LONDON (ShareCast) - Canadian mining company Rambler Metals and Miningsaw its net loss contract to C$555m in the three months to 31 January from a loss of C$591m in the corresponding quarter a year earlier.

Revenue in the quarter was C$266m, up from zero the year before.

Cash resources (including short-term investments) as at January 31, 2011 were $4.9m but by March 21, 2011 had increased to $7.6m.

"We are extremely pleased with the progress made over the past quarter in developing the Ming Copper-Gold Mine as well as the renewed exploration programme. Following receipt of complete construction approval from the provincial authorities Rambler is now financially positioned to begin pre-production development in the mine whilst continuing work on the Nugget Pond Mill expansion,” the company’s president and chief executive officer, George Ogilvie, said.

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