March 22 (Reuters) - Canadian gold miner Rubicon Minerals
Corp RMX.TO said there was significant doubt about its ability
to continue as a going concern after it breached a loan
covenant.
Rubicon, which suffered a major setback in January when it
had to cut the gold reserve estimate for its Phoenix mine in
Ontario by 86 percent, said it continues to evaluate strategic
options and that it was in talks with lenders.
Rubicon had raised funds for the mine through issuing shares
and through so-called "streaming agreements", including one with
Royal Gold Inc RGLD.O , which provided upfront funds in
exchange for a portion of a mine's future output.
The Canada Pension Plan Investment Board (CPPIB) provided a
$50 million loan facility in May for developing the mine.
Rubicon had debt of C$216.2 million as of Dec. 31.