Drilling Report

Rambler Metals & Mining PLC
24 January 2006

Press Release

24th January 2006


Rambler Provides Update on Stage I Drilling Results and Lays Out Stage II Plans

The Company is pleased to report that Stage 2 of its drilling program has
commenced at the Rambler Project near Baie Verte, in the Province of
Newfoundland and Labrador, Canada.  The Stage 2 program will use the Devico
drilling system to provide detailed directional drilling of the copper-gold rich
massive sulphide Ming Horizon and the copper-rich Ming Footwall Zone.  The
widely spaced holes completed during the Stage 1 program are being used as pilot
holes from which branch holes will be drilled.  Drill hole spacing within the
targeted mineralized zones will be at approximately 165 foot (50 metre) centres.
In addition, a program of underground exploration, which will involve
dewatering of the Ming Mine, is in the planning stage.  This will allow for more
rapid and effective testing of partially delineated mineralized zones and
facilitate evaluation of unmined copper-gold mineralization and exploration
targets adjacent to mine workings.

Stage 1 Program Completed

The Stage 1 program involved widely spaced holes designed to trace the
down-plunge continuations of the Ming Horizon and the Ming Footwall Zone beyond
a former property boundary.  A total of 45,141 feet (13,759.3 metres) of surface
drilling has now been completed. Maps showing the location of all holes
completed to date including the pierce points of both the Ming Horizon and the
Ming Footwall Zone and a summary table of results can be found at
www.ramblermines.com.

Holes RM.04-03, RM.04-04, RM.05-08 and RM.05-09 all intersected potentially
economic mineralization in the Ming Footwall Zone.  The Ming Footwall Zone is a
thick plunging body of stringer mineralization, which is cut by substantial
bodies of unmineralized gabbro.  It was intersected over an approximately 2300
foot (700 metre) plunge length from underground drill stations by the operator
of the Ming Mine (1971 - 1982).  Testing of the zone further down-plunge by the
mine operator was limited by its property boundary.  Rambler currently controls
a consolidated land position including the area of down plunge potential and
with its Stage 1 drilling program has extended the interpreted plunge length an
additional 1650 feet (500 metres).

Hole RM.05-11 intersected a new zone of Ming-style massive sulphide
mineralization at a position where Ming Footwall Zone stringer mineralization
had been anticipated.  This new 'Deep Massive Zone' assayed 2.53% Cu and 1.67 g/
T Au over a core length of 18.17 feet (5.54m).

Highlight intercepts from the Ming Footwall Zone include:

 Hole                Length (feet)      Length (metres)      % Cu
 RM.04-03            39.83              12.12                2.32
                     72.51              22.10                2.26

 RM.04-04            53.02              16.16                1.73
                     24.15              7.36                 1.96
                     21.59              6.58                 1.77
                     94.23              28.72                1.41

 RM.05-08            52.49              16.00                1.37
                     42.98              13.10                1.13
                     51.18              15.60                1.72
 including           18.04              5.50                 2.74

 RM.05-09            23.29              7.10                 1.60
                     20.67              6.30                 1.20

 RM.05-11            18.17              5.54                 2.53


Holes which have identified the down plunge extensions of the Ming Horizon are
RM.03-02, RM.04-08, RM.05-11 and RM.05-15.  All historical Ming Mine production
was from the Ming Horizon massive sulphide mineralization.  Highlight intercepts
to date are as follows:


Hole              Length (feet)     Length (metres)   % Cu        Grams/Tonne Au
RM.03-02          13.45             4.10              3.0%        2.8

RM.05-08          1.38              0.42              1.63        13.5
                  19.5              5.94              1.70        7.3
including         2.69              0.82              6.57        40.0

RM.05-15          10.50             3.20              3.70        0.8


Stage 2 Program Commenced

The Stage 2 directional drilling program has been designed to reduce the drill
hole spacing within the currently identified zones of copper-gold mineralization
to approximately 165 foot (50 metre) centres.  Up to 30 holes will be drilled
from the existing bore holes.  Drill rigs are currently set up on holes RM.04-04
and RM.05-08 and subsequent drilling will also be conducted from RM.04-03.
Holes RM.05-05 and RM.05-12 will also be used as platforms for directional
drilling.  Both of these, while drilled outside of the limits of mineralization,
have indicated significant off-hole conductivity suggesting that they narrowly
missed the mineralized zones.  Some holes intersected post mineralization
intrusive rocks at the target depths.

