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Ruby Creek Resources Inc RBYC

Ruby Creek Resources Inc. is engaged in developing a gold property. The Company's project includes the Gold Plateau Project. The Gold Plateau Project consists of property, which has artisanal gold mining activities. The Gold Plateau Project is located in southern Tanzania approximately 150 kilometers north of the Mozambique border. The Gold Plateau Project consists of around 15 properties of prospective gold mineralized territory. The Company has mining and processing equipment onsite and additional processing equipment. The Gold Plateau Project is situated at the eastern margin of the Selous Basin where the Karoo and young sedimentary rock are in fault contact with low to high-grade metamorphosed rocks of Neoproterozoic age belonging to the Mozambique Belt.


GREY:RBYC - Post by User

Post by mermooon Jan 13, 2012 12:10pm
165 Views
Post# 19401226

Gold theft attempt

Gold theft attempt

I was doing some searching this AM and came upon this link about gold thefts in Tanzania.

https://www.telegraph.co.uk/finance/personalfinance/investing/gold/8998263/Tanzanian-police-foil-30m-Great-Plane-Robbery-gold-heist.html

I was surprised that one raid last year had 1500 people involved.  This will definetly make things more challenging for RBYC as they hit production.  The failed raid was worth around $30m by some estimates.  Seems like getting the gold off the property in smaller amounts would be smart.  Any way it gives an idea of how much gold can be pulled from the ground as the report said the plane flies weekly from that location.

Their Tanzania mine (Geita) produces about 272,000 ounces a year looking at historical data.

Just some musings as I watch our current SP drop...  Since there are still so few buyers it would seem that they currently control the price.  We need some good news to change the tide.

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