TSX: RMX | OTCQX: RBYCF
TORONTO, Nov. 11, 2019 /CNW/ – Rubicon Minerals Company (RBYCF) (“Rubicon” or the “Firm”) proclaims that it has filed its interim Monetary Statements and Administration’s Dialogue and Evaluation (“MD&A”) for the three-month interval ended September 30, 2019. The Firm confirms that copies of those interim filings will be obtained at www.rubiconminerals.com or beneath the Firm’s profile at www.sedar.com.
(This information launch comprises forward-looking details about potential future outcomes and occasions. Please seek advice from the Cautionary Statements on the finish of this this information launch.)
Highlights from the three-month ended September 30, 2019
- Money place: As of September 30, 2019, the Firm had money and money equivalents and short-term investments of roughly C$6.1 million.
On October 10, 2019, the Firm closed a marketed personal placement financing of 12,000,000 widespread shares of the Firm at a value of C$1.00 per Widespread Share for combination gross proceeds to the Firm of roughly C$12.zero million. The proceeds from the providing will likely be used for exploration and growth expenditures at Rubicon’s Phoenix Gold Venture (the “Venture”) and normal company functions.
On July 29, 2019, the Firm closed a non-brokered personal placement financing of 6,883,116 widespread shares of the Firm at a value of C$zero.77 per Widespread Share for combination gross proceeds to the Firm of roughly C$5.three million. The proceeds from the providing will likely be used for working capital and normal company functions. A majority of the Rubicon Board of Administrators (the “Board”) and administration crew participated within the providing.
- Exploration and analysis expenditures: For the three-month interval ended September 30, 2019, the Firm spent roughly C$2.zero million in expenditures associated to drilling, upkeep and technical consulting charges. Expenditures had been decrease by C$2.9 million in comparison with Q3/2018 when the Firm was ramping up spending on the mill facility throughout the majority pattern processing program.
- Normal and administrative bills (together with salaries and advantages, and consulting and professional charges): The Firm spent roughly C$1.5 million on expenditures associated to normal and administrative, salaries and advantages, and consulting and professional charges in Q3/2019 consistent with spending in comparison with Q3/2018.
As of November eight, 2019, the Firm had money and money equivalents of roughly C$15.9 million. In administration’s view, the Firm has adequate monetary sources to hold out the Firm’s deliberate actions for the rest of 2019 and far of 2020 as follows:
- Up to date Mineral Useful resource Estimate to be delivered finish of 2019 to early 2020: The Firm has accomplished greater than 14,000 m of oriented infill drilling on the Venture. Knowledge from the drilling has been submitted to Rubicon’s exterior consultants for the preparation of an up to date Mineral Useful resource estimate. The objective of the infill drilling program is to develop the Measured and Indicated Useful resource estimate to greater than 750,000 ounces of gold, which Rubicon believes, together with extra feasibility work, is required to advance the Venture to a Feasibility Examine-level. Rubicon anticipates the supply of an up to date Mineral Useful resource estimate by the top of 2019 to early 2020.
- Feasibility Examine anticipated for Q3/2020: If the Firm efficiently expands the Measured and Indicated Mineral Useful resource estimates, Rubicon will proceed with growing a lifetime of mine plan and finishing the extra feasibility work on the Venture. The Firm has commenced feasibility work on floor infrastructure upgrades (tailings administration facility and ammonia therapy plant, extra buildings, and many others.) and gathering quotes for tools. Completion of the feasibility work is anticipated for Q3/2020.
- Exploration Targets: Inside the Phoenix Gold Property declare boundary, the Firm has recognized exploration targets inside 2 kilometres from the Venture shaft and floor infrastructure, which the Firm intends to discover in 2020. Rubicon believes these targets have robust mineral potential primarily based on historic mining and exploration.
Please seek advice from our interim Monetary Statements and MD&A for the quarter-ended September 30, 2019 for additional particulars.
About Rubicon Minerals Company
Rubicon Minerals Company is a complicated gold exploration firm that owns the Phoenix Gold Venture, positioned within the prolific Crimson Lake gold district in northwestern Ontario, Canada. Moreover, Rubicon controls the second largest land bundle in Crimson Lake consisting of over 285 sq. kilometres of prime, strategic exploration floor, and greater than 900 sq. kilometres of mineral property pursuits within the rising Lengthy Canyon gold district that straddles the Nevada–Utah border in the USA. Rubicon’s shares are listed on the Toronto Inventory Trade (RMX) and the OTCQX markets (RBYCF). For extra data, please go to our web site at www.rubiconminerals.com.
RUBICON MINERALS CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director
Cautionary Assertion relating to Ahead-Wanting Statements and different Cautionary Notes
All statements, apart from statements of historic truth, contained or included by reference on this information launch, together with however not restricted to any data as to the longer term efficiency of the Firm, represent “forward-looking statements” and “ahead wanting data” (collectively, “forward-looking statements”) inside the which means of relevant Canadian and United States securities laws. Usually, these forward-looking statements will be recognized by way of forward-looking terminology resembling “advance”, “anticipates”, “believes”, “estimate”, “exploration”, “future”, “objective”, “if”, “intends”, “might”, “outlook”, “deliberate”, “potential”, “undertaking”, “threat”, “examine”, goal”, “view” and “will”, or variations of such phrases, and comparable such phrases, expressions or statements that sure actions, occasions or outcomes might, might will or might (or not) be achieved or happen sooner or later. In some circumstances, forward-looking data could also be acknowledged within the current tense, resembling in respect of present issues that could be persevering with, or which will have a future impression or impact.
