Rubicon Minerals is a development-stage company engaged in the acquisition and exploration of mineral property interests in Canada and the U.S. Rubicon explores for commercially viable gold and metal deposits. Besides Phoenix Gold Project (Ontario) and other mineral exploration assets, the company has acquired land packages in Alaska and Nevada. Of all the analysts covering the stock, 67% recommend a buy. Analysts' consensus estimates indicate a 70.6% potential upside over the upcoming few months. The stock was trading at $4.95 Friday morning.
During November 2010, the company announced the discovery of a 4 million ounce gold resource in the prolific Red Lake mine in Canada. This catapults Rubicon into the league of the world's biggest gold producers, as only 7% of the world's gold deposits contain 3 million ounces or more. Potential ounces at this gold system could range between 13 million and 16 million ounces, positioning Rubicon as a top-notch gold company.
Meanwhile, the company is also on the verge of developing a mine on the Phoenix deposit, with the preliminary economic assessment report under preparation. Recent drilling results at Phoenix were encouraging, with intercepts both within and outside the 9 times target area, which is host to existing resources. This validates the long-term deposit potential, supporting rising share price movements. Rubicon is scheduling first production by the fourth quarter of 2012, transforming from an explorer into a producer.