Rubicon Minerals Corp. (AMEX: RBY) said today that it has received approval from the Ontario, Canada, environmental ministry for its proposed amendments to water, sewage, and air permits at the company’s Phoenix Gold Project at Red Lake, Ontario. The company is now “fully permitted to develop, construct and operate a potential mining and milling facility.”
The Red Lake project is near three mines operated by Goldcorp Inc. (NYSE: GG), which Rubicon claims is “the richest gold deposit in the world.” The company owns 100% of the project, as well as about 100 square miles of acreage in the area for further exploration.
Shares of Rubicon are up about 0.9% today at $3.41 in a 52-week range of $2.87-$5.86. The Market Vectors Junior Gold Miners ETF is up about 0.2% at $24.85 in a 52-week range of $22.58-$42.97. Rubicon comprises 2.2% of the assets in the Junior Gold Miners ETF.