Rambler Metals and Mining PLC Second Quarter Re...

RAMBLER METALS & MINING PLC

TSX VENTURE SYMBOL:  RAB
AIM SYMBOL:  RMM

March 22, 2012

Rambler Metals and Mining PLC Second Quarter Results 2012 & Operational Highlights

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 22, 2012) - Rambler Metals and Mining PLC
(TSX VENTURE:RAB)(AIM:RMM) ("Rambler" or the "Company") today is pleased to report its financial results and operational
highlights for the three months ended 31 January 2012. Over the quarter, the Company successfully moved into production,
producing gold during the commissioning and testing of 1806 zone ores, at its 100% 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 CAD$1,662/oz

--  Gold recoveries of nearly 91% 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 6 year mine life, at international
    market rates

--  Draw down of the second installment of CAD$2.5 million from the $10.0
    million credit facility issued by Sprott Resource Lending Partnership.
    The remaining CAD$2.5 million is available until August 2012

Financial Highlights (All expressed in CAD$)

--  Revenue: $2.5 million in Q2 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 Q2; all revenues offset against mineral property expenditures;
    (Q2 2011: $1.2 million realized on the Group's Tilt Cove satellite
    deposit)

--  Net loss: $1,039,000 in Q2 (Q1 2012: $845,000 / Q2 2011: $555,000)
    including a Foreign Exchange loss of $267,000 resulting from the
    strengthening of the USD relative to CAD on the translation of the USD
    gold loan

--  Cash flows utilized in operating activities: $530,000 in Q2/12 compared
    to $1,284,000 generated from operating activities in Q1/12 (Q2 2011:cash
    flows utilized of $979,000)

--  Cash resources as at January 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

Post-period highlights

--  On February 8, 2012 the Group announced the purchase of Ming Mine's 2%
    net smelter royalty held by Philippine Metals Inc., formerly Meridian
    Mining Corporation, for CAD$600,000 to bring the net smelter royalty
    down to 2.5% from 4.5%

--  On February 15, 2012 the Group acquired a 17% 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 ('Tinma') 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% of the issued share capital

--  On March 15, 2012 the Group announced a favorable 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 CEO, 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% 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."

ABOUT RAMBLER METALS AND MINING

Rambler Metals and Mining plc is a Junior Mining Company that has 100% ownership of the Ming Copper-Gold Mine in Baie
Verte, Newfoundland and Labrador, Canada. As a producing gold and copper miner, our objective is to become a mid-tier
mining company by continuing the development of the Ming Mine, discovering new deposits and through mergers and
acquisitions.

The initial six years of the Ming Mine project is based on the underground mining of massive sulphides with a mineable
reserve estimate of 1.498 million ore tonnes grading 1.62% copper, 2.40 g/t gold and 10.90 g/t silver (24,252 tonnes of
copper, 115,549 ounces of gold and 525,139 ounces of silver of contained metal). All massive sulphide zones remain open
both up and down plunge with the current exploration program focused on extending the known mineralization for inclusion
in the resource/reserve estimate.

In addition to the outlined reserve estimate there is a sizeable footwall deposit, beneath the massive sulphide horizon,
that has been outlined with an indicated resource grade of 18,306k tonnes grading 1.43% copper (261,258 tonnes of
contained copper at a 1.00% copper cut-off grade). This zone forms the basis of the preliminary economic assessment,
recently completed by the Company, which envisions the Ming Mine transitioning itself into a bulk tonnage mining
operation. For further information on the Ming Mine project, please refer to the Company's NI 43-101 compliant technical
reports, available under the Company's profile on SEDAR (www.sedar.com).

Over the coming months and years, as the Company seeks to optimize the Ming Mine project into cash positive position, it
is expected that future expansion into the footwall zone will be formalized with the goal of maximizing returns for
shareholders and increasing the life of mine.

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 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 is expressed in good faith and believed
to have a reasonable basis. 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
securities law.

Management's Discussion & Analysis ('MD&A')

For the Quarter Ended January 31, 2012

----------------------------------------------------------------------------
This MD&A, including appendices, is intended to help the reader understand
Rambler Metals and Mining plc ('the parent company') and its subsidiaries
(the 'Group' or 'Rambler'), our operations and our present business
environment. It has been prepared as of March 22, 2012 and covers the
results of operations for the quarter ended January 31, 2012. This
discussion should be read in conjunction with the audited Financial
Statements for the year ended July 31, 2011 and notes thereto.  These
consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") and their
interpretations adopted by the International Accounting Standards Board
("IASB"), as adopted by the European Union and with IFRS and their
interpretations adopted by the IASB.  The presentation currency is Canadian
dollars. These statements together with the following MD&A are intended to
provide investors with a reasonable basis for assessing the potential future
performance.
----------------------------------------------------------------------------

                        Rambler Metals and Mining plc
                                Salatin House
                                19 Cedar Road
                                   Sutton
                                   Surrey
                                   SM2 5DA

CONTENTS
GROUP OVERVIEW                                                             2
HIGHLIGHTS OF THE SECOND QUARTER                                           3
FINANCIAL RESULTS                                                          5
HEALTH AND SAFETY                                                          6
OUTLOOK                                                                    6
CAPITAL PROJECTS UPDATE                                                    7
FINANCIAL REVIEW                                                          10
SUMMARY OF QUARTERLY RESULTS                                              11
LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION                       12
COMMITMENTS AND LOANS                                                     14
SUBSEQUENT EVENTS                                                         16
APPENDIX 1 - LOCATION MAP                                                 17
APPENDIX 2 - SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL
 PERFORMANCE                                                              18
APPENDIX 3 - CRITICAL ACCOUNTING POLICIES AND ESTIMATES                   19
  CHANGES IN ACCOUNTING POLICIES                                          21
APPENDIX 4 - OTHER MATTERS                                                22
  Outstanding Share & Option Data                                         22
  Forward Looking Information                                             22
  Forward Looking Information (continued)                                 23
  Further information                                                     23

GROUP OVERVIEW

The principal activity of the Group is the development, mining and exploration of the Ming Copper-Gold Mine ('Ming
Mine') located on Newfoundland and Labrador's Baie Verte Peninsula. See Appendix 1. On November 28, 2011 the Group was
successful in bringing the mine into production while testing and commissioning with 1806 ores and continues to pour
gold dore on a bi-weekly basis.

The parent Company's Ordinary Shares trade on the London AIM market under the symbol "RMM" and the TSX Venture Exchange
under the symbol "RAB".

The Group has established the following three strategic goals:

1.  Become a profitable copper and gold producer by maximizing the use of
    the Nugget Pond processing facility.
2.  Increase existing Ming Mine resources and reserves through further
    exploration.
3.  Selectively pursue growth opportunities within Atlantic Canada including
    joint ventures, acquisitions, strategic alliances and equity positions.

The Group's directors and management believe that focussing on these priorities will provide a solid foundation for the
Company while providing the best opportunity to build a successful and long term mining company.

HIGHLIGHTS OF THE SECOND QUARTER

During the quarter Management successfully brought the Ming Mine into production, producing gold during the
commissioning and testing of 1806 zone ores. Trucking of gold ore from the mine to the Group's processing facilities at
Nugget Pond began on November 28, 2011 followed by the Company's first gold dore being poured on December 12, 2011.
While milling to date has been through the gold hydrometallurgical facility, during the quarter final construction on
the new copper concentrator was completed and is now ready for 'live' commissioning. This quarter marks a significant
milestone for the business with first commissioning revenues being produced from its 100% owned Ming Copper-Gold Mine.
Rambler Metals and Mining plc is now a step closer to commercial production.

Highlights of the second quarter of the 2012 fiscal year included:

Capital Development and Production

--  Since the start of testing and commissioning of 1806 ores in November
    2011, a total of 4,022 ounces of gold was processed of which 3,563
    ounces were poured and shipped for further refining. The higher than
    projected refined ounces is a result of slightly higher head grade than
    estimated in the 1806 reserve. Through continued testing throughputs
    improved during the period, averaging 600 metric tonnes per day ('mtpd')
    with the highest one day throughput being 695 mtpd. Recovery of gold
    through the plant continued to improve and was nearing 91% by quarter
    end while testing continues to address the lower silver recoveries being
    experienced.

--  With all construction and dry commissioning of the copper concentrator
    complete, the new facility is ready for 'live' ore commissioning once
    the developed tonnes of the 1806 zone are finished being mined and
    milled. At quarter end a total of 38,922 tonnes of the gold rich ore
    were mined with an additional 39,677 tonnes either developed, drilled or
    blasted. Development into the high grade copper 1807 zone is also
    continuing with ore being stock piled when level access is available. Of
    particular importance is the completed development into the Lower
    Footwall Zone which will provide the initial 15,000 tonnes to the
    concentrator once commissioning begins in calendar 2Q 2012.

Financing & Off-take Agreement

--  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 6 year mine life, at international spot
    rates. The agreement includes a provisional payment for concentrates as
    it arrives at the Goodyear's Cove port facility which is of particular
    importance as it will ensure steady cash flow to the Group as soon as
    concentrate production begins in calendar 2Q 2012.

--  Upon the completion of a second site visit from Sprott Resource Lending
    Partnership and execution of the off-take agreement the final tranche of
    CAD$5.0 million was made available on the previously announced Credit
    Facility Agreement of September 29, 2011. On January 30 the Group drew
    down its second installment of CAD$2.5 million from the $10.0 million
    credit facility. The remaining CAD$2.5 million is available until August
    2012. A portion of the funds were used subsequent to the quarter end to
    buyout a 2% royalty encumbrance held on the Ming Mine property (see
    Subsequent Events, page 16).

--  Subsequent to the quarter ended January 31, 2012, completed a non-
    brokered private placing with a strategic partner, Tinma International
    Ltd. ('Tinma'), a wholly-owned subsidiary of a China-based investor, by
    issuing 10,403,980 ordinary shares at a placing price of CAD $0.44 per
    ordinary share for total proceeds of $4.58 million (see Subsequent
    Events, page 16).

