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Rubicon Minerals Corp.
Summary
| Project: | Phoenix | |
|---|---|---|
| Deposit: | Phoenix | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 8/19/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 19-8-2019: Rubicon Minerals Corp. announces a PEA report for its Phoenix deposit at the Phoenix project. New PEA results incl. post-tax NPV (5%) of C$135.2M, IRR of 40.2%. TORONTO, Ontario, August 19, 2019 – Rubicon Minerals Corporation (TSX: RMX | OTCQX: | |
| Resources: | (Resource, M+I): 2.927Mt @ 6.26g/t Au at Phoenix | |
| CP/QP: | [Overall Report]: Michael Willett, Isaac Odurom, Andrew Mackenzie, Tim Maunula (Internal;T. Maunula & Associates Consulting Inc.) | |
| ABSTRACT: | TORONTO, Ontario, August 19, 2019 – Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) (“Rubicon” or the “Company”) released a positive new Preliminary Economic Assessment1 (“New PEA”) for the Phoenix Gold Project (the “Project”) demonstrating its strong free cash flow potential and robust estimated returns on capital. The New PEA has been prepared by T. Maunula and Associates Consulting Inc. (“TMAC” or “Consultants”) and the Company plans to file an updated technical report for the Project reflecting the New PEA, prepared in accordance with National Instrument 43- 101 of the Canadian Securities Administrators (“Technical Report”), on www.sedar.com within 45 days. Rubicon President and CEO George Ogilvie, P.Eng., stated, “The New PEA represents a significant milestone in demonstrating the free cash flow generating potential of the Phoenix Gold Project, using prudent assumptions. We are confident that this potential can be achieved in the near-term due to the very manageable Projected Funding Requirement, the new, fully-functional infrastructure at site, and the realistic cost and capital estimates outlined in the New PEA, which is below the cost of a similar greenfield project.” “We believe that the New PEA has a lower margin of error and risk because the estimates we used were derived from five years of operating data at the Project, including actual results achieved in our 2018 test trial mining and 35,000-tonne bulk sample processing program. The New PEA reflects a purposeful focus on rigor and prudence as the foundation for the potential construction and operation of the Project, following the prospective completion of a potentially positive feasibility study. We believe readers will view this New PEA as a well-designed, comprehensive plan put together under the direction of a management team and Consultants with successful and extensive underground mine construction, operational, and turnaround experience.” | |
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