Does First Nations lawsuit threaten Rubicon? – National Post

by aanationtalk on December 18, 2012690 Views

Dec 18, 2012

Rubicon Minerals Corp. appears to be facing significant opposition to its Phoenix gold project. Investors were blindsided on Monday by a report that the Wabauskang First Nation plans to file a lawsuit attempting to block construction of the mine in Red Lake, Ontario. The mine application for Phoenix has been approved by the Ontario government, but the Wabauskang claims it needs federal approval.

For now, analysts are being cautious with their comments.

“We would stress that the Phoenix gold project is fully permitted and the objections of the WFN appear to be as much with the province and the mine review process as it is with the company,” TD Securities analyst Daniel Earle wrote in a note.

Read more: http://business.financialpost.com/2012/12/18/does-first-nations-lawsuit-threaten-rubicon/

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