Hi Pat: I have been holding Rubicon Minerals for four years. I have made money and have taken profits. I’m now in a losing position. Apparently the mine will be producing by 2014. What do you think of this stock? Thanks.
Rubicon Minerals, $2.25, symbol RMX on Toronto (Shares outstanding: 287.6 million; Market cap: $647.1 million; www.rubiconminerals.com), is finishing construction of a mine at its 100%-owned Phoenix gold project. This property is in Ontario’s Red Lake Gold Belt, which has produced over 30 million ounces of gold since the mid-1960s, and includes Goldcorp’s (Toronto symbol G) Red Lake mine.
Rubicon continues to intercept strong gold showings at the Phoenix project’s F2 zone. To date, drilling has outlined a deposit containing as much as three million ounces of gold.
The company hopes to start up the mine next year. It expects the project to produce an average of 220,000 ounces of gold annually over a 13-year life.
Rubicon holds cash of $171 million, or $0.59 a share, so it has enough funds to finish building the mine.
Rubicon Minerals is okay for highly aggressive investors to hold. …
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