Rubicon was NOTHING LIKE Rainy River!Rubicon was an Apollo Gold con job from start to finish. A coarse gold deposit that after years of exploration was unable to establish sufficient reserves to make project economical to mine. While Apollo Gold was publically stating that they would finance Black Fox with cash flow from other mines, the company had already entered negotiations to sell the mines that were to finance Black Fox! Of course the sale of these two producing mines for a highly questionable measly $14 million (Florida Canyon and Standard mines) wasn't announced until AFTER the annual meeting. The crooks that ripped off Apollo investors then slipped away to start up another project. You might look up these characters up so you won't make a mistake of investing with them.
"Mr. R. David Russell, Apollo's President and CEO, stated, "We are pleased with the closing of this transaction with Jipangu and will now concentrate on our Black Fox project. The Black Fox drilling program continues to exceed our expectations with high grade gold intercepts as well as a continued demonstration of continuity. The development of Black Fox is my vision for the future of Apollo, and we will complete the 2005 underground drilling program at the end of November 2005. We have started work on updating the ore reserves which we will release to the market in the first quarter 2006. The $11.0 million cash used as security can be released back to the Company in the future by substituting Black Fox as security for the convertible debentures, provided we meet certain conditions I expect to be able to meet these conditions in the first half of 2006, therefore making additional funding available to Apollo."
https://www.businesswire.com/news/home/20051121005337/en/Apollo-Gold-Closes-Sale-Nevada-Mining-Subsidiaries
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