rambler Metals and Mining PLC has established a share option scheme with the purpose of motivating and retaining qualified management and to ensure common goals for management and the shareholders. For options granted the vesting period is generally up to three years. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Furthermore, options are forfeited if the employee leaves the Group. As at 30 April 2008, ordinary share options held by employees were as follows: /T/ Outstanding Weighted average Exercisable number of remaining number of Exercise price Options contractual life options 32p 100,000 8.08 100,000 42.5p 380,000 8.67 380,000 55p 534,000 9.50 534,000 ----------- ----------- 1,014,000 9.05 1,014,000 ----------- ----------- During the periods ended 30 April 2008 and 2007, director and employee stock options were granted, exercised and cancelled as follows: Weighted average exercise price Options At 1 August 2006 32p 100,000 Granted 42.5p 405,000 ---------- At 31 July 2007 40.4p 505,000 Granted 55p 534,000 Exercised 42.5p (25,000) ---------- At 30 April 2008 48p 1,014,000 ---------- ---------- /T/ -30- FOR FURTHER INFORMATION PLEASE CONTACT: Rambler Metals and Mining PLC George Ogilvie President & CEO (709) 532-4990 OR Rambler Metals and Mining PLC Leslie Little Company Secretary +44 (0)20 7661 8104 Website: www.ramblermines.com OR Seymour Pierce Limited Nandita Sahgal +44 (0)20 7107 8000 OR Pelham Public Relations Chelsea Hayes/Klara Kaczmarek +44 (0)20 7743 6675/20 3159 4395 -0- Rambler Metals & Mining Plc

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