Exploration and evaluation

--  Subsequent to the quarter ended January 31, 2012 completed a NI43-101
    preliminary economic assessment to evaluate the profitability of mining
    the Group's Lower Footwall Zone. This assessment evaluated the potential
    for an expansion program to first optimize then transition the Ming Mine
    into a bulk tonnage operation. The results showed positive economics,
    good internal rate of return and significant cash flow in addition to
    numerous areas of opportunities which can only further improve the
    findings in future studies (see Subsequent Events, page 16).

Staffing

--  Coinciding with the start of production, the Nugget Pond facility was
    staffed through the addition of 14 employees to the operating,
    electrical and maintenance fields. Throughout the quarter the mine
    operation continued to fill underground staffing positions as dictated
    by production and development requirements.

--  At quarter end a total of 117 full time employees were employed at the
    Ming Mine.

FINANCIAL RESULTS

--  Revenue

    --  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. Of
        the 3,563 ounces shipped, 1,459 ounces were physically sold
        (settled) under the Group's refining agreement at an average price
        of CAD$1,662 resulting in $2.5 million in revenue during the
        quarter. The remaining 2,104 ounces were settled subsequent to the
        quarter end at an average price of CAD$1,710 yielding gross revenue
        of $3.6 million. Revenues realized during the testing and
        commissioning of the Ming Mine are credited to Mineral Property
        until commercial production is achieved.

--  Loss

    --  The net loss for the quarter ended January 31, 2012 was $1,039,000
        including an exchange loss of $267,000 or $0.008 per share compared
        to a net loss of $845,000 for Q1/12 and a net loss of $555,000 for
        Q2/11. The exchange differences arise on the period end translation
        of the USD Gold Loan. Exchange losses experienced through the first
        two quarters of fiscal 2012 were $988,000 and relate to the
        weakening of the Canadian Dollar against the US dollar. Q2/12 net
        loss increased as no profit was realized from the Group's Tilt Cove
        satellite deposit during the quarter and the project is now
        suspended pending further economic evaluation.

--  Cash flow and cash resources

    --  Cash flows utilized in operating activities were $530,000 in Q2/12
        compared to $1,284,000 generated from operating activities in Q1/12
        and cash flows utilized of $979,000 in Q2/11. The increase in the
        cash utilized is due to the cessation of ore processing from the
        Group's Tilt Cove satellite deposit and changes in working capital.

    --  Cash resources (including short-term investments) as at January 31,
        2012 were $4.0 million and as of March 22, 2012 had increased to
        $7.1 million. A further $2.5 million is available under the Group's
        Credit Facility Agreement.

HEALTH AND SAFETY

--  The Group completed the quarter with no lost time accidents and 3
    medical aid injuries. No time was lost as all injured employees were
    handled through Rambler's Return to Work Program.

--  The Health and Safety of the Group's employees continues to be a high
    priority with prevention and hazard recognition being key components of
    the Group's strategy.

OUTLOOK

Management continue to pursue the following objectives:

--  Move the Ming Mine into commercial production before the end of fiscal
    year 2012.

--  Continue mining and milling the exposed 1806 workplaces for the
    continued generation of revenues from the Ming Mine. Additional
    development focus has been put into preparing the high grade 1807 for
    processing during calendar 2Q 2012. This new development has permitted
    further exploration both up-dip and down-dip for inclusion in future
    resource and reserve estimates.

--  Optimize the mining and processing of ores from the Ming Mine in
    addition to continue to evaluate a possible future expansion into the
    Lower Footwall Zone.

--  Become a strategic long term low-cost producer on the Baie Verte
    Peninsula, and throughout Atlantic Canada, by selectively pursuing
    growth opportunities including joint ventures and acquisitions,
    including the Group's investment in Maritime Resources Corp subsequent
    to quarter end (see Subsequent Events, page 16).

See 'Forward Looking Information' for a description of the factors that may cause actual results to differ from
forecast.

CAPITAL PROJECTS UPDATE

During the quarter the Group incurred $7,059,000 on Mineral Property offset by revenue of $2,479,000 from gold
production, $3,992,000 on property, plant and equipment and $38,000 on exploration and evaluation of the Ming Mine.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Mineral Property (capital development)           Q2/12      Q1/12      Q2/11
----------------------------------------------------------------------------
                                                 $,000      $,000      $,000
----------------------------------------------------------------------------
Labour costs                                     2,031      1,789        923
----------------------------------------------------------------------------
Contractors' and consultancy expenses               88        143      1,085
----------------------------------------------------------------------------
General materials and other costs                  250        271        289
----------------------------------------------------------------------------
Surface development                                171         64        117
----------------------------------------------------------------------------
Underground development                          1,666      1,121      1,141
----------------------------------------------------------------------------
Royalties                                           57          -          -
----------------------------------------------------------------------------
Processing and ore transportation                1,223          -          -
--------------------------------------------================================
Sub-total                                        5,486      3,388      3,555
----------------------------------------------------------------------------
Finance costs                                    1,408        630        220
----------------------------------------------------------------------------
Depreciation                                     1,056        914        386
----------------------------------------------------------------------------
Reclamation and closure provision                   23        (98)        51
--------------------------------------------================================
Total                                            7,059      4,834      4,212
----------------------------------------------------------------------------
Revenue recognized from gold production         (2,479)         -          -
--------------------------------------------================================
Net                                              5,494      4,834      4,212
--------------------------------------------================================

Mineral property costs increased in Q2/12 compared to Q1/12 in line with an increase in underground capital development
and the start of production. Labour and underground development costs increased over the comparable quarters in line
with the hiring of an additional 19 full time employees and the commencement of production which also resulted in the
Group's first processing and ore handling and royalty expenditures. Finance costs increased in Q2/12 when compared to
Q1/12 due to the timing of planned production and the market price of gold increasing the interest charges on the Gold
Loan liability. Increased costs in Q2/12 compared to Q2/11 relate to the ramp up in development following the decision
to bring the Ming Mine back into production in Q1/11. Prior to the mine being considered substantially complete and
ready for its intended use, all direct operating costs, including costs associated with stockpile ores, are capitalized
within mineral property and offset by revenues generated from ongoing production.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Mineral Property (capital development of by       Q2/12      Q1/12     Q2/11
 area, before finance cost, depreciation and
 reclamation)
----------------------------------------------------------------------------
                                                  $,000      $,000     $,000
----------------------------------------------------------------------------
Surface                                             997        623       265
----------------------------------------------------------------------------
1806 ore zone                                     1,440        695         8
----------------------------------------------------------------------------
1807 ore zone                                       212         15       827
----------------------------------------------------------------------------
Lower Footwall ore zone                             103        168         -
----------------------------------------------------------------------------
Ramp improvements & ongoing maintenance           1,288      1,403       667
----------------------------------------------------------------------------
Shaft manway rehab                                    8         20     1,400
----------------------------------------------------------------------------
Administrative                                      427        452       388
----------------------------------------------------------------------------
Port site                                            96         12         -
----------------------------------------------------------------------------
Nugget Pond Mill                                    914          -         -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                                             5,486      3,388     3,555
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Surface related costs increased in Q2/12 compared to Q2/11 mainly due to the ore transportation of 1806 ores to the
Nugget Pond Mill. Increased costs experienced on the 1806 ore zone in line with continue development and the Group's
first production mining. 1807 ore zone expenditures increased in Q2/12 compared to Q1/12 in preparation of developing
the next stopes for production upon the completion of 1806 ores. Lower Footwall ore zone expenditures in Q2/12 relate to
ongoing development aimed at accessing ores for the commissioning of the Group's copper concentrator.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Property, plant and equipment                     Q2/12      Q1/12     Q2/11
----------------------------------------------------------------------------
                                                  $,000      $,000     $,000
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Mill purchase and construction                    1,671      4,160     4,536
----------------------------------------------------------------------------
Plant and equipment                               2,089         72     3,790
----------------------------------------------------------------------------
Buildings                                           152        510       674
----------------------------------------------------------------------------
Other assets                                         80         91        17
--------------------------------------------================================
Total                                             3,992      4,833     9,017
--------------------------------------------================================

Mill purchase and construction reduced during Q2/12 compared to Q1/12 reflecting the substantial completion of the
copper concentrator. Plant and equipment increased Q2/12 compared to Q1/12 due to the capital lease acquisition of a
further scoop tram and mine truck. Buildings reduced in Q2/12 compared to Q1/12 reflecting the addition of the
Goodyear's Cove Storage facility during Q1/12.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Exploration and evaluation costs (Ming Mine)      Q2/12      Q1/12     Q2/11
----------------------------------------------------------------------------
                                                  $,000      $,000     $,000
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Labour costs                                          -          -         1
----------------------------------------------------------------------------
Consultancy expenses                                248         38        14
----------------------------------------------------------------------------
Operating costs                                       -          -         1
--------------------------------------------================================
Total                                               248         38        16
--------------------------------------------================================

Following the completion of the Ming Mine feasibility study, the Ming Mine project moved from pure Exploration &
Evaluation into the Mine Development stage. Exploration expenditures incurred during Q2/12 related to the ongoing
preliminary economic assessment of the Lower Footwall Zone of the Ming Mine.

