Rambler Metals' (LON:RMM CVE:RAB ) revenues jumped sharply in its latest quarter on sales of gold from its Ming mine in Canada, though the focus has now switched to copper.
Copper production began in May, with the first shipment now trucked to port, though revenues of C$14.2 million (£8.9 mln) in the three months to April stemmed from the production and sale of gold from Ming, which is a copper-gold deposit.
A total of 8,013 ounces of gold were poured and shipped from Ming during the quarter, of which 6,082 ounces were physically sold under the group's refining agreement.
An additional 2,112 ounces poured and shipped in the preceeding three months were also sold during the quarter to make a total of 8,194 ounces sold at an average price of C$1,67.
The remaining 1,931 ounces poured and shipped were settled after the quarter end at an average price of C$1,624 yielding gross revenue of $3.1 million.
George Ogilvie, president and chief executive said: "The company continues to make progress towards commercial copper production, having already trucked its first shipment of concentrate to the port facility, and is delighted to announce strong gold production and revenues.”
Cash resources at 18 June this year were C$5.8 million, while there was a net loss for the quarter to April of C$281,000.