-New President and Chief Operating Officer to review Phoenix Gold
Project status and plans going forward -
TSX:RMX | NYSE.MKT:RBY
TORONTO, June 21, 2012 /CNW/ - Rubicon Minerals Corporation (TSX:RMX | NYSE-MKT:RBY) ("Rubicon") invites shareholders to attend its upcoming Annual General Meeting
(AGM) which is to take place at 10:00 AM, EST June 27th at the InterContinental Hotel in Toronto. At the meeting, Chief
Executive Officer David Adamson will introduce Mike Lalonde, the
recently appointed President and COO. Mr. Lalonde will become the CEO
following a transition period of up to six months at which point Mr.
Adamson will become the non-executive Chairman of the Board of
Mr. Lalonde will review and address the following points:
Ongoing optimization studies of the Preliminary Economic Assessment
("PEA")* being carried out in conjunction with third party consultants
which include evaluating lower cost mining techniques and potentially
lower cut-off grades.
Drill results and optimization studies are expected to be reviewed
internally during Q4, 2012.
While these studies are being carried out Rubicon will focus on the two
most critical components in the construction schedule; the sinking of
the Phoenix Shaft and the construction of the mill.
Following the successful completion of underground infill drilling
programs, drilling will be temporarily halted to allow shaft sinking to
the 610 metre level to continue at a faster pace and without
Mill foundation work in progress.
Mill building ordered, with expected completion at the end of 2012.
SAG and Ball Mills ordered, expected delivery by July 2013.
16,000 metres of expansion drilling outside of current resource planned
by end of September, 2012.
Mike Lalonde said, "I am excited with the opportunity and challenges
presented to me and look forward to advancing this world class
discovery to potential production. The Phoenix Gold Project is one of
the very few projects in the world which is funded and permitted and
located in a safe political jurisdiction."
Interested parties that are unable to attend the AGM can listen to the
Company's AGM presentation via webcast at: Rubicon Minerals Webcast - June 27th, 2012 - 10:20 AM EST
About Rubicon Minerals Corporation
Rubicon Minerals Corporation is an exploration and development company,
focused on exploring and developing high margin gold deposits in
politically safe jurisdictions such as its high-grade gold discovery at
its Phoenix Gold Project in Red Lake, Ontario. Rubicon is well funded
and its flagship Phoenix Gold Project is fully permitted to potential
production. In addition, Rubicon controls over 100 square miles of
prime exploration ground in the prolific Red Lake gold district which
hosts Goldcorp's high-grade, world class Red Lake Mine. Rubicon's
shares are listed on the NYSE.MKT (RBY) and the TSX (RMX) Exchanges.
Rubicon's shares are included in the S&P/TSX Composite Index and Van
Eck's Junior Gold Miners ETF.
RUBICON MINERALS CORPORATION
"David W. Adamson"
*The PEA is preliminary in nature as it includes inferred mineral
resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves and there is no certainty that the PEA
will be realized. Mineral resources that are not mineral reserves do
not have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant
issues. The quantity and grade of reported inferred resources referred
to in the PEA are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
resource category. The PEA is a technical report under NI 43-101, was
prepared by AMC Mining Consultants with metallurgical and processing
contributions from Soutex, and has an effective date of August 8, 2011.
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", "look forward" and "intend" and
statements that an event or result "may", "will", "would", "should",
"could", or "might" occur or be achieved and other similar expressions.
Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made and represent
management's best judgment based on facts and assumptions that
management considers reasonable. The material assumptions upon which
such forward-looking statements are based include, among others; that
the aspects of the transition will progress on a satisfactory basis; that the demand for gold and base metal deposits will develop as
anticipated; that the price of gold will remain at levels that will
render the Phoenix Gold Project economic; that operating and capital
plans will not be disrupted by issues such as mechanical failure,
unavailability of parts and supplies, labour disturbances, interruption
in transportation or utilities, or adverse weather conditions; that
Rubicon will meet its estimated timeline for the development of the
Phoenix Gold Project; that Rubicon will continue to have the ability to
attract and retain skilled staff; that the mineral resource estimate as
disclosed in the PEA will be realized; and that there are no material
unanticipated variations in the cost of energy or supplies, or in the
pre-production capital and operating cost estimate as disclosed in the
PEA. Rubicon makes no representation that reasonable business people in
possession of the same information would reach the same conclusions.
Forward-looking statements in this news release include, but are not
limited to statements regarding the assumption of the role of President
and CEO position by Michael Lalonde, the assumption of the role of
Chairman of the Board by David Adamson after a transition period, the
expected completion of the mill building by the end of 2012, the
expected delivery of the SAG and Ball Mills by July 2013, the planned
expansion drilling by end of September 2012 and the results of studies
and drilling expected to be reviewed in Q4 2012.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Rubicon to be materially different from
any future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others:
future prices of gold and other metals; possible variations in
mineralization, grade or recovery rates; actual results of current
exploration activities; actual results of reclamation activities;
conclusions of future economic evaluations; changes in project
parameters as plans continue to be refined; failure of equipment or
processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; delays and other risks related to
joint venture operations; timing and receipt of regulatory approvals of
operations; the ability of Rubicon and other relevant parties to
satisfy regulatory requirements; the availability of financing for
proposed transactions and programs on reasonable terms; the ability of
third-party service providers to deliver services on reasonable terms
and in a timely manner; and delays in the completion of development or
construction activities. Other 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
It is important to note that the information provided in this news
release is preliminary in nature. There is no certainty that a
potential mine will be realized. A mine production decision based on a
preliminary economic assessment as opposed to a bankable feasibility
study carries additional potential risks which include, but are not
limited to, the inclusion of inferred mineral resources that are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized
as mineral reserves. Mine design and mining schedules, metallurgical
flow sheets and process plant designs may require additional detailed
work to ensure satisfactory operational conditions.
Forward-looking statements contained herein are made as of the date of
this news release and Rubicon 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
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
SOURCE Rubicon Minerals Corporation
For further information:
Bill Cavalluzzo, VP-Investor Relations, Toll free: 1.866.365.4706
E-mail: firstname.lastname@example.org | www.rubiconminerals.com
Rubicon Minerals Corporation | Suite 1540-800 West Pender Street | Vancouver BC, CANADA V6C 2V6