2 December 2014

Rambler Provides Resource and Technical Update, Reporting a 52% Increase in Copper Metal

Content for its Important Lower Footwall Zone and Update on the Dense Media Separation Project

London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer, and developer today provides an updated NI43-101 resource estimate for the Ming Copper-Gold Mine as well as an update on the Dense Media Separation ('DMS') project as the Company works towards a pre-feasibility study associated with the Lower Footwall Zone ('LFZ').

HIGHLIGHTS OF THE MINERAL RESERVE AND RESOURCE STATEMENT:

 The Mineral Reserve remains unchanged from the previous estimate published on 27 January 2014.

That estimate included 56,719,272 pounds of copper, 101,404 ounces of gold and 459,788 ounces of silver in the Proven and Probable categories.

 The audited and updated Mineral Resource is estimated to contain 962,970,430 pounds of copper,

257,702 ounces of gold and 1,790,949 ounces of silver in the Measured and Indicated categories. This represents a 38 per cent increase for in-situ copper metal content for the entire Ming Copper-Gold Mine, largely driven by the mine's LFZ that saw a 52 per cent increase in contained copper metal, coinciding with a 5 per cent increase in copper grade for that zone (See Table 7 under Appendix 2).

 The resource estimate was completed by an independent third party consultant, WSP Canada Inc. A summary of their work can be found in Table 1 and 2 below with additional details found under the appendices section.

UPDATE ON DENSE MEDIA SEPARATION ('DMS') PROJECT

 In an effort to optimize the capital and operating costs associated with the Lower Footwall Zone, as part of a pre-feasibility study targeted for completion mid calendar 2015, Rambler has been testing cost‐saving ore pre‐concentration techniques - specifically Dense Media Separation. DMS could significantly reduce material handling requirements and enable full optimization of the Company's fully permitted and operating Nugget Pond Processing Facility.

 The group continues to make good progress with the final phase of pre-concentration test work:

o Construction and dry commissioning of the onsite DMS demonstration plant at Nugget Pond is now complete.

o Wet commissioning, followed by live testing with run of mine material, is expected to commence within the coming weeks.

Norman Williams, President and CEO, commented:

"The resource update is a positive step forward for the Company and its goal of integrating the Lower
Footwall Zone into the mine's production stream. While the resource has shown a good increase at the
1.0 per cent copper cut-off grade, more importantly, the higher-grade core of the LFZ has also seen significant tonnes added in the measured and indicated categories. This high grade core will be a priority target for inclusion in the next reserve update, with or without the use of DMS technology.

"With the group now in the final phase of test work to determine the operating parameters for pre- concentrating the LFZ using DMS technology, it will soon initiate a pre-feasibility study to evaluate the economic viability of a staged low-capital expansion program to boost production as well as increasing mine life."

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MINERAL RESERVE AND RESOURCE UPDATE RESERVE

 The Mineral Reserve remains unchanged from the previous estimate published on 27 January 2014.

That estimate included 56,719,272 pounds of copper, 101,404 ounces of gold and 459,788 ounces of silver in the Proven and Probable categories. (Table 1).

Table 1: Mineral Reserve Estimate Summary for the Ming Copper-Gold Mine

* All figures are rounded to reflect the accuracy of the estimate. This reserve statement reflects changes to reserves in the 1807 and 1806 zones based on i) 1807 Zone depletion due to mining, ii) 1807 Zone additions due to new exploration drilling results, and iii ) 1806 Zone depletion due to mining. The NSR of the 1807 zone reserve material was calculated using all-in costs of $146.86/tonne of ore milled, and forecast metal prices of US$3.15 per pound copper and US$1294 per ounce gold, and US$19.13 per ounce silver. The US/CAN FX rate is 1:1. The calculated reserve cut off grade (in copper equivalent terms) is 2.33 per cent copper.

RESOURCE

 Total metal content for the entire Ming Copper-Gold mine has increased 38 per cent, largely driven by

the mine's LFZ that saw a 52 per cent increase in contained copper metal. (Table 2 & 3)

 The audit work focused on improving upon the previous resource estimate for the Lower Footwall Zone with a new understanding of the nature of the copper mineralization throughout the zone. Following the audit, the grade estimation process was refined so that the copper distribution in the resource blocks reflected the grade observed in the new underground development used to access the bulk sample for the associated Dense Media Separation project.