FINANCIAL REVIEW

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Q2/12      Commentary                               Comparatives
 Results
 ($000's)

                                           Q1/12  B/(W)(i)    Q2/11    B/(W)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
-          Revenue in Q1/12 was            1,219         -      266        -
            generated through gold
            sales from the Group's Tilt
            Cove East Mine and the
            further refining of slag
            materials from the Nugget
            Pond Crown Pillar satellite
            deposits. Revenue in Q2/11
            was from toll processing
            agreements. Revenues
            realized in Q2/12 during
            the testing and
            commissioning of the Ming
            Mine have been credited
            against Mineral Property
            and will continue until
            commercial production is
            achieved (see 'Ming Mine
            Revenue' below).
----------------------------------------------------------------------------
-          Operating Costs in Q1/12          674         -      198        -
            related to processing,
            mining, royalty and general
            and administrative costs
            associated with the Group's
            Tilt Cove East satellite
            deposit completed in August
            2011. Q2/11 costs were
            incurred from a toll
            processing agreement.
----------------------------------------------------------------------------
783        General and administrative        694     (13)%      698    (12)%
            expenses were higher than
            the previous quarter by
            $89,000. Legal and
            professional charges
            increased by $65,000
            related to tax consultancy.
            Investor relations, travel
            and entertaining costs
            increased by $35,000 as a
            result of the focus on
            bringing the Ming Mine into
            production.

           In comparison to Q2/11
            administrative expenses
            increased by $85,000
            including $50,000 for
            security and maintenance
            due to the addition of
            security personnel at the
            mine site and the move to
            the new office and dry
            facility.
----------------------------------------------------------------------------
(267)      Foreign exchange                (721)     (63)%       81   (430)%
            (losses)/gains arising on
            the Gold Loan continued in
            Q2/12 as a result of the
            weakening of the Canadian
            dollar against the US
            dollar during the quarter.
----------------------------------------------------------------------------
5,494      Mineral Properties. The         4,834     (13)%    4,212    (30)%
            group incurred costs of
            $7.1 million in the quarter
            offset by revenue on gold
            production of $2.5 million
            (see further below). The
            cost including labour costs
            of $2.0 million, contractor
            and material costs of $0.4
            million, underground
            development costs of $1.7
            million depreciation of
            $1.0 million and finance
            costs of $1.4 million.
            Finance costs include
            actual cash cost of $0.2
            million relating to
            interest on the group's
            Credit Facility and
            equipment capital leases.
            Q2/12 mineral properties
            increased compared to Q1/12
            due to construction timing
            of mine site works and were
            higher when compared to
            Q2/11 due to the initial
            ramp up commencing part way
            through Q1/11.

           Ming Mine Revenue of $2.5
            million was realized in
            Q2/12 on the sale and
            settlement of 1,459 ounces
            of gold with the Group's
            third party refinery.
            Revenues realized during
            the testing and
            commissioning of the Ming
            Mine have been credited
            against Mineral Property
            and will continue until
            commercial production is
            achieved.
----------------------------------------------------------------------------
3,992      Capital spending on             4,833       17%    9,017      56%
            property, plant and
            equipment decreased during
            the quarter compared to
            Q1/12 reflecting the
            substantial completion of
            the copper concentrator at
            the Nugget Pond processing
            facility offset by the
            acquisition of a scoop tram
            and mine truck for the
            underground fleet.

           The decrease from Q2/11 is
            due to the reasons outlined
            above and the overall
            movement from capital
            development into
            production.
----------------------------------------------------------------------------
248        Capital spending on                38    (553)%       16  (1450)%
            exploration and evaluation
            costs increased in Q2/12
            compared to Q1/12
            representing a full quarter
            of consultancy expenditure
            for the ongoing preliminary
            economic assessment of the
            Lower Footwall Zone of the
            Ming Mine.
----------------------------------------------------------------------------
(i)B/(W) = Better/(Worse)

SUMMARY OF QUARTERLY RESULTS

The quarterly results for the Group for the last eight fiscal quarters are set out in the following table.

---------------------------------------------------------------------------
Quarterly Results
(All amounts in 000s of Canadian
 Dollars, except Loss per share            4th      3rd      2nd      1st
 figures)                               Quarter  Quarter  Quarter  Quarter
---------------------------------------------------------------------------
Fiscal 2012
Revenue                                                      -(i)    1,219
Net Income/(loss)                                          (1,039)    (845)
Loss per Share (Basic & Diluted)                           (0.008)  (0.007)
---------------------------------------------------------------------------
Fiscal 2011
Revenue                                   2,089      183      266      985
Net Income/(loss)                           577      193     (555)    (268)
Earnings/(loss) per Share (Basic &
 Diluted)                                 0.008    0.002   (0.006)  (0.003)
---------------------------------------------------------------------------
Fiscal 2010
Revenue                                       -        -
Net Income/(loss)                          (676)    (644)
Loss per Share (Basic & Diluted)         (0.008)  (0.008)
---------------------------------------------------------------------------
(i)gold sales resulting from the testing and commissioning of the Ming Mine
are credited to Mineral Properties until commercial production is achieved

Losses in the fourth quarter of 2010 increased as a result of an unrealised exchange loss offset by reductions in legal
and professional charges and staff costs. Losses in the first quarter of 2011 reduced as a result of revenue from toll
processing and rose again in the second quarter of 2011 following the completion of a toll processing agreement in
November 2010. The profit arising in Q3 2011 included an exchange gain of $0.8 million arising on the retranslation of
the Gold Loan following the weakening of the US Dollar against the Canadian Dollar during the quarter. The profit
arising in Q4 2011 arose from the profits realised on the sale of gold from the Group's satellite deposits. Losses
increased in Q1/12 and further increased in Q2/12 as a result of an exchange loss of $0.7 million and $0.30 million
respectively and reduced sales activity due to the processing of the Group's satellite deposits completed in Q1/12.

LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION

To date the Group has relied on private placement financings of equity securities, a Gold Loan facility, capital leases
and a credit facility (see 'Commitments and Loans' section) to finance its development requirements. Positive cash flows
are expected to continue after production at the Ming Mine commences; however, there is no guarantee that expenses will
not exceed income particularly during the start-up phase. If this is the case, the liquidity risk could be material,
even with current cash resources.

The Group's holding of cash balances is kept under constant review. Given the current climate, the Group has taken a
very risk averse approach to management of cash resources and Management and Directors monitor events and associated
risks on a continuous basis. Cash and short-term investment resources (cash, cash equivalents and short-term
investments) were as follows:

----------------------------------------------------------------------------
Resource                                January 31, 2012       July 31, 2011
                                                   $'000               $'000
----------------------------------------------------------------------------
Cash $CDN                                          3,411               8,661
----------------------------------------------------------------------------
Cash $US                                              62                 770
----------------------------------------------------------------------------
Cash GBP                                              28                  47
----------------------------------------------------------------------------
Short-term Investments $CDN                            -                  25
----------------------------------------------------------------------------
Short-term Investments GBP                           473                 667
----------------------------------------------------------------------------
Total                                              3,974              10,170
----------------------------------------------------------------------------

Sales of gold and copper are likely to be made in US dollars and the majority of the Group's expenses are incurred in
Canadian dollars. The Group's principal exchange rate risk relates to movements between the Canadian and US dollar. The
Gold Loan is repayable in US dollars from future sales of gold mitigating the exchange risk. Management will closely
monitor exchange fluctuation and consider the use of forward exchange contracts as required.

Interest rates on the capital leases and short term borrowings are fixed eliminating interest rate risk.

Net proceeds from financing activities during the quarter amounted to $1.2 million from receipts from a credit facility
of $2.4 million net of financing fees offset by finance lease repayments of $0.4 million and repayments of the gold loan
of $0.8 million.

Cash flows used in investing activities amounted to $5.0 million for the quarter. Investments included $5.1 million in
mine development less $2.5 million proceeds received from the sale of gold, $1.7 million on the Nugget Pond Mill and
$0.4 million on property, plant and equipment. The group is required to hold a Letter of Credit in favour of the
Government of Newfoundland and Labrador in respect of the reclamation and closure liability at the existing Nugget Pond
Mill and Ming Mine. At quarter end the Group holds bearer deposit notes totalling $3.26 million.

The Group's ability to continue as a going concern, and the recoverability of its mineral properties, is dependent on
copper and gold prices, its ability to fund its development and exploration programs, and to manage and generate
positive cash flows from current operations. To ensure sufficient working capital management has secured CAD$4.5 million
through a non-brokered private placement (see note 12). Through the use of these placement funds, continued production
during the commissioning phase and the unused credit facility balance of CAD $2.5 million management is satisfied that
the Group has sufficient working capital for the forthcoming 12 months. However, there are risks associated with the
commencement of a new mining and processing operation which may give rise to the possibility that additional working
capital may be required to fund delays in commissioning the copper concentrator and continued mine development. Should
additional working capital be required, the Directors consider that further sources of finance could be secured in the
required timescale. On this basis, the Directors have concluded that the Group is a going concern; however, there is no
certainty that these funds will be forthcoming. 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.

At March 22, 2012 the Group has $7.1 million in cash and cash equivalents.

Financial Instruments

The Group's financial instruments as at January 31, 2012 comprised of financial assets of cash and cash equivalents and
trade and other receivables and financial liabilities comprised of trade payables; other payables; accrued expenses and
interest bearing loans and borrowings.

All of the Group's financial liabilities are measured at amortised cost.

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 currency
risk, liquidity risk, credit risk, interest rate risk and commodity price risk each of which is discussed in note 11 of
the consolidated financial information for the quarter ended January 31, 2012. There were no derivative instruments
outstanding at January 31, 2012.

COMMITMENTS AND LOANS

At January 31, 2012, a capital commitment made to a third party included:

----------------------------------------------------------------------------

                Capital Commitment                                      $000
----------------------------------------------------------------------------
Property, Plant and Equipment                                            795
----------------------------------------------------------------------------
TOTAL                                                                    795
----------------------------------------------------------------------------

This commitment will be financed through a capital lease financing agreement.

Gold Loan

In March 2010, the Group entered into an agreement ("Gold Loan") with Sandstorm to sell a portion of the life-of-mine
gold production from its Ming Mine. Under the terms of the agreement Sandstorm made staged upfront cash payments for the
gold to the Group totalling US$20 million.

