Rubicon Minerals (RMX:TSXV) collapsed 9.6% Monday, closing at $0.14 per share on 1.3 million shares traded. It seemed any issuer with a ‘Minerals’, ‘Resources’ or‘Energy’ after its name declined Monday as commodities sold off huge.
Renewable energy stocks along with a few lithium and graphite plays were the few to escape the carnage Monday.
The TSX lost over 300 points and the Venture shed 1.91% to close at a new all-time low of 507.26.
Insider buys Rubicon Minerals
Rubicon Minerals was among 5 stocks with insider buying featured last week on CanadianInsider.com after Bruce Alexander Thomas, Independent Non-Executive Director’s purchases were reported.
Mr. Bruce A. Thomas is Independent Non-Executive Director at Rubicon Minerals Corp. and Founding Partner at Thomas, Gold & Pettingill LLP.
Alexander bought 262,000 shares at $0.175 on November 30th, according to canadianinsider.com. This trade was filed on December 3rd, which is why the company hit the top insider buys list last week.
Rubicon Minerals closed at its low of $0.14 per share Monday, half a penny higher than its 52-week low.
Two other Directors, including Michael D. Winship, P. Eng. (Interim President and Chief Executive Officer) and
Peter Rowlandson, P.Eng.Director, also bought shares in November.
Insiders reload: Canadian Smart Money
According to Canadianinsider.com, Canadian Smart Money is Buying. Below is a short excerpt from their website:
“On Friday, there were 107 stocks on the Toronto Stock Exchange with identified insider and significant shareholder buying and 47 with selling. Canadian National Railway (CNR) saw the most dollar buying while CI Financial (CIX) saw the most selling.”
source: https://www.canadianinsider.com/
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Rubicon Minerals’ searches for silver lining
Things went from bad to worse on November 3rd for Rubicon Minerals’ stock chart after it announced it had suspended underground activities temporarily at its Phoenix Gold Project.
Michael Winship, interim President and Chief Executive Officer of Rubicon commented in the press release that:
“We have high-grade gold mineralization with extensive infrastructure, in one of the top producing gold camps in the world. Similar to other high-grade, narrow-vein, underground gold deposits, the geology can be quite challenging and requires additional analysis to be fully understood. During the trial stoping period, we have discovered that the F2 Gold Deposit is much more geologically complex compared to our understanding of it from historical drilling.”
Click here to read the entire quote and press release.
Rubicon Minerals’ share performance, along with many junior resource stocks, has been nothing short of disastrous in 2015. The company’s shares have fallen from a 52-week high of $1.63 to a recent low of$0.135.
Rubicon Minerals – 1 Year Chart
Michael Winship, interim President and Chief Executive Officer of Rubicon, went on to comment that:
“Our job is to maximize value for our shareholders. After conducting an initial assessment of the Project following my appointment as interim CEO, we believe that we need to better define the value of the deposit with further work…”
Click here to read the entire quote and press release.
The resource sector is on its knees currently and, in some cases, insiders are taking advantage of historic lows.
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