Red Lake Madsen Mine Ltd LRTNF

RE:another Rubicon

[goldlocator]

The first mistake Rubicon made was not having a Feasibility Study. They went with the PEA which is not a reliable resource to base spending millions of $$$ on. Next they dropped the fully funded and permitted plan they had in place in favour of an unfunded and unpermitted plan. And given the ongoing Grassy court case the permits were not going to be given. But it was the TMF that did them in and you have to wonder why. The company presented a proposal to the MOECC on July 30 of that fateful year asking to exceed the maximum safe operating level of the TMF over the winter. The next day they were told that the proposal was unacceptable. On July 31 Rubicon knew they could never operate all winter without repairs to the TMF. They chose to not do them. And you have to wonder why. You can verify the dates and info by reading the MOECC Order given to Rubicon. And it was the MOECC that ordered the closure of the operation.

These guys did do the FS so they did the main thing right IMO. They have run into some issues. Hopefully hiring Ms. Belanger is step one in getting things back on track. She may be forced to take a couple steps back in order to get things right to move forward. I am not selling and actually I would buy more but unfortunately my cash went down the drain with Rubicon. I think Odea and Labrenz will go on and put together another project because they can did that part very well IMO. The next time they will just get an operations team that is good at that part to run it.