TSX:FNV 86.27 -1.24 -1.42%
Volume 656,029
February 24, 2017
NYSE:FNV 65.89 -0.85 -1.27%
Volume 557,853
February 24, 2017
Gold 1,257.08 +7.54 +0.6%
Volume
February 24, 2017
Contact Share

Location: Ontario
Operator: Rubicon Minerals Corporation
Royalty: NSR: 2%

In August 2011, Franco-Nevada purchased a 2% NSR (subject to a buy-back of 0.5%) on the water claims (which cover the majority of Mineral Resources) of the Phoenix gold project in Red Lake, Ontario operated by Rubicon Minerals Corporation (“Rubicon”). The Phoenix project is located 10 km north of Goldcorp’s Red Lake mine. In November 2015, Rubicon announced a temporary shutdown of underground activities to enhance its geologic model and develop an implementation plan as the gold mineralization was more geologically complex than anticipated. In January 2016, Rubicon provided an updated Mineral Resource estimate which included a reduction of 91% to Indicated contained gold ounces and an 86% reduction to Inferred contained gold ounces. Rubicon is now evaluating strategic alternatives for the company.