Table 2: Mineral Resource Estimate Summary for the Ming Copper-Gold Mine

* Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures are rounded to reflect the accuracy of the estimate. Cut‐off grades of 1.0 per cent copper for the massive sulphides, 1.25 grams per tonne gold for the 1806 zone and 1.00 per cent copper for the stringer sulphides have been used in the estimate. Cut‐offs are based on an NSR model and long term metal prices of US$3.15 per pound copper and US$1294 per ounce gold, and US$19.13 per ounce silver. Zinc does not contribute to the revenues. Resources are inclusive of reserves.

London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB

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Table 3: Per Cent Change for LFZ Measured and Indicated Resources Combined (See Appendix 2 - Table 7 for Additional Detail)

Interval

Above

Cu %

(1) Table comparing per cent change of current Lower Footwall Zone mineral resource estimate to previous estimate release on 27 January 2014.

The resource estimate for the LFZ was prepared by Todd McCracken, P. Geo. of WSP Canada Inc., Sudbury, ON. Mr. McCracken is a qualified person and independent of the Company, as defined by section 1.5 of NI 43-101. The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Kriging method of grade interpolation. The mineral resources were estimated using a block model with parent blocks of 10m X 10m X 10m split into sub-blocks with minimum size of 1.25m X 1.25m X 1.25m. The geological model and mineralized intersections were generated by Rambler personnel then audited by WSP. The quality control and quality assurance ('QA/QC') protocols and corresponding sample preparation and shipment procedures have been reviewed by WSP and are in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Best Practices. Mr. McCracken audited the resources for the remaining zones on the Property and deemed the estimation procedures to have followed acceptable industry practices.
The mineral reserve on the property remains unchanged from the 27 January 2014 estimate while the improvements in the LFZ resource estimate has yet to be converted into a mineral reserve. The Company will soon initiate a pre-feasibility study to evaluate the economic viability of this new resource and how it can be integrated into the current mine plan. The results of this work will be announced in concert with the filing of the associated technical report. The Company is targeting mid calendar 2015 for the completion of this work.

DENSE MEDIA SEPARATION ('DMS') PROJECT

The mineralization of the Lower Footwall Zone consists of dense, narrow copper rich stringer sulphides hosted within lighter weight un-mineralized chlorite schist. The initial phase of bench scale and mini-pilot processing, developed with the assistance of the Research & Development Corporation of Newfoundland and Labrador
('RDC'), has revealed that physical separation of the denser mineralization from the lighter rock using DMS is possible. Bench scale and pilot testing indicates that technically the DMS process could increase the grade of copper in the LFZ by removing 30 per cent to 40 per cent of the lighter waste host rock with copper recoveries averaging 95 per cent. In terms of grade improvement, the mini-pilot testing using run of mine material from the LFZ grading 1.39 per cent copper returned a pre-concentrate grade of 2.27 per cent copper (an upgrade ratio of 1.63).
The group continues to make good progress with the final phase of pre-concentration test work. Construction and dry commissioning of the onsite DMS demonstration plant at Nugget Pond is now complete. Wet commissioning, followed by live testing with run of mine material, is expected to commence within the coming
weeks.

London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB

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ABOUT RAMBLER METALS AND MINING

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

The Company's Vision is to be Atlantic Canada's leading mine operator and resource developer through growth and expansion of its existing assets; discovering new deposits; strategic partnerships; mergers and acquisitions. In addition to the Ming Mine, Rambler has strategic investments in the former producing Hammerdown gold mine, the Little Deer/ Whales Back copper mines and the advanced Valentine Lake Gold Project.

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

For further information, please contact:

Norman Williams, CA President and CEO

Rambler Metals & Mining Plc

Tel No: 709-800-1929

Fax No: 709-800-1921

Peter Mercer

Vice President, Corporate Secretary

Rambler Metals & Mining Plc

Tel No: +44 (0) 20 8652-2700

Fax No: +44 (0) 20 8652-2719

Stewart Dickson / Jeremy Stephenson

Cantor Fitzgerald Europe

Tel No: +44 (0) 20 7894 7000

Tim Blythe/ Halimah Hussain

Blytheweigh

Tel No: +44 (0) 20 7138 3204

Website: www.ramblermines.com

Larry Pilgrim, P.Geo., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Pilgrim is an independent consultant contracted by Rambler Metals and Mining Canada Limited.

The reserve and resource estimate for the Ming Copper-Gold Mine was compiled in accordance with the generally accepted Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') "Estimation of Mineral Resource and Mineral Reserve Best Practices and Guidelines". The estimate has been completed to the National Instruments 43-101 standards of disclosure for Mineral Projects in Canada.

Tonnes referenced are dry metric tonnes unless otherwise indicated; unless otherwise noted all figures are quoted in $US; the resource estimate is inclusive of the reserve estimate.