For this, the Group has agreed to sell 32% of the payable gold in the first year of production. In each production year
following the first year of production, until 175,000oz of payable gold has been produced, the Group has agreed to sell
a percentage equal to 25% x (85% divided by the actual percentage of metallurgical recovery of gold realized in the
immediately preceding production year) provided that, if the payable gold production in any production year after the
third production year is less than 15,000 ounces, then in each such production year, Sandstorm payable gold shall not be
less than 25% of the payable gold. In each production year following the first year of production, after 175,000oz of
payable gold has been produced, the Group has agreed to sell a percentage equal to 12% x (85% divided by the actual
percentage of metallurgical recovery of gold realized in the immediately preceding production year) provided that, if
the payable gold production in any production year after the third production year is less than 15,000 ounces, then in
each such production year, Sandstorm payable gold shall not be less than 12% of the payable gold for the remainder of
the period ending 40 years after the date of the agreement. After the expiry of the 40 year term, the agreement is
renewable in 10 year terms at the option of Sandstorm.

The remaining circumstances in which the Gold Loan may be repaid earlier than by the delivery of payable gold are as
follows:

i.  If within 24 months of the date that gold is first produced (November
    28, 2011), the Ming Mine has not produced and sold a minimum of 24,000oz
    of payable gold then a portion of the US$20 million will be repayable
    based on the shortfall of payable gold, and/or;

ii. Within the first 36 months of commercial production of gold any
    shortfall in the value of payable gold below the following amounts will
    be required to be paid in cash:

    --  within the first 12 months - US$3.6 million
    --  within the second 12 months - US$3.6 million
    --  within the third 12 months - US$3.1 million

Credit Facility

On September 29, 2011 the Group agreed a Credit Facility of up to CAD$10 million with Sprott Resource Lending
Partnership ('Sprott') for use as additional funding for the development of the Ming Mine. Subsequent to amending the
agreement in December 2011 the facility is available in three instalments; the first instalment of $5 million was drawn
on October 29, 2011, the second instalment of $2.5 million was drawn on January 30, 2012 and the final instalment for
the balance up to $10 million is available until August 31, 2012 Interest will accrue at a fixed rate of 9.25% per
annum, principle repayable by March 29, 2013 and secured by a fixed and floating charge over the assets of the Group. In
connection with the Credit Facility, a Structuring Fee of CAD$100,000 and a 3% Commitment Fee of CAD$300,000 were paid
to Sprott in cash. Pursuant to the terms of the Credit Facility, the Company issued CAD$300,000 of ordinary shares of 1p
each in the capital of the Company to Sprott in exchange for the repayment of the previously paid cash Commitment Fee.
In addition, a further 4% Drawdown Fee on all amounts drawn under the Credit Facility is to be satisfied by the issue of
ordinary shares by the Company.

Loan and lease balances

At January 31, 2012, interest bearing loans and borrowings comprised a Gold Loan of $21,745,000, finance lease
commitments of $7,827,000, a credit facility of $6,497,000 and a bank loan of $27,000. The Group entered into finance
lease commitments of $1,646,000 to finance the acquisition of a scoop tram and mine truck in the quarter.

SUBSEQUENT EVENTS

On February 8, 2012 the Group announced the purchase of Ming Mine's 2% net smelter royalty held by Philippine Metals
Inc., formerly Meridian Mining Corporation, for CAD$600,000. Before the buyout the mine had a 4.5% combined net smelter
royalty held by four separate groups. Arrangements are also being considered to buyout a further 1% net smelter royalty
for CAD$500,000. Following the buyout of the 1% net smelter royalty the Ming Mine's net smelter royalty will be 1.5%.

On February 15, 2012 the Group completed an acquisition of 4,500,000 shares of Maritime Resources Corp (TSX VENTURE:MAE)
('Maritime') through a non-brokered private transaction priced at $0.23 per share for a total consideration of
$1,035,000. The acquisition gives Rambler a 17% equity stake and an invite to appoint a representative to join
Maritime's Board of Directors. Maritime continues to advance the Green Bay portfolio of properties, specifically the
Hammerdown mine, and the Orion and Lochinvar deposits.

On March 6, 2012 Rambler announced that it had accepted an offer from Tinma International Ltd. ('Tinma'), a wholly-owned
subsidiary of a China-based investor, to become a strategic shareholder in Rambler through a non-brokered private
placement by entering into a conditional subscription agreement. Subsequently on March 19, 2012 Rambler announced the
closing of the private placement resulting in the issuance of 10,403,980 ordinary shares to Tinma at a placing price of
CAD $0.44 per ordinary share for total proceeds of $4.58 million. Combined with current holding this placement brings
Tinma's total shareholdings in Rambler to 13,388,980 ordinary shares representing approximately 9.9 per cent of the
issued share capital of Rambler, on a post-closing basis.

On March 15, 2012 the Group announced the completion of a preliminary economic assessment ('PEA') to include the Lower
Footwall Zone mineralization in its mine plan. This assessment evaluated the potential for an expansion program at the
Ming Mine to first optimize the current high grade operation followed by a transition into a 20+ year bulk tonnage
operation through a four year ramp-up period increasing the current ore throughput of 630 mtpd to 3,500 mtpd. Numerous
opportunities exist to improve the business case. It is these areas that future optimization and engineering studies
will focus on to ensure that if or when the decision is made to proceed with the expansion, the project will benefit
from the upside of the existing operation. PEA results include: pre-tax Net present value of US$251 million; internal
rate of return of 18%, undiscounted pre-tax cash flow from operations of $861 million and initial capital requirements
of US$231 million.

APPENDIX 1 - LOCATION MAP: http://media3.marketwire.com/docs/LocationMapRamblerMetalsandMining.pdf

APPENDIX 2 - SELECTED FINANCIAL INFORMATION & REVIEW OF OVERALL PERFORMANCE

----------------------------------------------------------------------------

Financial Highlights
(All amounts in 000s of Canadian
 Dollars, except shares and per share
 figures)                                      Three months ended,
                                     ---------------------------------------
                                      January 31,  October 31,  January 31,
                                             2012         2011         2011
----------------------------------------------------------------------------
Gold sales (ounces)                      1,459(i)          695            -
Average price CAD (per ounce)            1,662(i)        1,700            -
----------------------------------------------------------------------------
Revenue                                         -        1,219          266
Operating Expenses                              -         (674)        (198)
Exploration Expenditure                        (6)          (6)         (31)
Administrative expenses                      (783)        (694)        (698)
Net loss                                   (1,039)        (845)        (555)
Cash Flow generated by/used in
 operating activities                        (530)       1,284         (979)
Cash Flow used in investing
 activities                                (4,983)      (7,438)      (8,248)
Cash Flow from financing activities         1,230        4,194        6,585
Net (decrease)/increase in cash            (4,283)      (1,960)      (2,642)
Cash and cash equivalents at end of
 period                                     3,974        8,257        4,865
----------------------------------------------------------------------------
Total Assets                              106,670      102,449       68,909
Total Liabilities                         (46,010)     (40,769)     (22,758)
Working Capital                            (4,005)       4,664        3,324
----------------------------------------------------------------------------
Weighted average number of shares
 outstanding                              123,650      123,361       95,515
Loss per share                             (0.008)      (0.007)      (0.006)
----------------------------------------------------------------------------
(i)gold sales relating to the testing and commissioning of the Ming Mine are
credited to Mineral Properties until commercial production is achieved.

APPENDIX 3 - CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The details of the Group's accounting policies are presented in accordance with International Financial Reporting
Standards as set out in Note 2 to the financial statements. The preparation of financial statements in conformity with
IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the year.

The following estimates are considered by management to be the most critical for investors to understand some of the
processes and reasoning that go into the preparation of the Group's financial statements, providing some insight also to
uncertainties that could impact the Group's financial results.

Going Concern

The Group's ability to continue as a going concern, and the recoverability of its mineral properties, is dependent on
copper and gold prices, its ability to fund its development and exploration programs, and to manage and generate
positive cash flows from current operations. To ensure sufficient working capital management has secured CAD$4.5 million
through a non-brokered private placement (see note 12). Through the use of these placement funds, continued production
during the commissioning phase and the unused credit facility balance of CAD $2.5 million management is satisfied that
the Group has sufficient working capital for the forthcoming 12 months. However, there are risks associated with the
commencement of a new mining and processing operation which may give rise to the possibility that additional working
capital may be required to fund delays in commissioning the copper concentrator and continued mine development. Should
additional working capital be required, the Directors consider that further sources of finance could be secured in the
required timescale. On this basis, the Directors have concluded that the Group is a going concern; however, there is no
certainty that these funds will be forthcoming. 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.

Share-based payments

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. The assumptions used in calculating the cost of share based payments are
explained in note 10 of the financial statements for the period ended January 31, 2012.

Gold Loan

The Group calculates the effective interest rate on the Gold Loan based on estimates of future cash flows arising from
the sale of payable gold (see note 7 to the Unaudited Consolidated Financial Information for the quarter ended January
31, 2012).The cash flows will be dependent on the production of gold and its selling price at the time of delivery which
have been estimated in line with the mine plan, future prices of gold and reserve estimates. Management's estimates of
these factors are subject to risk and uncertainties affecting the amount of the interest charge. Any changes to these
estimates may result in a significantly different interest charge which would affect the carrying value of the
exploration and evaluation costs and the corresponding Gold Loan liability.

Mineral Property and Exploration and Evaluation Costs

The directors have assessed whether there are any indicators of impairment in respect of mineral property and
exploration and evaluation costs. In making this assessment they have considered the Group's business plan which
includes resource estimates, future processing capacity, the forward market and longer term price outlook for copper and
gold. Resource estimates have been based on the most recently filed NI43-101 report and its opportunities economic model
which includes resource estimates and conversion of its inferred resources. Management's estimates of these factors are
subject to risk and uncertainties affecting the recoverability of the Group's mineral property and exploration and
evaluation costs. Any changes to these estimates may result in the recognition of an impairment charge with a
corresponding reduction in the carrying value of such assets. After consideration of the above factors, the directors do
not consider that there are any indicators that mineral property and exploration and evaluation costs are impaired at
the quarter end.

