Rubicon Minerals received notice on Jan. 11 that the New York Stock Exchange (NYSE) has decided to suspend to delist the common stock of the gutted Red Lake mine project developer from the exchange.
The exchange notified the company that it no longer complied with the continued listing standards due to the low selling price of the company's common stock.
The company decided to shutter its flagship Phoenix Gold Project in Red Lake after running into major problems with its mine implementation plan and the area’s complex geological structure.
Two hundred miners were laid off on Nov. 3 along with 110 contractors.
The company poured its first gold bar last June as it continued underground development.
SRK Consulting came aboard last fall to work on a new mineral resource estimate and come up with an improved mine implementation plan. The news they delivered this past week was crushing.
The revised resource estimate released recently reduced the inferred resource by 80 per cent and the indicated resource by 88 per cent. With that devastating news, the company board has retained BMO Capital Markets, TD Securities and Stikeman Elliott to advise Rubicon on starting a strategic review process.
