GoldMinerPulse Reports for Sale: Rubicon Minerals Report

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January 2011 Update

The Rubicon Minerals Report that was sold via this page is historical now that Rubicon have issued an NI43-101 report.

Please see my free valuation blog for my latest views on Rubicon.

Historical Report

Amazon GIF The Big Short: Inside the Doomsday Machine by Michael Lewis. Published 2010 by W. W. Norton & Company.

The line between gambling and investing is artifical and thin. The soundest investment has the defining trait of a bet (you losing all of your money in the hope of making a bit more), and the wildest specualtion has the salient characteristics of an investment (you might get your money back with interest). Maybe the best definition of "investing" is gambling with the odds in your favor". [p. 256, emphasis added]

GoldMinerPulse strives to provide quantified, well-documented, actionable information to help the individual investor get on the right side of the odds when it comes to selecting gold and silver mining explorers and developers.

Rubicon Minerals Report Overview

Rubicon Minerals (hereinafter, "Rubicon") is an extremely interesting gold stock. It has a market capitalization of roughly C$800M (May 2010) and yet has not produced a significant NI 43-101 report on its Phoenix project, the company's main focus in 2009/2010. And yet even without published gold reserves and resources, Rubicon has already become part of the S&P/TSX Precious Metal Index.

The question is this: Why is Rubicon so highly valued by the market today and, more importantly, is Rubicon currently overvalued or undervalued?

In the absence of a NI 43-101 report, Rubicon is precluded from releasing the estimated amount of gold contained in the Phoenix deposit. Rubicon's approach, interestingly, has been to to focus instead on still more exploration and pre-development and issuing non-numeric disclosures on the deposit. Most recently, during the 2010 AGM Webcast, CEO David Adamson described the Rubicon valuation potential using references to Goldcorp's Red Lake mine. My report assumes readers are already familar with both Goldcorp's Red Lake Mine and the Rubicon 2010 AGM Webcast, the latter of which is available for playback or viewing at the Rubicon website.

Although Rubicon as recently as May, 2010 still referred to itself as an exploration company, Rubicon has also very clearly stated its intention to begin production at Phoenix project in 2012. The green light for a start of production 2012 is expected to be announced in Q1 2011. Currently, Rubicon has a 330m shaft, a 500 tonne/day hoist, tailings pond, and excellent infrastructure in the area, which is a brown field mining region with continuous gold mining since the 1940s. The Red Lake mining camp today is among Canada's richest gold-producing regions. By the 4th quarter of 2010, Rubicon expects to complete a 450m drift into the heart of the Phoenix F2 zone, a well-defined, high-grade zone with excellent widths, strike and vertical extent. The shaft and tunnel into the heart of the F2 Zone are expected to be production-ready.

I have prepared this report using my experience analysing literally thousands of NI 43-101 reports from many hundreds of junior mining explorers. The GoldMinerPulse document backup now runs at 42G bytes of compressed PDF files, mostly 43-101 reports with a liberal sprinkling of MD&A, IFS, presentations, news releases and related documents.

It should be obvious to gold investors that Rubicon is one of the biggest gold mining stories to unfold in the second decade of the 21st century. Moreover, Rubicon's maverick approach to eschew the typically frequent resource estimates and updates while still in the exploration stage could lead to mispricing in either direction. Companies with a market cap of close to C$1 billion without significant NI 43-101 resource disclosures are relatively rare. The market has less experience valuing these companies, and less experience usually means more opportunities to get the valuation wrong. Fortunately, when market valuation is wrong, investors have an excellent opportunity to increase their odds.

Serious investors in Rubicon, long or short, will gain a considerable advantage from reviewing my observations, which include a unique Rubicion valuation, contained in this report.


The Rubicon Minerals Report is offered for sale on an Individual Use basis for a fee of C$19. Individual Use means usage is restricted to the individual who has purchased the report. Please do not forward, republish or distribute this report in any way. Price discounts for multiple copies of the report are available by writing to Thank-you for respecting this request.

The Rubicon Minerals Report is not offered as investment advice. Rather, it should be viewed strictly as original research and opinion intended for individual investors, who ultimately make their own investment decisions.

The GoldMinerPulse Rubicon Minerals Report use of Anticipated Reserve and Resource estimates is in no way intended to imply NI 43-101 compliance. A NI 43-101-compliant resource estimate could only come from Rubicon Minerals according to the terms and condtions set out by relevant securities authorities. As of June 2010, Rubicon has not released a NI 43-101-compliant resource estimate for the F2 Core zone, nor has it released a report on the Phoenix project in its entirety, including drill results completed after the discovery of the F2 Core zone. In 2009, however, Rubicion did release a NI 43-101 report that revealed 66.8K ounce of Inferred gold, an amount based on historical work completed in 2002.

The absence of a current NI 43-101 disclosure of Phoenix resource counts represents, in my view, both the risk and opportunity to potential Rubicon investors.

Comments From Investors Who Have Already Purchased This Report

  1. ...if/when you do a Sangold report, paid ,I hope, pls let me know right a way, your Rubicon is very good, more Rubicon info i will also pay for..

  2. Your Rubicon write up is first class, really good,thanks,

  3. Thanks, man. Good report.

  4. I might also say, having done an immense amount of independent research myself (I actually have a database that contains every scrap of publicly released drilling data from Goldcorp's Red Lake mine complex which supports in depth analysis of drilling statistics from them) that I got a lot of additional information from your report. I view the price you charged as being inexpensive for the quality of the information and the depth of analysis provided. In particular, your valuation methodology is quite valuable to me...

  5. Anyone who is a serious Rubicon investor should purchase this report.Appears to be technically sound and balanced. The ups and downs will be a lot more tolerable.

GoldMinerPulse Rubicon Minerals Report -- Table Of Contents

Purchase The GoldMinerPulse Rubicon Minerals Report

January 2011: The Rubicon report is now out of date and is longer available. Please see my free Rubicon Blog for my latest views on Rubicon.

The Rubicon Minerals Report from GoldMinerPulse is offered for individual use only. The report is packaged as a PDF and is priced at C$19. Redistribution or republication of the GoldMinerPulse valuation report is not allowed. You can download your purchased copy of the report PDF as soon as you complete the ease, safe and secure PayPal payment process.

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