A map showing the planned locations of Stage 2 drilling pierce points is also
available at www.ramblermines.com.

Dewatering / Underground Program

The Company is also continuing with its evaluation of the potential dewatering
of the Ming Mine in order to facilitate underground exploration drilling and to
evaluate several zones of mineralization that were identified by the historic
mine operator.  An existing shaft which extends to 2087 feet (636 metres) can be
utilized for the dewatering program.

Preliminary planning and engineering studies for the dewatering program are
advancing and suggest that 4 months would be required to complete to the point
that first drill stations could be established on the 700 level.  The permitting
process for the program has also been initiated.  The Rambler Board will make a
final decision on whether or not to proceed once all required data is assembled
and evaluated.

Several targets exist that can be best evaluated from within the mine workings.
In particular, an exploration drift that was cut to the northwest from the 1800
level of the mine encountered a high-grade gold zone along the immediate margin
of the Ming Mine workings before continuing on to intersect high grade copper
mineralization.

The high-grade gold zone is described as hosting spectacular occurrences of
native gold on the 1800 level.  An historic drill intercept that also tested the
immediate northwest margin of the Ming Deposit from the 700 level reportedly
returned 31.0 g/T gold over 7 feet (2.13 metres).  Sampling in an exploration
drift located down-plunge on the 2100 level returned 17.1 g/T gold over 8.86
feet (2.70 metres).

The 1807 copper zone was also discovered from the 1800 level exploration drift
and contains a historically-estimated resource (non 43-101 compliant) of 55,000
tons of 6.5% copper on the operator's side of the then adjacent property
boundary.  The consolidated land position now allows the testing of potential
down-plunge extensions of this zone.

Finally, the Ming Mine was developed by decline to the 2600 foot level however
mining ceased at the 2200 level.  Historical and non-National Instrument 43-101
compliant estimates compiled by a previous operator suggest that approximately
200,000 tons of massive sulphide grading 3.2% copper and 150,000 tons grading
3.7% copper may remain in these lower developed levels and in pillars
respectively.  Management believes that this mineralization is also best
evaluated from underground.

Altius Resources Inc., the operator of the program for Rambler, is pleased to
acknowledge a contribution in the amount of CDN$100,000 from the Government of
Newfoundland and Labrador under the Junior Company Exploration Assistance
Program.

Chairman's comment

Harry Dobson, Chairman of Rambler, commenting on progress to date at the Rambler
project stated, 'We are pleased with our progress to date and look forward now
to the results of the current drilling phase.  We are working to delineate the
copper and gold mineralized bodies at Rambler in the most cost and time
efficient manner possible. We are progressing well also with our plans to
dewater and reestablish underground infrastructure at the historic operation
with a view to accelerating resource definition and, hopefully, the resumption
of mining operations.  We are also very pleased with the level of community
support and encouragement we are receiving from the entire Baie Verte region and
we look forward to further building on this relationship as next milestones are
achieved.'

Andrew Aylwin, Company Secretary                           Guy Wilkes
Rambler Metals & Mining Plc                                Ocean Equities Ltd
Tel No:  020- 7661-8104                                    Tel No: 020-7786-4370

J.Geoffrey Thurlow, Ph.D., P.Geo., a Director of Altius, is the Qualified Person
responsible for the technical content of this release.  Drill intercepts quoted
are core lengths; true widths are estimated to be 90% to 95% of the intersected
core lengths.  National Instrument 43-101 compliance information regarding
sampling and analytical protocols pertaining to the Rambler Project can be
accessed via the following link: www.ramblermines.com

Resources referred to within this release are not compliant with the
requirements of National Instrument 43-101. Neither Altius nor Rambler have
undertaken an independent investigation of the resource estimates nor
independently analyzed the results of the previous exploration work in order to
verify the classification of these resources.  The historical estimates,
therefore, should not be relied upon.  Nevertheless, Altius and Rambler believe
that these historical estimates provide a conceptual indication of the
exploration potential of the properties.


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