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Thanks Wolf - I know you and others have been working with RMX for sometime. I thought it had been using Options.
Ruby does seem to be at a bargain basement price at this level and looks as if were over sold on the downside. I hope you catch a "Sky Ball" Bounce.
You can bypass my comments, but watch the BNN Video near the bottom.
It doesn't seem like things could get worse. I could be wrong, but I can't help thinking that with Managements obvious and flagrant deceptions to the shareholders, that there may be future lawsuits down the road. i.e . a) Building a Mine with just a PEA Engineering Guess and NO Feasibility Study having been done on the Phoenix Gold Project before moving forward.
b) Showing a First Pour of Gold in June. Normally this is done after the mine is in the Commissioning Stage this means that the Mill is running and the Mine is running and things are operating.
As an example: (January 9, 2013) - McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce that it has successfully achieved commercial production at El Gallo Phase 1 in Sinaloa State, Mexico on January 1, 2013. On September 24th, the Company announced that it had poured its first bar of gold at the mine. Subsequent to the first pour, the mine has been steadily increasing mine, crusher and leaching production and is now operating at 90% of the designed capacity. McEwen Mining Declares Commercial Production El Gallo Phase 1 in Mexico
Always wondered why Rob would dump a 20% holding in a company at Red Lake. and R sold just as the stock was hitting its all time High. Did he know something back in 2010? Whatever his reason? The Official Press Release stated:
Rob McEwen said “Rubicon was and continues to be a great company. They have excellent management, an important discovery, and a strong treasury with which to explore and develop it. The Company has grown to represent a disproportionate share of my stock portfolio for an investment where I am not actively involved in management. This step is designed to focus my interests in the companies I run, US Gold Corporation and Minera Andes.” I don't know if Phoenix is DOA (there's a lot of infrastructure there) with all this going on, but it would take at least a year or two to reevaluate the PEA and do a Feasibility Study, and I don't know enough about their other Projects in Red Lake (The Carbonate Zone) and in Nevada (Long Canyon).
I just don't know where they will get the money to keep funding Phoenix? Unless the Current Mining Environment changes soon.
BNN Video There were warning signs before Rubicon Minerals collapsed From: Thu, Nov 5, 2015 BNN speaks with Tim Oliver, independent mine analyst about what went wrong at Rubicon Minerals as the company suspends activity at its Phoenix Gold Project in Red Lake, Ont.