Ahead-looking statements embody, however should not restricted to, statements relating to Mineral Useful resource estimates, mine plans together with lifetime of mine plans, Venture feasibility and feasibility work, the anticipated end result of oriented infill and different drilling of the Venture, the potential tonnage of mineralized materials and its grade from the Venture, the impression of the info from the 2019 drilling program, the potential to enhance the portions and classification of Mineral Useful resource estimates, and future mining, and the understanding of the structural geology together with at depth.
Ahead-looking statements are made as of the date of this information launch, primarily based on the expectations, assumptions, opinions and estimates of administration as of the date such statements are made, which administration considers affordable, and symbolize administration’s greatest judgment. If such expectations, assumptions, opinions and estimates show to be incorrect, precise and future outcomes could also be materially totally different than expressed or implied within the forward-looking statements. Ahead-looking statements are topic to plenty of recognized and unknown dangers, uncertainties and different components which can trigger Rubicon’s precise outcomes, efficiency or achievements to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. Such components embody, amongst others: attainable variations in mineralization, grade or restoration or throughput charges; uncertainty of Mineral Useful resource estimates; incapacity to comprehend exploration potential, mineral grades and mineral restoration estimates; precise outcomes of exploration actions; uncertainty of future operations, delays in completion of exploration plans for any cause together with inadequate capital, delays in allowing, and labour points; continuation and conclusions of future financial or geological evaluations; modifications in undertaking parameters as plans proceed to be refined; failure of kit or processes to function as anticipated; accidents and different dangers of the mining business; delays and different dangers associated to operations; timing, receipt and upkeep of permits and different required regulatory approvals; the flexibility of Rubicon and different related events to fulfill regulatory necessities; the flexibility of Rubicon to adjust to its obligations beneath materials agreements together with financing agreements; the provision of financing for proposed applications and dealing capital necessities on affordable phrases; the flexibility of third-party service suppliers to ship companies on affordable phrases and in a well timed method; dangers related to the flexibility to retain key executives and key working personnel; value of environmental expenditures and potential environmental liabilities; dissatisfaction or disputes with native communities together with First Nations Communities; failure of plant, tools or processes to function as anticipated; market circumstances and normal enterprise, financial, aggressive, political and social circumstances; our potential to acquire ample financing to fund our capital expenditures and dealing capital wants and meet our different obligations; the volatility of our inventory value; the flexibility of our widespread inventory to stay listed and traded on the TSX; and the “Danger Components” within the Firm’s annual data kind dated March 22, 2019 (“2019 AIF”). The foregoing checklist of assumptions, dangers, uncertainties and different components is just not exhaustive. The foregoing checklist of assumptions, dangers, uncertainties and different components is just not exhaustive. The forward-looking statements contained or included by reference herein are expressly certified by this cautionary assertion in addition to these in different steady disclosure paperwork of the Firm filed beneath its profile at www.sedar.com together with, however not restricted to, the 2019 AIF. Ahead-looking statements contained herein are made as of the date of this information launch and Rubicon disclaims any obligation to replace any forward-looking statements, whether or not on account of new data, future occasions or outcomes or in any other case, besides as required by relevant securities legal guidelines.
Cautionary Notice to U.S. Readers Concerning Estimates of Measured, Indicated and Inferred Mineral Assets
This information launch makes use of the phrases “Measured” and “Indicated” Mineral Assets and “Inferred” Mineral Assets. The Firm advises U.S. buyers that whereas these phrases are acknowledged and required by the Canadian Securities Directors, they aren’t acknowledged by the USA Securities and Trade Fee (SEC). The estimation of “Measured” and “Indicated” Mineral Assets includes higher uncertainty as to their existence and financial feasibility than the estimation of Confirmed and Possible Reserves. The estimation of “Inferred” Mineral Assets includes far higher uncertainty as to their existence and financial viability than the estimation of different classes of Mineral Assets. It can’t be assumed that each one or any a part of a “Inferred”, “Measured”, or “Indicated” Mineral Useful resource estimate will ever be upgraded to a better class.
Underneath Canadian guidelines, estimates of “Inferred Mineral Assets” might not kind the premise of feasibility research, pre-feasibility research or different financial research, besides in prescribed circumstances, resembling in a preliminary financial evaluation (or PEA) beneath sure circumstances. The SEC usually solely permits issuers to report mineralization that doesn’t represent “Reserves” as in-place tonnage and grade irrespective of unit measures. Underneath U.S. requirements, mineralization is probably not categorised as a “Reserve” except the willpower has been made that the mineralization may very well be economically and legally produced or extracted on the time the Reserve willpower is made. U.S. buyers are cautioned to not assume that any half or all of a “Inferred”, “Measured” or “Indicated” Mineral Useful resource estimate exists or is economically or legally mineable. Info regarding descriptions of mineralization and Mineral Assets contained herein is probably not akin to data made public by U.S. corporations topic to the reporting and disclosure necessities of the SEC.
The Toronto Inventory Trade has not reviewed and doesn’t settle for duty for the adequacy or accuracy of this launch
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SOURCE Rubicon Minerals Company