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Rubicon Minerals Corp. (TSX:RMX,NYSEMKT:RBY) released an update on its Ontario-based Phoenix gold project, commenting that it remains on budget and on schedule.
Rubicon Minerals Corp. (TSX:RMX,NYSEMKT:RBY) released an update on its Ontario-based Phoenix gold project, commenting that it remains on budget and on schedule. It should reach production in mid-2015.
As quoted in the press release:
As of August 31, 2014, Rubicon estimates that pre-production capital to complete the Project is $132 million, including contingency. A breakdown of the capital expenditures remaining can be seen in Table 1. Rubicon has approximately $158 million in cash and cash equivalents on its balance sheet to date and anticipates it will receive the remaining US$45 million from the Royal Gold streaming transaction by the end of the year, as spending on construction and development increases. The Phoenix Gold Project remains on budget and on schedule for projected production in mid-2015.
Michael A. Lalonde, president and CEO of Rubicon, commented:
We are pleased with the construction progress of the Phoenix Gold Project, which remains on track for projected production in mid-2015. Most of the construction and development risk is behind us, as the Project is well over half completed.
Click here to read the full Rubicon Minerals Corp. (TSX:RMX,NYSEMKT:RBY) press release.