RE:Rubicon F2 ---- ResetGoldExecute wrote: Many of the longs here loved to talk about PG and his resouce calculations at Rubicon on the F2 deposit... They loved to talk about how the resouce he did was even under the predicted model.. He came up with 5.5M Tonnes at 20.34g/t uncapped and 17.29g/t capped for a total of 3.057 million oz's. This was reported by Rubicon on March 31, 2011
It was recognized then by Rubicon that the estimate had issues and they commisoned another 43-101.
Now they have sunk a fortune into the ground and just recently had to shut down operations because they are getting no where nearr the ggrades they expected. Based on the 11,000 tonne stockpile they have, it is even below cut-off.
You have to wonder how much money was raised by rubicon with this resource and then sunk...
And a Peter George resource report was also involved with recently bankrupted San Gold (mainly "because they are getting no where near the grades they expected").
Here's comment from the Financial Post (and San Gold sank well over a hundred million dollars into
their mine and mill at Bissett, Man.).
Post says Rubicon moved too quickly on Phoenix project
2015-11-04 09:51 ET - In the News
The Financial Post reports in its Wednesday edition that the meltdown at Rubicon Minerals highlights the risk of building a gold mine without getting to know the deposit enough. The Post's Peter Koven, writing in Trading Desk, says the miner's shares plunged as much as 68 per cent on Tuesday after it halted underground development of the Phoenix gold project. Rubicon said it needs to do further work to understand the deposit in order to mine it most effectively. The stock closed at 26 cents Tuesday, down 32 cents. The problem, experts said, is that Rubicon may have identified problems much sooner if it had not moved so quickly to start mining. Rubicon never did a feasibility or prefeasibility study on the $342-million (U.S.) Phoenix project in Ontario's Red Lake camp. It is unusual for a miner to skip the feasibility stage when developing a significant project. The gold market was hot when the company was trying to raise capital, and it was able to raise hundreds of millions of dollars without a feasibility study. The complexity of the deposit was a long-standing concern for many people in the investment industry. "There are lessons learned here for a lot of people," said National Bank analyst Steve Parsons.
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