Change of Accounting Reference Date

RNS Number : 6978E

Rambler Metals & Mining PLC

20 July 2016

 

20 July 2016

Rambler Announces Change in Year-End

London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler') announces it is changing its fiscal year-end to December 31^st, from its current fiscal year-end of July 31^st.  

The main reason for the change is Rambler wishes to better align the Company's financial reporting periods to that of other industry participants in the mineral resources sector and better facilitate marketplace assessment of the Company's business performance.  The change will also bring its year-end in line with its new controlling shareholder, CE Mining II Rambler Limited.

The Company will report the audited results for its five-month transitional year (August 1, 2016 - December 31, 2016) in March 2017.  Thereafter, Rambler will revert to a customary quarterly reporting calendar based on a December 31^st financial year-end, with fiscal quarters ending on the last day in March, June, September and December each year.

The following table sets forth the length and ending date of the periods, including the comparative periods, of each Interim Financial Report and the Annual Financial Statements to be filed for Rambler's transition year and its new financial year:

Period	Length of Period	End date of Period	Comparative Period
Current Year (August 1, 2015 - July  31, 2016)
Audited Annual Financial Statements	12 months	July 31, 2016	12 months ended July 31, 2015
Transition Year (August 1, 2016 - December 31, 2016)
Unaudited Interim Financial Statements (1st Quarter)	3 months	October 31, 2016	3 months ended October 31, 2015
Audited Annual Financial Statements	5 months	December, 31, 2016	5 months ended December 31, 2015 and 12 months ended July 31, 2016
New Financial Year (January 1, 2017 - December 31, 2017)
Unaudited Interim Financial Statements (1st Quarter)	3 months	March 31, 2017	March 31, 2016
Unaudited Interim Financial Statements (2nd Quarter)	6 months	June 30, 2017	June 30, 2016
Unaudited Interim Financial Statements (3rd Quarter)	9 months	September 30, 2017	September 30, 2016
Audited Annual Financial Statements	12 months	December 31, 2017	July 31, 2016 and December 31, 2016

Further to the above Rambler also wishes to announce that effective with its fiscal year ending July 31, 2016 the company will be changing its reporting currency from Canadian Dollars (CDN) to United States Dollars (USD).  The results for the fiscal year ending July 31, 2016, will be reported in USD along with comparative figures for the 12 months ending July 31, 2015.

ABOUT RAMBLER METALS AND MINING

Rambler is a mining and development company that in November 2012 brought its first mine into commercial production.  Rambler has a 100 per cent ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.

Rambler's immediate plans are to increase mine and mill production to 1,250 mtpd by the end of Fiscal 2017.  This initial expansion has been fully funded through CEII's investment.  Rambler will also continue advancing engineering studies on ore-pre-concentration (DMS) and shaft rehabilitation with a view to further increase production to 2,000 mtpd at the Ming Mine. In addition, Rambler has initiated a detailed investigation at the mill with a goal to increase gold recovery and production rate in the copper concentrator.

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer/ Whales Back copper mines and has strategic investments in the former producing Hammerdown gold mine and the advanced Valentine Lake Gold Project.

Rambler is dual listed in London under AIM:RMM and in Canada under TSX-V:RAB.

For further information, please contact:

Norman Williams, CPA,CA President and CEO Rambler Metals & Mining Plc Tel No: 709-800-1929 Fax No: 709-800-1921	Peter Mercer Vice President, Corporate Secretary Rambler Metals & Mining Plc Tel No: [phone] Fax No: [phone]	Stewart Dickson / Patrick Pittaway/ David Porter Cantor Fitzgerald Europe Tel No: [phone]

Website: www.ramblermines.com 

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements".  Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company.  Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis.  Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others.  However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.  Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations.  Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection.  Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.  The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

 

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