Hi Pat: Firstly, many thanks for your articles, comments and education. I have been a member for many years, and I enjoy and have profited from your newsletters. I purchased 1,400 shares of Rubicon Minerals at $3.48. (I realize you never recommend buying Rubicon, but you called it a “hold” in response to a question from another Inner Circle member.) I know the stock has dropped, and I am wondering if I should hold on or sell.
Rubicon Minerals, $1.80, symbol RMX on Toronto (Shares outstanding: 288.5 million; Market cap: $542.4 million; www.rubiconminerals.com), is moving toward construction of a mine at its 100%-owned Phoenix gold property.
Phoenix is in Ontario’s Red Lake Gold Belt, which has produced over 30 million ounces of gold since the mid-1960s. The area includes Goldcorp’s (Toronto symbol G) Red Lake mine.
Rubicon continues to intercept strong gold showings at Phoenix’s F2 zone. To date, drilling has outlined a deposit containing as much as 3 million ounces of gold.
The company hopes to start up the mine next year. It expects the project to produce an average of 180,000 ounces of gold annually over a 12-year life.
Rubicon holds cash of $148 million, or $0.51 a share, so it will need to raise some funds to complete a mine, which will cost an estimated additional $214 million over what it has spent so far.
The company’s shares are down, along with most gold stocks, but…
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