Rubicon Outlines $60 Million, Phase II Exploration Program, Red Lake, Ontario
16 Novembro 2009 - 11:32AM
PR Newswire (US)
- 120,000 metres (394,000 feet) of planned drilling on expansion of
9X program and delineation drill programs - TORONTO, Nov. 16
/PRNewswire-FirstCall/ -- Rubicon Minerals Corporation (RMX.TSX:
RBY.NYSE-AMEX) is pleased to outline plans for a major Phase II
expansion of exploration programs at its 100%-owned Phoenix Gold
Project, located in the heart of the prolific Red Lake gold
district of Ontario. Positive results from its ongoing Phase I,
'9X' drill program of the F2 Gold System (see news releases from
March 12, 2008 onwards) demonstrate the presence of a large and
growing gold mineralized system which remains open in all
directions. In order to further test the system and to carry out
detailed drilling in several areas, the Company has determined that
a $60 million Phase II program is warranted. Following completion
of its recent 'bought deal' financing (see news release dated
November 12, 2009), Rubicon has approximately C$133 million in its
treasury and is in the strong position of being able to fund
planned exploration programs while still preserving significant
unallocated funds for future use. The Company plans the following:
- Completion of the remaining 38,500 metres of drilling under its
current $25 million, Phase I 80,000-metre drill program which is
expected to be completed around the end of Q1, 2010. Total drilling
to date on the F2 Gold System is 91,100 metres. - A 120,000-metre,
Phase II surface and underground drill program to continue to test
the 9X target area and also to accommodate closer spaced
(delineation) drilling in several parts of the currently known gold
system. Following completion of this drilling, approximately
250,000 metres of drilling (820,000 feet) will have been completed
on the F2 Gold System. - Approximately 750 metres of underground
excavation will be completed and drill stations established to
provide new access to several parts of the 9X target area for Phase
II underground drilling. - Taking of a bulk sample, contingent on
successful results from the delineation drilling. Bulk samples
would be used for grade estimation, metallurgical and other
studies. - Exploration drilling outside of the F2 Gold System
itself including preliminary drill testing on one or more of the
Company's other gold projects in Red Lake. "Our goal is to show
that the F2 Gold System can be the next major high-grade gold
deposit in the prolific Red Lake gold district. To do this, and in
response to strong drill results to date, we are excited to outline
our expanded Phase II program. With the closing of the financing,
we now have the financial resources to match our ambitions." stated
David Adamson, President and CEO. It is estimated that the Phase II
program will cost approximately C$60 million and that it will take
approximately 12 months to complete. The program outlined above may
be modified based on results and/or unexpected ground conditions.
Rubicon Minerals Corporation is a well-funded exploration and
development company, focused on exploring for gold in politically
safe jurisdictions with high geological potential. Rubicon controls
over 65,000 acres of prime exploration ground in the prolific Red
Lake gold district of Ontario which hosts Goldcorp's high-grade,
world class Red Lake Mine. In addition to its Red Lake holdings,
Rubicon also controls over 380,000 acres surrounding the Pogo Mine
in Alaska as well as 225,000 acres in northeast Nevada. Rob McEwen,
President and CEO of McEwen Capital and former Chairman and CEO of
Goldcorp, owns 21.6% of the issued shares of the Company. RUBICON
MINERALS CORPORATION "David W. Adamson" President & CEO The
securities sold in the recent financing have not been and will not
be registered under the U.S. Securities Act or any state securities
laws and may not be offered or sold within the United States or to
US Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available. Forward Looking Statements
-------------------------- This news release contains statements
that constitute "forward-looking statements" within the meaning of
Section 21E of the United States Securities Exchange Act of 1934
and "forward looking information" within the meaning of applicable
Canadian provincial securities legislation (collectively,
"forward-looking statements"). Forward-looking statements often,
but not always, are identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "expect", "targeting"
and "intend" and statements that an event or result "may", "will",
"should", "could", or "might" occur or be achieved and other
similar expressions. Forward-looking statements in this document
include statements regarding the timing and nature of future
exploration programs which are dependent on projections which may
change as drilling continues. In addition, areas of exploration
potential are identified which will require substantial drilling to
determine whether or not they contain similar mineralization to
areas which have been explored in more detail. The description of
the extent of mineralized zones is not intended to imply that any
economically mineable estimate of reserves or resources exists on
the Phoenix project. Similarly, although geological features of the
F2 Zone are interpreted to show similarities to nearby gold
producing mines owned by third parties, this should not be
interpreted to mean that the F2 zone has, or that it will, generate
similar reserves or resources. Significant additional drilling is
required at F2 to fully understand system size before a meaningful
resource calculation can be completed. The forward-looking
statements that are contained in this news release are based on
various assumptions and estimates by the Company and involve a
number of risks and uncertainties. As a consequence, actual results
might differ materially from results forecast or suggested in these
forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and other
factors that may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that could cause the actual
results to differ include market prices, results of exploration,
availability of capital and financing on acceptable terms,
inability to obtain required regulatory approvals, unanticipated
difficulties or costs in any rehabilitation which may be necessary,
market conditions and general business, economic, competitive,
political and social conditions. These statements are based on a
number of assumptions, including assumptions regarding general
market conditions, timing and receipt of regulatory approvals, the
ability of the Company and other relevant parties to satisfy
regulatory requirements, the availability of financing for proposed
transactions and programs on reasonable terms and the ability of
third-party service providers to deliver services in a timely
manner. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those expressed or implied in forward-looking statements, there may
be other factors which cause actual results to differ.
Forward-looking statements contained herein are made as of the date
of this news release and the Company disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws. There can be no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Toronto
Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. DATASOURCE: Rubicon
Minerals Corporation CONTACT: contact Bill Cavalluzzo, VP-Investor
Relations, Toll free: 1-866-365-4706, E-mail: ,
http://www.rubiconminerals.com/, Rubicon Minerals Corporation,
Suite 1540-800 West Pender Street, Vancouver, BC, CANADA, V6C 2V6
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