Rubicon Minerals
Encyclopedia
Rubicon Minerals is a Canadian company active in gold exploration.
Rubicon owns more than 65000 acres (26,304.6 ha) of exploration ground near Red Lake, Ontario
, Canada, and has made significant discoveries of gold on this property.
The property is near to Goldcorp
's Red Lake Mine.
As of 25 October 2011 the company had a market capitalization of US$888 million.
Rubicon Minerals' stock began trading on the TSX Venture Exchange
in November 1997.
In September 1999 Rubicon announced encouraging assay results from a large sulphide discovery on the Palmer project near Haines, Alaska
.
The company acquired the McFinely property in 2001 following several years of litigation and began drilling in November 2002.
Drilling on the water-based part would be carried out in winter when the lakes were frozen.
In September 2003 Rubicon graduated to trading on the Toronto Stock Exchange
, and was delisted from the Venture Exchange.
In September 2004 Rubicon was listed on the American Stock Exchange
.
In February 2006, Africo Resources
, which was 38.8% owned by Rubicon, released results from drill holes at its Kalukundi
copper and cobalt deposit in Katanga Province
, Democratic Republic of the Congo.
The inferred resource was now 12.15 million tonnes of ore grading 2.45% copper and 0.61% cobalt.
Later that year Rubicon spun off Africo and Rubicon's Newfoundland assets into two separate companies.
The Newfoundland gold and base metal assets were held by Paragon Minerals Corporation. Shortly after the spin-off was completed in December 2006 Rubicon's share prices dropped by 10%.
, the former chairman and CEO of Goldcorp
, said he was investing C$10 million in Rubicon, and was also selling 200000 hectares (494,210.3 acre) of land near the Pogo gold mine in Alaska to Rubicon in exchange for additional shares. McEwen was to become a strategic advisor to the company. Shares rose by almost 40% when the news was released.
In May 2007 McEwen announced that he owned or controlled about 32.8% of Rubicon's current outstanding common shares.
In December 2009, Rubicon Minerals was added to the Toronto Stock Exchange
's benchmark S&P/TSX Composite Index
.
At this time, in addition to the Red Lake property the company owned more than 590 square miles (1,528.1 km²) around the Pogo Mine in Alaska, and 350 square miles (906.5 km²) in northeast Nevada. McEwen's share was now 21.5%.
In November 2010 Rubicon Minerals shares shot up after the company announced that part of their Phoenix project in the Red Lake area had an estimated inferred resource of 4 million ounces of gold. Drilling results indicated a grade of 20.1 gram (0.709006638312751 oz) gold per ton of ore.
In July 2011 Agnico-Eagle Mines
made a CDN$70 million investment through non-brokered private placement of common shares.
Rubicon continued to develop the Phoenix gold project, and in October 2011 announced that it now had a grid power connection from Hydro One
, replacing the former diesel generators.
Rubicon owns more than 65000 acres (26,304.6 ha) of exploration ground near Red Lake, Ontario
Red Lake, Ontario
Population trend:* Population in 2006: 4526* Population in 2001: 4233* Population total in 1996: 4778** Golden : 2248** Red Lake : 2277* Population in 1991:** Golden : 2355** Red Lake : 2268-Climate:...
, Canada, and has made significant discoveries of gold on this property.
The property is near to Goldcorp
Goldcorp
Goldcorp Inc. is a gold producer headquartered in Vancouver, British Columbia, Canada. Goldcorp has 16 operations and development projects in 6 countries across the Americas....
's Red Lake Mine.
As of 25 October 2011 the company had a market capitalization of US$888 million.
Early years
In the late 1980s Rubicon explored what is now the McFinely property in the Red Lake area, finding gold along a historically gold-producing trend about 4 kilometres (2.5 mi) in length.Rubicon Minerals' stock began trading on the TSX Venture Exchange
TSX Venture Exchange
The TSX Venture Exchange is a stock exchange in Canada. It is headquartered in Calgary, Alberta and has offices in Toronto, Vancouver, and Montreal. All trading through the Exchange is done electronically, so the Exchange does not have a "trading floor"...
in November 1997.
In September 1999 Rubicon announced encouraging assay results from a large sulphide discovery on the Palmer project near Haines, Alaska
Haines, Alaska
Haines is a census-designated place in Haines Borough, Alaska, United States. As of the 2000 census, the population of the area was 1,811. Haines was formerly a city but no longer has a municipal government...
