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Rubicon Minerals Corporation Message Board

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  • pioneerrubi pioneerrubi Oct 20, 2010 10:52 AM Flag

    McEwen

    endo
    As stated in one of my previous posts, I happen to have a property close to one of McEwen's homes. Up until the time he sold his interest he maintained the position that Rubicon was an excellent company and recommended that others invest in it.
    make what you like of that.
    pio

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    • Pioneer
      Sorry I did not intend to leave an impression that his action was negative. Imho, he simply got out of the way to allow an acquisition to occur in the not to distant future.

      As it relates to the other poster who indicated that McEwen sold because of a $5 million need at VGGCF I would reply why sell $200 million for a $5 million need?
      regards endo

      • 3 Replies to e1ndofwar
      • I will restate why I think he was very candid about his reasons for selling RBY.

        First of all, the many OTHER irons he had in the fire... let's review...US Gold currently underway with 100K meters of drilling @ El Gallo and preparing a feasability study for 2011, plus work at Gold Bar and Palmarito in Nevada.

        He has the Lexam/VG meger coming up, bought42% of VG in May and added $5 million into Lexam in September.

        Minera Andes: He has costs associated with the JV with Hochschild, But his main focus is on Los Azules, which Minera owns "100%"... I say that because there is a lawsuit involving TNR about the status of their 25% "back-in" agreement with Xstrata on the northern part of Los Azules, as well as a heavy drilling schedule (3 drill) in preparation of a pre-feasabilty study there. To quote Rob from an interview in late FEBRUARY of this year,
        "... Part of the problem in the past with Minera was that it didn't have 100% of anything that was worked on. So my objective was to secure as many assets as we could, get 100%, and we could drive our future by exploring". That plan, including the heavy schedule at Loz Azules, also involves the properties of Telken, Martes and Celestina as well.
        So you see, I think he has told us everything right up front, and HAS been telling us, if we had the eyes to see it. RBY didn't fit into his management scheme, and had A LOT of the resources he needed to secure in order to enable his own managed projects to prosper. There really is no other explanation that makes as much sense.

      • endo
        I didn't take a negative slant from your post. I was just trying to show his view of the company just prior to his exit.
        I am intigued by the fact that the shorts are still showing up here:
        http://www.canadianinsider.com/coReport/allTransactions.php?ticker=rmx
        pio

      • "Imho, he simply got out of the way to allow an acquisition to occur in the not to distant future."

        Also...Mac knew the bulk sampling was coming. Why would he sell out in the same Q that the bulk sampling is due to be taken and the first legitimacy is given to resource estimate?

        The bulk sampling is going to provide a hard floor on the acqusition price.

        Two event move RBY's share price dramatically from here (following on Dennis Boyko's "Tipping Point" scenario): (1) the buyer of most or all of McEwen's position is revealed; and (2) the bulk sampling validates the 7M oz estimates that have been kicked about by analysts.

        In the meantime, RBY is talking like they are going to mine it and go it alone entirely, which is exactly what a posturing CEO must due when he knows someone owns 21% of his company and is thoroughly kicking the tires. RBY is on a very tight time frame here and the 'tipping point' is fully in play.

        The stock price is being very carefully managed here in the meantime. So many cards yet to be turned over on this hand, but the flop, turn and river are going to be quite good for RBY. When the Rubicon River card is turned, all longs can pick up great amounts of chips.

 
RBY
0.8345-0.0233(-2.72%)Jul 31 4:01 PMEDT