Closure Costs

The Group has an obligation to reclaim its properties after the minerals have been mined from the site, and has
estimated the costs necessary to comply with existing reclamation standards. These estimates are recorded as a liability
at their fair values in the periods in which they occur. If the estimate of reclamation costs proves to be inaccurate,
the Group could be required to increase the provision for site closure and reclamation costs, which would increase the
amount of future reclamation expense, resulting in a reduction in the Group's earnings and net assets.

CHANGES IN ACCOUNTING POLICIES

In the current quarter, new and revised standards which have been adopted have not affected the disclosures presented in
these financial statements.

No standards issued but not yet effective have been adopted early.

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 July 31, 2012:

IFRS/      Title               Nature of change to  Application  Application
Amendment                       accounting policy       date of     date for
                                                       standard        Group
----------------------------------------------------------------------------
Various    Annual Improvements No change to             Various    August 1,
            to IFRSs            accounting policy,                      2012
                                therefore, no
                                impact
----------------------------------------------------------------------------
IFRS 9     Financial           No change to          January 1,    August 1,
            instruments:        accounting policy,         2015         2015
            Classification and  therefore, no
            Measurement         impact
----------------------------------------------------------------------------
IFRS 10    Consolidated        No change to          January 1,   January 1,
            Financial           accounting policy,         2013         2013
            Statements          therefore, no
                                impact
----------------------------------------------------------------------------
IFRS 11    Joint Arrangements  No change to          January 1,   January 1,
                                accounting policy,         2013         2013
                                therefore, no
                                impact
----------------------------------------------------------------------------
IFRS 12    Disclosure of       No change to          January 1,   January 1,
            Interests in Other  accounting policy,         2013         2013
            Entities            therefore, no
                                impact
----------------------------------------------------------------------------
IFRS 13    Fair Value          No change to          January 1,   January 1,
            Measurement         accounting policy,         2013         2013
                                therefore, no
                                impact
----------------------------------------------------------------------------

Management have reviewed the impact of the above standards and interpretations and have concluded that they will not
result in any material changes to reported results.

Details of the main accounting policies of the Group are included in note 2 of the financial statements for the year
ended July 31, 2011

APPENDIX 4 - OTHER MATTERS

Outstanding Share & Option Data

As at the date of this MD&A the following securities are outstanding:

----------------------------------------------------------------------------
Security        Shares issued or Issuable    Weighted Average Exercise Price
----------------------------------------------------------------------------
Common Shares                 135,242,228                                 --
----------------------------------------------------------------------------
Options                      3,797,000(i)                              $0.48
----------------------------------------------------------------------------
              (i)if all options have fully vested

For further assistance Mr. Peter Mercer, Corporate Secretary can be reached directly at [phone] ext. 500 or
[e-mail].

Forward Looking Information

This MD&A contains "forward-looking information" which may include, but is not limited to, statements with respect to
the Group's objectives and strategy, future financial or operating performance of the Group and its projects,
exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration,
requirements for additional capital, government regulation of mining exploration and development, environmental risks,
title disputes or claims and limitations of insurance coverage. All statements, other than statements of historical
fact, are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-
looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonably by
the Company, involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Group to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic,
competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of
economic evaluations; availability and cost of credit; fluctuations in Canadian dollar interest rates; fluctuations in
the relative value of United States dollars, Canadian dollars and British Pounds; changes in planned parameters as plans
continue to be refined; fluctuations in the market and forward prices of copper, gold, silver or certain other
commodities; possible variations of ore grade or recovery rates;
failure of equipment; accidents and other risks of the mining exploration industry; political instability, insurrection
or war; delays in obtaining governmental approvals or financing or in the completion of development or construction
activities, as well as those factors discussed in the section entitled "Risk Factors" in the Report of Directors.
Although the Group has attempted to identify important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may be other factors that cause actions,
events or results to differ from those anticipated, estimated or intended. Unless stated otherwise, forward-looking
statements contained herein are made as of the date of this MD&A. Other than as required by applicable securities law,
the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information,
future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements. All of
the forward-looking statements made in this MD&A are qualified by these cautionary statements. Accordingly, readers
should not place undue reliance on forward-looking statements.

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 & MINING PLC

Unaudited Consolidated Financial Information

For the Quarter Ended 31 January 2012

The accompanying financial information for the quarter ended 31 January 2012 and 31 January 2011 has not been reviewed
or audited by the Group's auditor and has an effective date of 22 March 2012.

Rambler Metals and Mining Plc

Unaudited Consolidated income statement

For the Quarter Ended 31 January 2012
(EXPRESSED IN CANADIAN DOLLARS)

                    Quarter ended Quarter ended    Six months    Six months
                       31 January    31 January      ended 31      ended 31
                             2012          2011  January 2012  January 2011
                            $,000         $,000         $,000         $,000
Revenue                         -           266         1,219         1,251
Cost of sales                   -          (198)         (674)         (809)
                    --------------------------------------------------------
Gross profit                    -            68           545           442

Administrative
 expenses                    (783)         (698)       (1,477)       (1,381)
Exploration expenses           (6)          (31)          (12)          (59)
                    --------------------------------------------------------
Operating loss               (789)         (661)         (944)         (998)
                    --------------------------------------------------------

Bank interest
 receivable                    20            14            53            32
Finance costs                  (3)          (18)           (5)          (31)
Foreign exchange
 differences                 (267)           81          (988)          145
                    --------------------------------------------------------
Net financing
 (expense) income            (250)           77          (940)          146
                    --------------------------------------------------------

Loss before tax            (1,039)         (584)       (1,884)         (852)

Income tax credit               -            29             -            29
                    --------------------------------------------------------
Loss for the period
 and attributable to
 owners of the
 parent                    (1,039)         (555)       (1,884)         (823)
                    --------------------------------------------------------
                    --------------------------------------------------------

Loss per share
                    Quarter ended Quarter ended    Six months    Six months
                       31 January    31 January      ended 31      ended 31
                             2012          2011  January 2012  January 2011
                                $             $             $             $

Basic and diluted
 loss per share            (0.008)       (0.006)       (0.015)       (0.009)
                    --------------------------------------------------------

Rambler Metals and Mining Plc

Unaudited Consolidated statement of comprehensive income

For the Quarter Ended 31 January 2012
(EXPRESSED IN CANADIAN DOLLARS)

                    Quarter ended Quarter ended    Six months    Six months
                       31 January    31 January      ended 31      ended 31
                             2012          2011  January 2012  January 2011
                            $,000         $,000         $,000         $,000

Loss for the period        (1,039)         (555)       (1,884)         (823)
                    --------------------------------------------------------

Exchange differences
 on translation of
 foreign operations
 (net of tax)                  (2)          (10)           10            (6)
                    --------------------------------------------------------
Other comprehensive
 income for the
 period                        (2)          (10)           10            (6)
                    --------------------------------------------------------

                    --------------------------------------------------------
Total comprehensive
 loss for the period
 and attributable to
 the owners of the
 parent                    (1,041)         (565)       (1,874)         (829)
                    --------------------------------------------------------
                    --------------------------------------------------------

Rambler Metals and Mining Plc

Consolidated balance sheet

As at 31 January 2012
(EXPRESSED IN CANADIAN DOLLARS)

                                     Note         Unaudited         Audited
                                            31 January 2012    31 July 2011
                                                      $,000           $,000
Assets
  Intangible assets                     3            16,913          16,627
  Mineral properties                    4            48,796          38,468
  Property, plant and equipment         5            32,063          25,332
                                         -----------------------------------
Total non-current assets                             97,772          80,427
                                         -----------------------------------

  Inventory                             6               894             934
  Trade and other receivables                           625           1,565
  Cash and cash equivalents                           3,974          10,170
  Restricted cash                                     3,405           3,377
                                         -----------------------------------
Total current assets                                  8,898          16,046
                                         -----------------------------------
Total assets                                        106,670          96,473
                                         -----------------------------------
                                         -----------------------------------

Equity
  Issued capital                                      2,317           2,299
  Share premium                                      66,420          65,934
  Merger reserve                                        214             214
  Translation reserve                                   145             135
  Accumulated losses                                 (8,436)         (6,604)
                                         -----------------------------------
Total equity                                         60,660          61,978
                                         -----------------------------------

Liabilities
  Interest-bearing loans and
   borrowings                           7            31,535          24,606
  Provision                             8             1,572           1,647
                                         -----------------------------------
Total non-current liabilities                        33,107          26,253
                                         -----------------------------------

  Interest-bearing loans and
   borrowings                           7             4,561           2,282
  Trade and other payables                            8,342           5,960
                                         -----------------------------------
Total current liabilities                            12,903           8,242
                                         -----------------------------------
Total liabilities                                    46,010          34,495
                                         -----------------------------------
Total equity and liabilities                        106,670          96,473
                                         -----------------------------------
                                         -----------------------------------

