Yes, Rubicon most likely has much more gold than they let on in their PEA which regulators forced the company to be very conservative in. There has never been a Rubicon drill program on the Phoenix property that hasn't hit mineable amounts of gold.  Everyone knows the gold is there, even the people who bash the company. The question is when will the mine be finished. It looks like the new CEO is pretty gung ho and they have a good team and lots of cash so I think it will be about 2 years from now. Who knows there could be a buy out / takeover before then too.   It is true that us speculators have been saying for almost 10 years that  Phoenix (then known as McFinley property) would be a mine one day. After all, the mine shaft was there when Rubicon acquired the property in 2002. Some company was mining there in the 80s but they ran out of money when gold prices sunk. Well, Rubicon bought the property back then when gold was 250 /oz and after finding gold in 2004 and a huge ore body in 2007 (F2) they made a lot of people rich as the stock went all the way up to 6.50 in 2010 (after surviving and doing well compared to the market during the 2008 crash).  Well, now, here we are in 2013 and the gold market looks to be rebounding, the price of gold is surely going up as global economic uncertainty and overspending especially in the US and Europe continue as well as Chinese, German and Indian gold hoarding.  It is true that people have been saying for almost 10 years that Rubicon is sitting on millions of ounces of gold. It is also true that there have been many saying the company would be taken over by Goldcorp or Agnico.   This becomes more likely the closer we get to production (Goldcorp wants to pay for proven assets especially after overpaying for Gold Eagle).  However, it is also very likely that Rubicon will mine the gold themselves.  As you said, they have acquired all of the hoists and parts needed to expand and sink the mine shaft much further than it originally was.  They are at 600M now and going down to 1000M if they don't get taken over before then. Money wise I think they have something close to 150M left... they may need to finance again, they may not.  The monthly burn rate has to be very high, and the First Nations situation will cost the company millions too. Still, there is so much gold - 150 million a year minimum estimated net profit after costs - that you have to think when production gets closer and some of the company objectives (First Nations appeasement, shaft sinking) are put to rest, that there will finally be people bidding up the RMX / RBY stocks.  Right now, only wise speculators are buying Rubicon. The hoardes will jump on the bandwagon when gold bars are poured.  Or Goldcorp or another entity will buy Rubicon having finally been convinced of the gold earning estimates... Some have said another PEA is coming perhaps.  If it was much better than the last it might make a difference.  For sure the new CEO will want to do something big this year to make his new options worth some money....He did not leave executive position with Goldcorp one of the worlds biggest miners for no reason...he did it because he knows Phoenix is the next Cambelll Mine. Cochenour is tapped out Goldcorp needs Phoenix I think but they don't want to overpay and Rubicon won't give it up for cheap.