Rubicon Minerals to Spend More on Gold Project; Shares Edge Closer to Year Lows

By MT Newswires,  May 08, 2012, 01:25:18 PM EDT

Rubicon Minerals Corporation (RMX.TO) today announced that it is increasing its budget at the Phoenix Gold Project by nearly $28 million to about $83 million.

Rubicon said approximately 60% of the increase will be directed towards accelerating mill foundation work and constructing the mill building.

The remainder will be used to fund additional mill engineering work, the completion of the down payment on the SAG and ball mill and additional diamond drilling.

RMX shares were off nearly 4% to $2.80, edging closer to year lows of $2.65.

Nearly 1.2 million shares have changed hands.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

How to Invest When Interest Rates Rise
How to Invest When Interest Rates R...
How Canada's Immigration Debate Differs From The United States'
How Canada's Immigration Debate Dif...
Could Canada's Start-Up Visa Program Lure Innovators Away From U.S.?
Could Canada's Start-Up Visa Progra...
A Million Bucks Ain't Enough
A Million Bucks Ain't Enough        


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.




Most Active by Volume:

Company Last Sale Change Net / %
PFE $ 29.16 0.07  0.24%
BAC $ 13.21 0.14  1.07%
SIRI $ 3.34 0.07  2.14%
MU $ 13.24 0.48  3.76%
MSFT $ 34.99 0.59  1.72%
S $ 7.22 0.10  1.37%
CSCO $ 24.70 0.61  2.53%
INTC $ 25.10 0.18  0.72%