Ruby Mine update

[diverrick]

A few years back, the Ruby mine was selling some stocks that looked like it might have a good potential for gains. Some folks here put their own money down. But, not sure when this came out, but I found it online today. Does not bode well it sounds like. Too bad.

Last known plan was to allow the toxic financing to run its course. In early 2015 They did a 20:1 reverst split lowering the AS to under 10M shares and continued to dilute to pay off bad debt. As of May 2015 the AS has climbed to well over 110M and climbing. The company has no money and has been unable to pay its bills.
NBRI is expected by many to be closed down or bankrupt by the end of 2015
Debt at the time of this writing is approx $1.8M to be paid by dilution at a discount.
The company last stated that the mining would resume in spring of 2015
NBRI has not said a word since the RS

Why don't they start letting people pay to dig? Sounds like a decent idea. I most certainly would like a crack at getting in there!

 

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[Old Bookaroo]

Finding capital to develop a gold mine, let alone a prospect, is a very difficult task. During most of the 20th Century, and so far into the 21st, America doesn't have the tradition of investing in these enterprises. Although the potential returns can be gaudy. A new ap so people can order sandwiches on their phones is a much more attractive opportunity to many with the money to invest.

The vast number of mining scams and schemes doesn't make it any easier. This business makes real estate look like a moral business. Neither does the current price of gold, although it is several hundred dollars higher than the average cost of production.

It appears this mine is moribund:

http://mines.findthedata.com/l/5698/RUBY-MINE

Good luck to all,

The Old Bookaroo, CM

 

[Mad Machinist]

The biggest problem new mines face is the current regulatory environment we have. When it can take 20+ years to get through the permitting process when other countries can do it in two to three AND protect the environment, we have a serious problem. Most of the "issues" brought up are nothing but pure crap.

 

[augoldminer]

I use to live in Alleghany Calif while i was running a mine just outside town.
so i understand the mining district very well.
I don't understand what they are spending all the money on .

They had a mine that was close to operational and a mill that needed very little work.

 

[Peyton Manning]

Finding capital to develop a gold mine, let alone a prospect, is a very difficult task. During most of the 20th Century, and so far into the 21st, America doesn't have the tradition of investing in these enterprises. Although the potential returns can be gaudy. A new ap so people can order sandwiches on their phones is a much more attractive opportunity to many with the money to invest.

The vast number of mining scams and schemes doesn't make it any easier. This business makes real estate look like a moral business. Neither does the current price of gold, although it is several hundred dollars higher than the average cost of production.

It appears this mine is moribund:

http://mines.findthedata.com/l/5698/RUBY-MINE

Good luck to all,

The Old Bookaroo, CM

gotta love anyone who uses the word moribund

 

[Old Bookaroo]

You just can't have too much bund...

Good luck to all,

The Old Bookaroo, CM