Rubicon Minerals Corporation (Rubicon) announces that it has filed its interim financial statements and Management's Discussion and Analysis (MD&A) for the three-month period ended 30 June 2019. The company confirms that copies of these interim filings can be obtained at www.rubiconminerals.com or under the company's profile at www.sedar.com.
Highlights from the three-month period ended 30 June 2019
- Cash position: As of 30 June 2019, the company had cash and cash equivalents and short-term investments of approximately CAN$5.6 million.
- On 26 July 2019, the company closed a non-brokered private placement financing of 6 883 116 common shares of the company at a price of CAN$0.77 per common share for aggregate gross proceeds to the company of approximately CAN$5.3 million (the Offering). The proceeds from the Offering will be used for working capital and general corporate purposes. The majority of the Rubicon Board of Directors and management team participated in the Offering.
- Exploration and evaluation expenditures: For the three-month period ended 30 June 2019, the company spent approximately CAN$3.6 million in expenditures related to drilling, maintenance and technical consulting fees. Expenditures were lower by CAN$1.9 million compared to 2Q18 when the company was ramping up spending on the mill facility for the duration of the bulk sample processing programme.
- General and administrative expenses (including salaries and benefits, and consulting and professional fees): the company spent approximately CAN$1.3 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees in 2Q19. Expenditures decreased by CAN$0.2 million compared to 2Q18 primarily related to lower insurance, office and consulting/professional fees.
Rubicon is nearing completion of the new preliminary economic assessment (New PEA) for the Phoenix gold project, scheduled for release in the third quarter of 2019. The new PEA will include a preliminary life of mine plan, updated project economics and a preliminary production profile. The new PEA will build upon the results of the 2018 bulk sample programme and the company's mine and mill performance during the test trial mining.
Exploration continues throughout 2019 with up to 20 000 m of orientated diamond drilling, predominantly focused on growing the Mineral Resource estimate and advancing the company's understanding of the high-grade mineralisation potential at depth. Rubicon has completed approximately 12 000 m of drilling year-to-date.
Rubicon plans to release an updated Mineral Resource estimate incorporating drilling results from 2019 in Q4/2019 with the goal of significantly increasing the Measured & Indicated Mineral Resource estimate above the current estimate of 589 000 oz to use as a potential "springboard" into a Feasibility Study in 1H20.
Within the Phoenix gold property claim boundary, the company has identified exploration targets within 2 km from the Phoenix gold project shaft and surface infrastructure, which the company intends to explore in 2020. Rubicon believes these targets have strong mineral potential based on historical mining and exploration.
Please refer to our interim Financial Statements and MD&A for the quarter ended 30 June 2019 for further details.
Read the article online at: https://www.globalminingreview.com/finance-business/07082019/rubicon-minerals-reports-filing-of-its-2q19-results/