The Globe and Mail reports in its Thursday, Nov. 5, edition that Rubicon Minerals' suspension of underground development at its Phoenix gold project is a "significant negative for the company's outlook and for the share price," says Desjardins Securities analyst Michael Parkin. The Globe's David Leeder writes in the Eye On Equities column that Mr. Parkin has cut his rating on Rubicon to "sell" from "hold." Rubicon plans to do further analysis on the deposit to figure out how to effectively mine it going forward. The move included the decision to lay off 200 employees and 110 contractors, or about 87 per cent of the Ontario project's staff. "The company has 11,000 tonnes of ore stockpiled with an estimated grade of 4 grams per tonne, which it expects to process in November; this should help create some incoming cash flow as it carefully manages its $23-million in working capital (as of Oct. 31)," said Mr. Parkin. "Rubicon believes that this is sufficient capital to sustain the company while it executes on this plan, which is scheduled for completion in 2Q16. We know that the bulk of the layoffs are deemed temporary in nature and thus allows the company to avoid severance payments for up to 35 weeks."