Rambler Metals and Mining Plc

Consolidated Statement of Changes in Equity

                     Share   Share   Merger Translation Accumulated
                   capital premium  reserve     reserve      Losses   Total
(EXPRESSED IN
 CANADIAN DOLLARS)   $,000   $,000    $,000       $,000       $,000   $,000
Group
Audited
Balance at 1 August
 2010                1,863  51,532      214          25      (6,811) 46,823
                   ---------------------------------------------------------
Comprehensive loss
Loss for the year        -       -        -           -         (53)    (53)
                   ---------------------------------------------------------
Foreign exchange
 translation
 differences             -       -        -         110           -     110
                   ---------------------------------------------------------
Other comprehensive
 loss                    -       -        -         110           -     110
                   ---------------------------------------------------------
Total comprehensive
 loss for the year       -       -        -         110         (53)     57
                   ---------------------------------------------------------
Transactions with
 owners
Issue of share
 capital               436  15,252        -           -           -  15,688
Share issue
 expenses                -    (850)       -           -           -    (850)
Share-based
 payments                -       -        -           -         260     260
                   ---------------------------------------------------------
Transactions with
 owners                436  14,402        -           -         260  15,098
                   ---------------------------------------------------------
Balance at 31 July
 2011                2,299  65,934      214         135      (6,604) 61,978
                   ---------------------------------------------------------
                   ---------------------------------------------------------
Unaudited
Balance at 1 August
 2011                2,299  65,934      214         135      (6,604) 61,978
                   ---------------------------------------------------------
Comprehensive loss
Loss for the period      -       -        -           -      (1,884) (1,884)
                   ---------------------------------------------------------
Foreign exchange
 translation
 differences             -       -        -          10           -      10
                   ---------------------------------------------------------
Other comprehensive
 loss                    -       -        -          10           -      10
                   ---------------------------------------------------------
Total comprehensive
 income for the
 period                  -       -        -          10      (1,884) (1,874)
                   ---------------------------------------------------------
Transactions with
 owners
Issue of share
 capital                18     486        -           -           -     504
Share-based
 payments                -       -        -           -          52      52
                   ---------------------------------------------------------
Transactions with
 owners                 18     486        -           -          52     556
                   ---------------------------------------------------------
Balance at 31
 January 2012        2,317  66,420      214         145      (8,436) 60,660
                   ---------------------------------------------------------
                   ---------------------------------------------------------

Rambler Metals and Mining Plc

Unaudited statements of cash flows

For the Quarter Ended 31 January 2012
(EXPRESSED IN CANADIAN DOLLARS)

                  Quarter ended Quarter ended    Six months    Six months
                     31 January    31 January      ended 31      ended 31
                           2012          2011  January 2012  January 2011
                          $,000         $,000         $,000         $,000
Cash flows from
 operating
 activities
Operating loss             (789)         (661)         (944)         (998)
Depreciation                 54            18           103            57
Share based
 payments                    16            45            47           143
Exchange
 differences                  -           (62)            -          (115)
Decrease/
 (increase) in
 inventory                 (262)          (26)           40          (109)
Decrease/
 (increase) in
 receivables                360          (388)          939          (949)
Increase/
 (decrease) in
 payables                    94            84           574           511
                  --------------------------------------------------------
Cash generated
 from/(utilised
 in) operations            (527)         (990)          759        (1,460)
Interest paid                (3)          (18)           (5)          (31)
Income tax
 received                     -            29             -            29
                  --------------------------------------------------------
Net cash generated
 from/(utilised
 for) operating
 activities                (530)         (979)          754        (1,462)
                  --------------------------------------------------------

Cash flows from
 investing
 activities
Interest received            20            14            53            32
Acquisition of
 bearer deposit
 note                         -           (81)          (28)         (593)
Acquisition of
 evaluation and
 exploration
 assets                    (286)          (17)         (313)         (251)
Acquisition of
 mineral
 properties              (2,578)       (3,888)       (5,936)       (4,589)
Acquisition of
 property, plant
 and equipment           (2,139)       (4,276)       (6,197)       (4,788)
                  --------------------------------------------------------
Net cash utilised
 in investing
 activities              (4,983)       (8,248)      (12,421)      (10,189)
                  --------------------------------------------------------

Cash flows from
 financing
 activities
Proceeds from
 issue of share
 capital                      -             6             -             6
Proceeds from
 exercise of share
 options                      4             2             8             8
Proceeds from
 Loans (note 7)           2,446         6,685         6,970         8,697
Repayment of gold
 loan                      (778)            -          (778)            -
Capital element of
 finance lease
 payments                  (442)         (108)         (776)         (202)
                  --------------------------------------------------------
Net cash from
 financing
 activities               1,230         6,585         5,424         8,509
                  --------------------------------------------------------

Net decrease in
 cash and cash
 equivalents             (4,283)       (2,642)       (6,243)       (3,142)
Cash and cash
 equivalents at
 beginning of
 period                   8,257         7,493        10,170         8,000
Effect of exchange
 rate fluctuations
 on cash held                 -            14            47             7
                  --------------------------------------------------------
Cash and cash
 equivalents at
 end of period            3,974         4,865         3,974         4,865
                  --------------------------------------------------------
                  --------------------------------------------------------

Rambler Metals and Mining Plc

Unaudited Notes to the financial statements

1. Nature of operations and going concern

The principal activity of the Group is the development and exploration programme of the Ming Copper-Gold Mine in Baie
Verte, Newfoundland and Labrador, Canada.

The Group's ability to continue as a going concern, and the recoverability of its mineral properties, is dependent on
copper and gold prices, its ability to fund its development and exploration programs, and to manage and generate
positive cash flows from current operations. To ensure sufficient working capital management has secured CAD$4.5 million
through a non-brokered private placement (see note 12). Through the use of these placement funds, continued production
during the commissioning phase and the unused credit facility balance of CAD $2.5 million, management is satisfied that
the Group has sufficient working capital for the forthcoming 12 months. However, there are risks associated with the
commencement of a new mining and processing operation which may give rise to the possibility that additional working
capital may be required to fund delays in commissioning the copper concentrator and continued mine development. Should
additional working capital be required, the Directors consider that further sources of finance could be secured in the
required timescale. On this basis, the Directors have concluded that the Group is a going concern; however, there is no
certainty that these funds will be forthcoming. 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.

2. Accounting policies

Details of the main accounting policies of the Group are included in note 2 of the financial statements for the year
ended 31 July 2011.

3. Intangible assets

                                                            Exploration and
                                                                 evaluation
                                                                      Costs
                                                                      $,000
Cost
Balance at 1 August 2010                                             37,051
Acquisitions                                                            478
Transfer to mineral properties                                      (20,902)
                                                   -------------------------
Balance at 31 July 2011                                              16,627
                                                   -------------------------
                                                   -------------------------

Balance at 1 August 2011                                             16,627
Acquisitions                                                            286
                                                   -------------------------
Balance at 31 January 2012                                           16,913
                                                   -------------------------
                                                   -------------------------
Carrying amounts
At 31 July 2011                                                      16,627
                                                   -------------------------
                                                   -------------------------
At 31 January 2012                                                   16,913
                                                   -------------------------
                                                   -------------------------

4. Mineral Properties

                                                      Mineral Property $,000
Cost
Balance at 1 August 2010                                                   -
Transfer from exploration and evaluation costs                        20,902
Acquisitions                                                          17,566
                                                   -------------------------
Balance at 31 July 2011                                               38,468
                                                   -------------------------
                                                   -------------------------

Balance at 1 August 2011                                              38,468
Acquisitions                                                          10,328
                                                   -------------------------
Balance at 31 January 2012                                            48,796
                                                   -------------------------
                                                   -------------------------
Carrying amounts
At 31 July 2011                                                       38,468
                                                   -------------------------
                                                   -------------------------
At 31 January 2012                                                    48,796
                                                   -------------------------
                                                   -------------------------

Included in current period acquisitions are $2.479 million in gold sales realized as part of the commissioning of 1806
ores through the Nugget Pond Mill.

5. Property, plant and equipment

                      Land and   Assets under                      Plant and
                     buildings   construction Motor vehicles       equipment
                         $,000          $,000          $,000           $,000
Cost
Balance at 1
 August 2010             1,096          5,200            118           6,038
Acquisitions             1,845         10,110             74           8,127
Disposals                    -              -            (39)              -
               -------------------------------------------------------------
Balance at 31
 July 2011               2,941         15,310            153          14,165
               -------------------------------------------------------------

Balance at 1
 August 2011             2,941         15,310            153          14,165
Additions                  662          5,831             85           2,161
Disposals                    -              -            (39)              -
               -------------------------------------------------------------
Balance at 31
 January 2012            3,603         21,141            199          16,326
               -------------------------------------------------------------

Depreciation
 and impairment
 losses

Balance at 1
 August 2010               775              -             51           4,382
Depreciation
 charge                    151              -             40           2,070
Eliminated on
 disposals                   -              -            (20)              -
               -------------------------------------------------------------
Balance at 31
 July 2011                 926              -             71           6,452
               -------------------------------------------------------------
Balance at 1
 August 2011               926              -             71           6,452
Depreciation
 charge                    160              -             48           1,777
On disposals                 -              -            (20)              -
Balance at 31
 January 2012            1,086              -             99           8,229
               -------------------------------------------------------------

Carrying
 amounts
At 31 July 2011          2,015         15,310             82           7,713
               -------------------------------------------------------------
At 31 January
 2012                    2,517         21,141            100           8,097
               -------------------------------------------------------------

                     Fixtures,
                  fittings and       Computer
                     equipment      equipment           Total
                         $,000          $,000           $,000
Cost
Balance at 1
 August 2010                56            540          13,048
Acquisitions                34            130          20,320
Disposals                    -              -             (39)
               -----------------------------------------------
Balance at 31
 July 2011                  90            670          33,329
               -----------------------------------------------

Balance at 1
 August 2011                90            670          33,329
Additions                    3             83           8,825
Disposals                    -             (7)            (46)
               -----------------------------------------------
Balance at 31
 January 2012               93            746          42,108
               -----------------------------------------------

Depreciation
 and impairment
 losses

Balance at 1
 August 2010                44            335           5,587
Depreciation
 charge                     13            156           2,430
Eliminated on
 disposals                   -              -             (20)
               -----------------------------------------------
Balance at 31
 July 2011                  57            491           7,997
               -----------------------------------------------
Balance at 1
 August 2011                57            491           7,997
Depreciation
 charge                      8             81           2,074
On disposals                 -             (6)            (26)
Balance at 31
 January 2012               65            566          10,045
               -----------------------------------------------

Carrying
 amounts
At 31 July 2011             33            179          25,332
               -----------------------------------------------
At 31 January
 2012                       28            180          32,063
               -----------------------------------------------

6. Inventories

                                              31 January 2012   31 July 2011
                                                        $,000          $,000

Metals in process                                           -            540
Operating supplies                                        894            394
                                         -----------------------------------
                                                          894            934
                                         -----------------------------------
                                         -----------------------------------

7. Interest-bearing loans and borrowings

This note provides information about the contractual terms of the Group's interest-bearing loans and borrowings. For
more information about the Group's exposure to interest rate and foreign currency risk, see note 11.

