ENP Newswire -
Release date- 12022014 -
Rubicon has recently completed sinking the shaft, initial development of the tailings facility, construction of the mill building, earthworks, and 200-person camp. Underground development is underway. The Company has also entered into a
Shaft Sinking Completed
Rubicon completed shaft sinking in
Lateral development has been initiated on the 244-metre level for diamond drilling. Vertical development on the 122-metre and 305-metre levels has commenced and this will provide access for the ventilation system expansion.
Tailings Management Facility ('TMF') and Remaining Earthworks
The Company has completed the majority of the TMF development necessary for the first 2 years of operation.
The main components of the semi-autogenous ('SAG') and ball mill were delivered and received on site in 2013. The Company has poured most of the required outdoor concrete slabs. The mill building is completed and the internal cranes are fully operational. The mill thickener tank foundations are completed. Management has deferred some activities in the mill construction to preserve the Company's strong balance sheet.
Surface Infrastructure Completed
The Company has commissioned a 2,500 horsepower hoist and extended headframe. In addition, Rubicon has completed the construction of the required roads, a 200-person camp, a new power line and substation, the mill building, and the SAG and ball mill foundations.
Timeline to Projected Production
Rubicon believes that the main elements required to complete the
Rubicon has entered into a
'We are extremely pleased with the key construction milestones that we have achieved to-date,' stated
Conference Call Details
Rubicon's senior management team will host a conference call today,
A recorded playback of the conference call can be accessed after the event by dialing +1 (800) 319-6413 or +1 (604) 638-9010 for calls outside
Forward Looking Statements
This news release contains statements that constitute 'forward-looking statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and 'forward looking information' within the meaning of applicable Canadian provincial securities legislation (collectively, 'forward-looking statements'). Forward-looking statements often, but not always, are identified by the use of words such as 'seek', 'anticipate', 'believe', 'plan', 'estimate', 'expect', 'targeting', 'look forward' and 'intend' and statements that an event or result 'may', 'will', 'would', 'should', 'could', or 'might' occur or be achieved and other similar expressions.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management's best judgment based on facts and assumptions that management considers reasonable.
The material assumptions upon which such forward-looking statements are based include, among others; that the aspects of the transition will progress on a satisfactory basis; that the demand for gold and base metal deposits will develop as anticipated; that the price of gold will remain at levels that will render the
Rubicon makes no representation that reasonable business people in possession of the same information would reach the same conclusions.
Capital expenditures and time required to develop new mines are considerable and changes in cost or construction schedules can significantly increase both the time and capital required to build and complete a development project. Additional capital costs may be to be incurred in respect of the
The New PEA is preliminary in nature as it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the New PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The quantity and grade of reported inferred resources referred to in the New PEA are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource category.
Forward-looking statements in this news release include, but are not limited to statements regarding projected production, projected completion of the perimeter ditch and estimates of additional financing.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rubicon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Such factors include, among others: future prices of gold and other metals; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; actual results of reclamation activities; conclusions of future economic evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays and other risks related to joint venture operations; timing and receipt of regulatory approvals of operations; the ability of Rubicon and other relevant parties to satisfy regulatory requirements; the availability of financing for proposed transactions and programs on reasonable terms; the ability of third-party service providers to deliver services on reasonable terms and in a timely manner and delays in the completion of development or construction activities.
Other factors that could cause the actual results to differ include market prices, results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions.
It is important to note that the information provided in this news release is preliminary in nature. There is no certainty that a potential mine will be realized. A mine production decision that is made without a bankable feasibility study carries additional potential risks which include, but are not limited to, the inclusion of inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mine design and mining schedules, metallurgical flow sheets and process plant designs may require additional detailed work to ensure satisfactory operational conditions.
Forward-looking statements contained herein are made as of the date of this news release and Rubicon disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Tel: +1 (416) 766-2804
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