TORONTO – Rubicon Minerals Corp
. has been asked to suspend trading and delist its common stock from the New York Stock Exchange. The NYSE informed the company on Jan. 11, 2016, that it stock price had fallen below the level necessary to maintain its listing.
The decision comes after Rubicon’s updated resource estimates for its shuttered Phoenix mine near Red Lake, ON, were released. The numbers indicating that 88% of the contained ounces at the Phoenix mine had evaporated. Work at the mine was suspended last November due to the challenging nature of the geology and the lack of continuity in the mineralized zones.
Rubicon (RMX) shares will continue to trade on the Toronto Stock Exchange where they fell 40% on Jan. 12, to about C$0.025 per share at press time.
Follow the Rubicon story at RubiconMinerals.com