                                              31 January 2012   31 July 2011
                                                        $,000          $,000
Non-current liabilities
Bank loan                                                  24             26
Finance lease liabilities                               6,019          5,326
Gold Loan                                              18,995         19,254
Credit Facility                                         6,497              -
                                         -----------------------------------
                                                       31,535         24,606
                                         -----------------------------------
                                         -----------------------------------

Current liabilities
Current portion of bank loan                                3              3
Current portion of finance lease
 liabilities                                            1,808          1,630
Current portion of Gold Loan                            2,750            649
                                         -----------------------------------
                                                        4,561          2,282
                                         -----------------------------------
                                         -----------------------------------

Finance lease liabilities

Finance lease liabilities are payable as follows:

                 Minimum                         Minimum
                   lease                           lease
                Payments   Interest  Principal  Payments  Interest Principal
              31 January 31 January 31 January   31 July   31 July   31 July
                    2012       2012       2012      2011      2011      2011
                   $,000      $,000      $,000     $,000     $,000     $,000
Less than one
 year              2,155        347      1,808     1,965       335     1,630
Between one
 and five
 years             6,635        616      6,019     5,918       592     5,326
              --------------------------------------------------------------
                   8,790        963      7,827     7,883       927     6,956
              --------------------------------------------------------------
              --------------------------------------------------------------

Under the terms of the equipment lease agreements, no contingent rents are payable.

The bank loan is secured by way of a fixed charge over a property and is repayable in monthly instalments of $384 over
12 years.

Gold Loan

In March 2010, the Group entered into an agreement ("Gold Loan") with Sandstorm to sell a portion of the life-of-mine
gold production from its Ming Mine.

Under the terms of the agreement Sandstorm made staged upfront cash payments for the gold to the Group totalling US$20
million.

For this, the Group has agreed to sell 32% of the payable gold in the first year of production. In each production year
following the first year of production, until 175,000oz of payable gold has been produced, the Group has agreed to sell
a percentage equal to 25% x (85% divided by the actual percentage of metallurgical recovery of gold realized in the
immediately preceding production year) provided that, if the payable gold production in any production year after the
third production year is less than 15,000 ounces, then in each such production year, Sandstorm payable gold shall not be
less than 25% of the payable gold. In each production year following the first year of production, after 175,000oz of
payable gold has been produced, the Group has agreed to sell a percentage equal to 12% x (85% divided by the actual
percentage of metallurgical recovery of gold realized in the immediately preceding production year) provided that, if
the payable gold production in any production year after the third production year is less than 15,000 ounces, then in
each such production year, Sandstorm payable gold shall not be less than 12% of the payable gold for the remainder of
the period ending 40 years after the date of the agreement. After the expiry of the 40 year term, the agreement is
renewable in 10 year terms at the option of Sandstorm.

A 4.5% cash commission was payable with each payment received under the agreement.

The remaining circumstances in which the Gold Loan may be repaid earlier than by the delivery of payable gold are as
follows:

i.  If within 24 months of the date that gold is first produced (November
    28, 2011), the Ming Mine has not produced and sold a minimum of 24,000oz
    of payable gold then a portion of the US$20 million will be repayable
    based on the shortfall of payable gold.
ii. Within the first 36 months of commercial production of gold any
    shortfall in the value of payable gold below the following amounts will
    be required to be paid in cash:

--  within the first 12 months - US$3.6 million
--  within the second 12 months - US$3.6 million
--  within the third 12 months - US$3.1 million

The Gold Loan is accounted for as a financial liability carried at amortised cost. In determining the effective interest
rate implicit in the cash flows arising from the loan the cash flows are forecast at each quarter end based on
management's best estimates of the time of delivery of payable gold, the total amount of gold expected to be produced
over the mine life and the timing of that production.

During the period, repayments of US$767,872 were made from the delivery of 467oz of gold.

Total interest of $1,595,252 was accrued during the period. $nil (2011: $49,906) was included in exploration and
evaluation expenditure and $1,595,252 (2011: $1,451,371) charged to mineral properties.

The Gold Loan is secured by a fixed and floating charge over the assets of the Group.

Credit Facility

On September 29, 2011 the Group agreed a Credit Facility of up to CAD$10 million with Sprott Resource Lending
Partnership ("Sprott") for use as additional funding for the development of the Ming Mine. Subsequent to amending the
agreement in December 2011 the facility is available in three instalments; the first instalment of $5 million was drawn
on October 29, 2011, the second instalment of $2.5 million was drawn on January 30, 2012 and the final instalment for
the balance up to $10 million is available until August 31, 2012. Interest will accrue at a fixed rate of 9.25% per
annum, principle repayable by March 29, 2013 and secured by a fixed and floating charge over the assets of the Group. In
connection with the Credit Facility, a Structuring Fee of CAD$100,000 and a 3% Commitment Fee of CAD$300,000 were paid
to Sprott in cash. Pursuant to the terms of the Credit Facility, the Company issued CAD$300,000 of ordinary shares of 1p
each in the capital of the Company to Sprott in exchange for the repayment of the previously paid cash Commitment Fee.
In addition, a further 4% Drawdown Fee on all amounts drawn under the Credit Facility is to be satisfied by the issue of
ordinary shares by the Company.

8. Provisions

                                            31 January 2012     31 July 2011
                                                      $,000            $,000
Reclamation and closure provision
At 1 July 2011                                        1,647              559
(Released)/provided during the period                  (121)           1,007
Unwinding of discount                                    46               81
                                        ------------------------------------
At 31 January 2012                                    1,572            1,647
                                        ------------------------------------
                                        ------------------------------------

The reclamation and closure provision has been made in respect of costs of land restoration and rehabilitation expected
to be incurred at the end of the Ming Mine's useful life. The provision has been calculated based on the present value
of the expected future cash flows associated with reclamation and closure activities as required by the Government of
Newfoundland and Labrador. The provision relates to restoration of all three sites associated with the Ming Mine
project: mill, mine and port sites. The liability is secured by Letters of Credit for $3,255,155.

9. Related parties

Transactions with key management personnel

Total key management personnel compensation was as follows:

                                                   Six months     Six months
            Quarter ended 31  Quarter ended 31       ended 31       ended 31
                January 2012      January 2011   January 2012   January 2011
                       $,000             $,000          $,000          $,000
Short term
 employee
 benefits                178               130            336            233
Share
 based
 payments                  -                15             13             40
          ------------------------------------------------------------------
                         178               145            349            273
          ------------------------------------------------------------------
          ------------------------------------------------------------------

10. Share-based payments

The number and weighted average exercise prices of share options are as follows:

                            Weighted                 Weighted
                             average                  average
                            exercise        Number   exercise        Number
                               price    of options      price    of options
                          31 January    31 January    31 July       31 July
                                2012          2012       2011          2011
                                   $       No. 000          $       No. 000
Outstanding at the
 beginning of the period       0.484         4,167      0.467         3,952
Granted during the period      0.476           284      0.506           647
Exercised                      0.187           (67)     0.186           (52)
Cancelled during the
 period                        0.766          (431)     0.379          (380)
                                    ---------------          ---------------
Outstanding at the end of
 the period                    0.454         3,953      0.484         4,167
                                    ---------------          ---------------
                                    ---------------          ---------------
Exercisable at the end of
 the period                    0.444         3,481      0.495         3,077
                                    ---------------          ---------------
                                    ---------------          ---------------

The options outstanding at 31 January 2012 have an exercise price in the range of $0.16 to $1.10 and a weighted average
remaining contractual life of 7.2 years (31 July 2011: 8 years).

The fair value of services received in return for share options granted are measured by reference to the fair value of
share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes
model. The contractual life of the option (10 years) is used as an input into this model. Expectations of early exercise
are incorporated into the Black-Scholes model.

10. Share-based payments

Fair value of
 share options Quarter ended  Quarter ended      Six months      Six months
 and              31 January     31 January        ended 31        ended 31
 assumptions            2012           2011    January 2012    January 2011
                       $,000          $,000           $,000           $,000
Fair value at
 measurement
 date of
 options
 granted in the
 period                   20             16              79             116
               -------------------------------------------------------------
Weighted
 average fair
 value per
 option granted
 in period             0.249          0.380           0.279           0.275
Share price
 (weighted
 average)              0.435          0.600           0.476           0.452
Exercise price
 (weighted
 average)              0.435          0.600           0.476           0.452
Expected
 volatility
 (expressed as
 weighted
 average
 volatility
 used in the
 modelling
 under Black-
 Scholes model)         68.8%          80.0%           69.6%           75.5%
Expected option
 life                      5              5               5               5
Expected
 dividends                 0              0               0               0
Risk-free
 interest rate
 (based on
 national
 government
 bonds)                 1.23%          2.50%           1.87%           2.50%
               -------------------------------------------------------------

The expected volatility is based on the historic volatility (calculated based on the weighted average remaining life of
the share options), adjusted for any expected changes to future volatility due to publicly available information.

There are no performance or market conditions associated with the share option grants.