.
The company acquired the McFinely property in 2001 following several years of litigation and began drilling in November 2002.
Drilling on the water-based part would be carried out in winter when the lakes were frozen.
In September 2003 Rubicon graduated to trading on the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
, and was delisted from the Venture Exchange.
In September 2004 Rubicon was listed on the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
.
Africa and Newfoundland
In February 2004, Rubicon made a partnership agreement with IAMGold Corporation through which IAMGold would invest in exploratory drilling at Rubicon's 140 square kilometres (54.1 sq mi) Avalon gold project in Newfoundland in exchange for a 55% interest.In February 2006, Africo Resources
Africo Resources
Africo Resources is a Canadian mining company whose main property is the copper and cobalt Kalukundi Mine in Katanga Province, Democratic Republic of the Congo.-Company profile:...
, which was 38.8% owned by Rubicon, released results from drill holes at its Kalukundi
Kalukundi Mine
Kalukundi Mine is a copper and cobalt mine being developed in Katanga Province, Democratic Republic of the Congo by Africo Resources, a Canadian company...
copper and cobalt deposit in Katanga Province
Katanga Province
Katanga Province is one of the provinces of the Democratic Republic of the Congo. Between 1971 and 1997, its official name was Shaba Province. Under the new constitution, the province was to be replaced by four smaller provinces by February 2009; this did not actually take place.Katanga's regional...
, Democratic Republic of the Congo.
The inferred resource was now 12.15 million tonnes of ore grading 2.45% copper and 0.61% cobalt.
Later that year Rubicon spun off Africo and Rubicon's Newfoundland assets into two separate companies.
The Newfoundland gold and base metal assets were held by Paragon Minerals Corporation. Shortly after the spin-off was completed in December 2006 Rubicon's share prices dropped by 10%.
Red Lake development
In February 2006 Rob McEwenRob McEwen
Rob McEwen, CC is a Canadian businessman. He is the Chairman and CEO of US Gold Corporation and Minera Andes Inc., Chairman of Lexam VG Gold Inc. and was the founder and former Chairman and CEO of Goldcorp Inc., which is the world’s second largest gold producer based on market capitalization...
, the former chairman and CEO of Goldcorp
Goldcorp
Goldcorp Inc. is a gold producer headquartered in Vancouver, British Columbia, Canada. Goldcorp has 16 operations and development projects in 6 countries across the Americas....
, said he was investing C$10 million in Rubicon, and was also selling 200000 hectares (494,210.3 acre) of land near the Pogo gold mine in Alaska to Rubicon in exchange for additional shares. McEwen was to become a strategic advisor to the company. Shares rose by almost 40% when the news was released.
In May 2007 McEwen announced that he owned or controlled about 32.8% of Rubicon's current outstanding common shares.
In December 2009, Rubicon Minerals was added to the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
's benchmark S&P/TSX Composite Index
S&P/TSX Composite Index
The S&P/TSX Composite Index is an index of the stock prices of the largest companies on the Toronto Stock Exchange as measured by market capitalization. The Toronto Stock Exchange listed companies in this index comprise about 70% of market capitalization for all Canadian-based companies listed on...
.
At this time, in addition to the Red Lake property the company owned more than 590 square miles (1,528.1 km²) around the Pogo Mine in Alaska, and 350 square miles (906.5 km²) in northeast Nevada. McEwen's share was now 21.5%.
In November 2010 Rubicon Minerals shares shot up after the company announced that part of their Phoenix project in the Red Lake area had an estimated inferred resource of 4 million ounces of gold. Drilling results indicated a grade of 20.1 gram (0.709006638312751 oz) gold per ton of ore.
In July 2011 Agnico-Eagle Mines
Agnico-Eagle Mines
Agnico-Eagle Mines Limited is a Canadian-based gold producer with operations in Canada, Finland and Mexico and exploration and development activities extending to the United States. Agnico-Eagle has full exposure to higher gold prices consistent with its policy of no-forward gold sales...
made a CDN$70 million investment through non-brokered private placement of common shares.
Rubicon continued to develop the Phoenix gold project, and in October 2011 announced that it now had a grid power connection from Hydro One
Hydro One
Hydro One Incorporated delivers electricity across the Canadian province of Ontario. It is a Corporation established under the Business Corporations Act with a single shareholder, the Government of Ontario....
, replacing the former diesel generators.