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10 E&MJ; • MARCH 2014 www.e-mj.com REGIONAL NEWS - U.S. & CANADA NI 43-101 technical report is expected in the third quarter of 2014 with an updated mineral reserves and resources estimate. A second NI 43-101 technical report, expected in the fourth quarter of 2014, is targeting a mine plan optimized for the current gold price environment. Concurrent with the Silver Standard announcement, Goldcorp issued an announcement stating that the Marigold transaction was the result of a joint sale process whereby Goldcorp and Barrick invited multiple parties to conduct due diligence and put forth offers to purchase the mine. Rubicon Finishes Shaft Sinking at Phoenix Gold In a project update issued February 21, Rubicon Minerals reported that it com- pleted shaft sinking at its Phoenix gold project in the Red Lake district of Ontario in mid-December 2013. The project is expected to produce an average of 165,300 oz/y over a mine life of 13 years. Diluted head grade to the mill will be 8.1 g/mt gold, mill throughput will be 1,900 mt/d, and all-in sustaining costs are estimated at $805/oz. The new Phoenix shaft has a total depth of 730 m below surface. The installation of a loading pocket on the 337-m level from surface is complete, allowing Rubicon to expedite under- ground lateral development on the 122- m, 244-m and 305-m levels. Two 10-mt skips and two cages for personnel trans- port have been installed. The company also will install a 10-mt loading pocket at 685 m below surface and is planning lat- eral development on the 610-m level. Lateral development has been initiat- ed on the 244-m level to provide for dia- mond drill stations. Vertical development on the 122-m and 305-m levels also has begun and will provide access for the ventilation system expansion. A headframe and 2,500-hp hoist have been commissioned, and construction has been completed for required roads, a 200-person camp, a new power line and substation, the mill building, and the SAG and ball mill foundations. Rubicon is deferring completion of the mill until it has secured the remain- ing financing required to complete the project. The company has entered into a $75 million gold stream agreement with Royal Gold and estimates it will need to raise an additional $100 million to complete the project. It expects to begin production approximately 12 to 14 months following completion of the addi- tional financing. Under the gold streaming agreement with Royal Gold, Rubicon will deliver 6.3% of any gold produced from the Phoenix project until 135,000 oz have been delivered and 3.15% thereafter. Royal Gold's purchase price/oz will be 25% of the spot price at time of delivery. Stillwater Suspends Marathon Permitting Process Stillwater Mining announced on January 31, 2014 that Stillwater Canada Inc. has requested a governmental joint review panel to suspend until further notice its environmental assessment and panel hearings regarding Stillwater Canada's Marathon platinum group metals (PGM) project in northwest Ontario. The joint review panel is comprised of the Canadian Environmental Assessment Agency and the Ontario Ministry of the Environment and is responsible for the evaluation of the Marathon project's envi- ronmental impact statement. The panel hearings were scheduled to begin on February 20. Stillwater Canada is owned 75% by Stillwater Mining and 25% by Mitsubishi Corp. The Marathon project is located about 10 km north of the town of Marathon, Ontario, near the north shore of Lake Superior. As of mid-2012, the pro- ject was thought to have potential to pro- duce about 200,000 oz/y of PGMs (most- ly palladium) and 37 million lb/y of cop- per over a mine life of about 11.5 years. Stillwater Mining president and CEO Mick McMullen said, "We have been working closely with our partner, Mitsubishi Corp, to complete an updated Marathon project feasibility study. The study is not yet complete, but the project team has identified several areas for fur- ther evaluation of operational and pro- cessing approaches and optimization options. As a result we have concluded, due to the potential for material changes to the project, it is in the best interest of all stakeholders for the feasibility study to be completed prior to the investment of further time and resources needed to facilitate the Environmental Assessment process. "The Marathon project fits within the company's strategy of focusing on PGM assets in mining friendly jurisdictions. However, resuming the permitting process will depend on the results of the completed technical review and the degree of any potential scope changes." Rubicon Minerals continues to move ahead on its Phoenix gold project in Ontario, and recently announced that shaft sinking had been completed in late 2013. The property is shown here under construction in October 2013. (Photo courtesy of Rubicon Minerals) EMJ_pg04-27_EMJ_pg04-27 3/3/14 10:32 AM Page 10