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Gold/Mining/Energy : Rubicon Minerals
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To: rockerbanger who wrote (145)11/29/2002 10:45:41 AM
From: Enigma  Read Replies (1) of 470
 
McFinley - if you look at the web page you will see the headframe and mine buildings. Apparently the previous owners spent about $20 million on infrastructure. They financed this with debt and went into production - but had insufficient cash flow and were forced into receivership. At one time the old McFinley had a market cap of $100 million I've been told.

Now I don't suppose there's anything wrong with financing plant with debt but you have to have enough equity and sufficient reserves/production for enough throughput. You will note that Rubicon has spent the last 3 months correlating data - there's all sorts of core there but where did some of it come from I guess is part of the work being done.
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