TORONTO (miningweekly.com) – Junior copper/gold miner Rambler Metals and Mining on Monday reported that it had swung to a first-quarter profit of $5.26-million, or $0.026 a share, for the three months ended October 31, compared with the loss of $718 000, or $0.005 a share, for the same period in 2012.

On an after-tax basis, the company, which operates the Ming copper/gold mine, in Newfoundland and Labrador, reported a profit for the quarter of $3.7-million, or $0.026 a share, compared with a loss of $718 000, or $0.005 a share, for the same period in 2013.

During the quarter, Rambler had provisionally invoiced 6 648 dry metric tonnes (dmt) at an average price of $3.39/lb of copper, $1 390/oz of gold and $22.81/oz of silver, generating revenue of $16.3-million. This compared with output in the fourth quarter of 5 573 dmt, priced at $3.31/lb of copper, $1 409/oz of gold and $21.98/oz of silver, which generated $13.18-million in revenue.

Aim- and TSX-V-listed Rambler reported that it had also reported $424 000 in revenue on the final settlement of 293 oz of gold produced from 1 806 zone ores through the company’s gold processing facility.

As at October 31, the company had cash resources of $5.7-million, which had risen to $6.7-million by December 9, with operating cash flows expected to continue to build throughout the financial year.

Rambler had also lowered its secured outstanding credit balance to $3.75-million at the end of the quarter.

On September 17, Cornerstone Capital Resources had accepted a conditional offer for a 50% interest in the Little Deer copper deposit and the Whalesback mine for $550 000, consisting of $200 000 in cash and $350 000 in shares.

Rambler president and CEO George Ogilvie said that the Ming mine’s first full year of commercial production was marked by increases in production and revenues, compared with the same period in fiscal 2013 and on a quarter-on-quarter basis.

“Rambler continues to grow as a low-cost producer by pursuing growth opportunities in the investments of the Little Deer copper project, Maritime Resources and Marathon Gold. Additional cash flow from the operation is also being used to pay off the outstanding balance on credit facility, with a target to have this extinguished by early next year,” he said.