Why Hold Rubicon?

S.E. Wells, Seeking Alpha (03/10/2010)
market cap of approximately 940.5 million. If I think the core F2 zone has approximately 9.2 million ounces, that means the core F2 zone, considered solely, is being valued at slightly less than $102 for each ounce of in-the-ground gold I think might be present in the core F2 zone.

That's a pretty rich valuation for ounces in the ground.

I think it's impossible to know for sure what an in-ground ounce is worth absent a feasibility study or much more knowledge than I have. But, on the face of it, I wouldn't think that $102/oz. for in-the-ground ounces is overvalued either. This is Red Lake. It is high grade and there are many other parts of the Phoenix property that have 15 g/t assays that are not part of the core F2 zone, like the Hanging Wall target and the Phoenix Zone, just to name two.

Additionally, Rubicon owns much more land in the Red Lake district than just the Phoenix project in addition to its Alaskan and northeastern Nevada properties. Adams Lake and the DMC property come to mind as well-positioned and exciting possibilities now that Titan-24 analysis has been run on them.

I'm going to choose not to sell my Rubicon holdings. I think $102 ounces in Red Lake still have some room to move up and I fully expect there to be more than 9.2 million ounces on the Phoenix project taken as a whole."

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