Commodity pricing for copper and gold is reflective of analyst consensus forecasts for 2014 - 2016 and Rambler's 2014 fiscal budget.

Commodity pricing for silver is taken from Rambler's Life of Mine plan.

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to f uture financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward -looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future devel opment and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or i mplies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated pric es, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical re sults; 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 fluctu ations; 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; reser ves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or developme nt 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 forwar d-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forwa rd-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB

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APPENDIX 1

Table 4: Mineral Reserve Estimate for the Ming Copper-Gold Mine - 27 January 2014 (1)

Total Proven Reserve 682,865 2.61 2.65 13.51 0.50 39,279,264 58,174 296,509 7,501,039

(undiluted, unrecovered)

(1) All figures are rounded to reflect the accuracy of the estimate. This reserve statement reflects changes to reserves in the 1807 and

1806 zones based on i) 1807 Zone depletion due to mining, ii) 1807 Zone additions due to new exploration drilling results, and iii)

1806 Zone depletion due to mining. The NSR of the 1807 zone reserve material was calculated using all-in costs of $146.86/tonne of

ore milled, and forecast metal prices of US$3.15 per pound copper and US$1294 per ounce gold, and US$19.13 per ounce silver. The

US/CAN FX rate is 1:1. The calculated reserve cut off grade (in copper equivalent terms) is 2.33 per cent copper.

(2) As this reserve estimate remains unchanged from the previous release on 27 January 2014 all pricing and estimates are reflective of

the 2014 fiscal budget.

London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB

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Table 5: Mineral Resource Estimate for the Ming Copper-Gold Mine - 2 December 2014 (1)

Total MMS Measured 1,107 2.38 2.22 11.84 0.55 58,004,632 79,007 421,628 13,375,994

Total Stringer

Sulphides(2)

Combined Measured Total 19,219 1.53 0.23 1.91 0.05 649,526,804 140,770 1,182,945 21,550,196

Total MMS Indicated 1,358 2.18 2.08 6.83 0.36 65,372,708 91,028 298,145 10,641,742

Total Stringer

Sulphides(2)

Combined Indicated Total 9,204 1.54 0.40 2.05 0.07 313,443,626 142,177 116,932 13,342,841

Measure and Indicated Combined

Total MMS M&I 2,465 2.27 2.15 9.08 0.44 123,377,340 170,035 719,773 24,017,736

Total Stringer

Sulphides(2)

Combined M&I Total 28,423 1.54 0.28 1.96 0.06 962,970,430 257,702 1,790,949 34,893,037

Total MMS Inferred 1,602 1.55 1.87 9.07 0.65 54,800,834 96,254 467,199 22,881,241

Total Stringer

Sulphides(2)

Combined Inferred Total 5,094 1.52 0.67 3.80 0.22 170,728,177 110,203 622,393 22,274,785

(1) Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures are rounded to reflect the accuracy of the estimate. Cut‐off grades of 1.0 per cent copper for the massive sulphides, 1.25 grams per tonne gold for the 1806 zone and 1.00 per cent copper for the stringer sulphides have been used in the estimate. Cut‐offs are based on an NSR model and long term metal prices as per the Fiscal 2014 budget of US$3.15 per pound copper and US$1294 per ounce gold, and US$19.13 per ounce silver. Zinc does not contribute to the revenues. Resources are inclusive of reserves.

(2) The Lower Footwall Zone ('LFZ') is included in and dominates the Stringer Sulphides.

London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB

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APPENDIX 2

Table 6: Lower Footwall Zone Mineral Resource Sensitivity Table - 2 December 2014

Sensitivity Table for Measured Resources

Interval Above Cu %

Sensitivity Table for Indicated Resources

Interval Above Cu %

Sensitivity Table for Inferred Resources

Interval Above Cu %

London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB

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Table 7: Lower Footwall Zone Mineral Resource Sensitivity Table - Per Cent Change to Previous Estimate (1)

Per Cent Change for Measured Resources

Interval Above Cu %

Per Cent Change for Indicated Resources

Interval Above Cu %

Per Cent Change for Measured and Indicated Resources Combined

Interval Above Cu %

(1) Table comparing per cent change of current Lower Footwall Zone mineral resource estimate to previous estimate released on 27 January 2014.

London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB

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APPENDIX 3 - Glossary of Select Geological and Mining Terms

London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB

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London, England: Salatin House  19 Cedar Road  Sutton, Surrey  SM2 5DA  T.020 8652 2700  F.020 8652 2719 

www.ramblermines.com AIM : RMM; TSX-V : RAB