Rubicon Minerals reported it has completed sinking the shaft at its Phoenix Gold Project near Red Lake in northwestern Ontario.
In a Feb. 11 release, the company said the shaft sinking was completed in mid-December down to a depth of 730 metres. The installation of a loading pocket from surface is finished and the surface skip dump is nearing completion.
The company has finished the construction of the mill building, earthworks and a 200-person work camp. Underground development work is underway.
The company also announced it has entered into a US $75 million gold stream agreement to assist in financing the project construction. Most of the tailings facility is completed.
Some mill construction will be deferred to save money until has secured additional financing.
Rubicon has entered into a US $75 million gold stream agreement with Royal Gold but it needs to raise an additional US $100 million. Gold production will start in 12-14 months following the completion of more financing.
"We are extremely pleased with the key construction milestones that we have achieved to-date," president-CEO Michael Lalonde. "The company has completed a substantial amount of the required construction, further de-risking the project."