                                                     Six months   Six months
                Quarter ended 31  Quarter ended 31     ended 31     ended 31
                    January 2012      January 2011 January 2012 January 2011
                           $,000             $,000        $,000        $,000
Total expense
 recognised as
 employee
 costs                        16                45           47          143
              --------------------------------------------------------------
              --------------------------------------------------------------

11. Financial risk management

The Group's principal financial assets comprise: cash and cash equivalents and other receivables. The Group financial
liabilities comprise: trade payables; other payables; and accrued expenses. The Group's financial liabilities also
include interest bearing loans and borrowings.

All of the Group's financial liabilities are measured at amortised cost and their financial assets are classified as
loans and receivables and measured at amortised cost.

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, credit risk and liquidity risk each of which is discussed below. There were no derivative
instruments outstanding at 31 January 2012.

Foreign currency risk

The Group's cash resources are held in GB pounds and Canadian Dollars and the Gold Loan is repayable in US dollars. The
Group has a downside exposure to any strengthening of the GB pound as this would increase expenses in Canadian dollar
terms. This risk is mitigated by reviewing the holding of cash balances in GB pounds. Any weakening of the GB pound
would however result in the reduction of the expenses in Canadian dollar terms and preserve the Group's cash resources.
In addition, any such movements would affect the Consolidated Balance Sheet when the net assets of the Parent Company
are translated into Canadian dollars. The Group has a downside exposure to any strengthening of the US dollar as this
would increase the amount repayable on the Gold Loan in Canadian dollar terms. This risk, however, is relevant only
should the Gold Loan be repaid in cash under terms set out in note 7. Repayment is envisaged in payable gold which is
denominated in US dollars. Once the Mine is in production, this will mitigate this foreign currency risk.

The Group does not hedge its exposure of foreign investments held in foreign currencies. There is no significant impact
on profit or loss from foreign currency movements associated with the Parent company's assets and liabilities as the
foreign currency gains or losses are recorded in the translation reserve.

Exchange rate fluctuations may adversely affect the Group's financial position and results. The following table details
the Group's sensitivity to a 10% strengthening and weakening in the GB pound against the Canadian/US Dollar. 10%
represents management's assessment of the reasonable possible exposure.

                                                         Equity
                                            31 January 2012    31 July 2011
                                                      $,000           $,000
10% strengthening of GB pound                            28              64
10% weakening of GB pound                               (26)            (57)
10% strengthening of US dollar                       (2,174)         (1,920)
10% weakening of US dollar                            1.977           1,746
                                            --------------------------------
                                            --------------------------------

Liquidity risk

Prior to Q3 2010 the Group had relied on shareholder funding to finance its operations. During Q3, 2010 the Group
entered into a financing arrangement in US dollars (gold loan) and a Credit Facility arrangement (see note 7). With
finite cash resources and no material income, the liquidity risk is significant. This risk is managed by controls over
expenditure and concentrating on achieving the payment milestones under the financing arrangement. Success will depend
largely upon the outcome of ongoing and future exploration and development programmes. Given the nature of the Group's
current activities the entity will remain dependent on a mixture of debt and equity funding in the short to medium term
until such time as the Group becomes self-financing from the commercial production of mineral resources.

The Group's trade payables, other payables and accrued expenses are generally due between one and three months and the
Group's financial liabilities are due as follows:

Financial liabilities                         31 January 2012   31 July 2011
                                                        $,000          $,000
Due within one year                                     4,561          2,282
Due within one to two years                            10,655          3,608
Due within two to three years                           4,844          4,814
Due within three to four years                          2,678          2,272
Due within four to five years                           1,560          2,030
Due after five years                                   11,798         11,882
                                         -----------------------------------
                                                       36,096         26,888
                                         -----------------------------------
                                         -----------------------------------

Fixed rate financial liabilities

At the period end the analysis of finance leases, hire purchase contracts and loans which were all due in Canadian
Dollars and are at fixed interest rates was as follows:

Fixed rate liabilities                        31 January 2012   31 July 2011
                                                        $,000          $,000
Due within one year                                     1,811          1,633
Due within one to two years                             8,381          1,465
Due within two to three years                           1,854          1,508
Due within three to four years                          1,834          1,478
Due within four to five years                             460            888
Due after five years                                       11             13
                                         -----------------------------------
                                                       14,351          6,985
                                         -----------------------------------
                                         -----------------------------------

The average fixed interest rate for the finance leases and hire purchase contracts outstanding at 31 January 2012 was
5.90%.

Credit risk

The Group holds the majority of its cash resources in Canadian Dollars given that the majority of the Group's outgoings
are denominated in this currency. Given the current climate, the Group has taken a very risk averse approach to
management of cash resources and management and Directors monitor events and associated risks on a continuous basis.
There is little perceived credit risk in respect of trade and other receivables. The Group and Company's maximum
exposure to credit risk at January 31, 2012 was represented by receivables and cash resources.

Interest rate risk

The Group's policy is to retain its surplus funds on the most advantageous term of deposit available up to twelve
month's maximum duration. Details of the Group's borrowings are described in note 7.If the interest rate on deposits
were to fluctuate by 1% there would be no material effect on the Group's and Company's reported results.

Commodity price risk

Commodity price risk is the risk that the Group's future earnings will be adversely impacted by changes in the market
prices of commodities. The Group is exposed to commodity price risk as its future revenues will be derived based on
contracts with customers at prices that will be determined by reference to market prices of copper and gold at the
delivery date.

The Group calculates the effective interest rate on the Gold Loan based on estimates of future cash flows arising from
the sale of payable gold. In estimating the cash flows the following table details the Group's sensitivity to a 10%
increase and a 25% decrease in the price of gold. These percentages represent management's assessment of the reasonable
possible exposure.

                                                          Gross assets
                                                 31 January         31 July
                                                       2012            2011
                                                      $,000           $,000
10% increase in the price of gold                       528             292
25% decrease in the price of gold                    (1,418)           (783)
                                       -------------------------------------
                                       -------------------------------------

Financial assets

The floating rate financial assets comprise interest earning bank deposits at rates set by reference to the prevailing
LIBOR or equivalent to the relevant country. Fixed rate financial assets are cash held on fixed term deposit.

At the period end the cash and short term deposits were as follows:

                                                         Average     Average
                                                      period for    interest
                                    Floating               which   rates for
                        Fixed rate      rate           rates are  fixed rate
At 31 January 2012          assets    Assets     Total     fixed      assets
                             $,000     $,000     $,000    Months           %
GB Pounds                      473        28       501         1        0.25
US $                             -        62        62         -           -
Canadian $                       -     3,411     3,411         -           -
                        ------------------------------
                               473     3,501     3,974
                        ------------------------------
                        ------------------------------
At 31 July 2011
                             $,000     $,000     $,000    Months           %
GB Pounds                      667        47       714         1        0.25
Canadian $                      25     9,431     9,456       1.3        0.95
                        ------------------------------
                               692     9,478    10,170
                        ------------------------------
                        ------------------------------

Fair values

In the directors' opinion there is no material difference between the book value and fair value of any of the group's
financial instruments.

12. Subsequent Events

On February 8, 2012 the Group announced the purchase of Ming Mine's 2% net smelter royalty held by Philippine Metals
Inc., formerly Meridian Mining Corporation, for CAD$600,000. Before the buyout the mine had a 4.5% combined net smelter
royalty held by four separate groups. Arrangements are also being considered to buyout a further 1% net smelter royalty
for CAD$500,000. Following the buyout of the 1% net smelter royalty the Ming Mine's net smelter royalty will be 1.5%.

On February 15, 2012 the Group completed an acquisition of 4,500,000 shares of Maritime Resources Corp (TSX VENTURE:MAE)
('Maritime') through a non-brokered private transaction priced at $0.23 per share for a total consideration of
$1,035,000. The acquisition gives Rambler a 17% equity stake and an invite to appoint a representative to join
Maritime's Board of Directors. Maritime continues to advance the Green Bay portfolio of properties, specifically the
Hammerdown mine, and the Orion and Lochinvar deposits.

On March 6, 2012 Rambler announced that it had accepted an offer from Tinma International Ltd. ('Tinma'), a wholly-owned
subsidiary of a China-based investor, to become a strategic shareholder in Rambler through a non-brokered private
placement by entering into a conditional subscription agreement. Subsequently on March 19, 2012 Rambler announced the
closing of the private placement resulting in the issuance of 10,403,980 ordinary shares to Tinma at a placing price of
CAD $0.44 per ordinary share for gross proceeds of $4.58 million. Combined with current holdings this placement brings
Tinma's total shareholdings in Rambler to 13,388,980 ordinary shares representing approximately 9.9 per cent of the
issued share capital of Rambler, on a post-closing basis.

On March 15, 2012 the Group announced the completion of a preliminary economic assessment ('PEA') to include the Lower
Footwall Zone mineralization in its mine plan. This assessment evaluated the potential for an expansion program at the
Ming Mine to first optimize the current high grade operation followed by a transition into a 20+ year bulk tonnage
operation through a four year ramp-up period increasing the current ore throughput of 630 mtpd to 3,500 mtpd. Numerous
opportunities exist to improve the business case. It is these areas that future optimization and engineering studies
will focus on to ensure that if or when the decision is made to proceed with the expansion, the project will benefit
from the upside of the existing operation. PEA results include: pre-tax Net present value of US$251 million; internal
rate of return of 18%, undiscounted pre-tax cash flow from operations of $861 million and initial capital requirements
of US$231 million.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Rambler Metals and Mining
George Ogilvie, P.Eng.
President and CEO
709-800-1929 or 709-800-1921

OR

Rambler Metals & Mining Plc.
Corporate Office
[phone]
[phone] (FAX)
www.ramblermines.com

OR

Seymour Pierce Limited
Nandita Sahgal / Jeremy Stephenson
[phone]

OR

Pelham Bell Pottinger
Charles Vivian / Philippe Polman
[phone]

OR

Ocean Equities Limited
Guy Wilkes
[phone]

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.

Rambler Metals & Mining Plc