- 40,000 metres (131,000 feet) of drilling on three key 100% -
controlled projects -
TORONTO STOCK EXCHANGE SYMBOL: RMX
AMEX SYMBOL: RBY
TORONTO, Nov. 15 /CNW/ - Following the closing of its recently announced
$10 million flow through financing, Rubicon Minerals Corporation (RMX.TSX:
RBY.AMEX), is pleased to announce a major increase in its planned drill
programs in Red Lake, focused on the following 100%-controlled projects:
- Phoenix Project: Drilling is currently underway on the North
Peninsula Zone target area on the Phoenix Project. Rubicon
has slated a minimum of 10,000 metres for drilling on the
project to continue well into the first half of 2008.
Drilling will include property-wide deep drill holes to test
targets up to 1000 metres below surface where no previous
drilling has been carried out.
- Adams Lake Project: As detailed on our website, Rubicon
believes the Adams Lake area displays many of the same
structural and lithological features as the Red Lake Mine
area, four kilometres to the west. Much of the Adams Lake
area comprises younger rocks at surface that, although
locally gold-bearing, are thought to be underlain at depth by
more prospective Balmer stratigraphy which hosts the major
gold deposits of the Red Lake camp. A drill program
consisting of 10,000 metres (minimum) testing up to
1500 metres below surface, across a major fold with
associated cross-cutting structures, will commence in early
- East Bay Project: The East Bay ultramafic trend is associated
with numerous documented gold deposits and occurrences over
its 25+ kilometre length. Rubicon has 100% control of two,
strategic properties along this trend, Phoenix and East Bay.
At East Bay, a minimum 10,000 metres of drilling will test
four kilometres of the ultramafic at shallow to moderate
depths (up to 500 metres). This program will commence by
An additional 10,000 metres of discretionary drilling will be
allocated as the programs progress. Rubicon currently has two
drill rigs on site and has secured a third rig which will be
added in late January.
The 40,000-metre program outlined above is exclusive of any partner
funded or partner-related drill programs, an update of which is provided
Rubicon is currently operating a drill rig in the Sidace Lake area for
partner Solitaire Minerals. A deep drill hole is being resumed to test for the
down dip extension of the MDZ, a gold zone controlled by Goldcorp and Planet
Exploration Inc. Solitaire will earn a 55% interest in the Red Lake North
project, which includes the Sidace area claims, by spending $2.5 million.
Solitaire has also optioned Rubicon's Humlin project where it can earn a
55% interest by spending $2.5 million. In order to accommodate drill
availability, Rubicon has agreed to extend Solitaire's 2008 required $400,000
expenditure to the end of 2008 (from May 2008).
A two-hole drill program funded by Agnico-Eagle Mines Ltd. was recently
completed at the DMC project. Assays results are pending.
A six-hole program was also recently completed on the McCuaig Joint
Venture project (60% Rubicon, 40% Golden Tag Resources). Once all the results
have been received, the partners will evaluate any further drilling at that
"Having closed the bought deal, $10 million financing, we are now in a
position to inject significant impetus to our drilling in this exciting gold
belt. Exploration in Red Lake offers great rewards and the targets require the
kind of drill budgets we now have in place. Simply put, the more you drill the
better your chance of success. Securing flow through funding at a premium
price also allows us to protect our 'hard' dollars and provides us with more
flexibility in the USA" said President and CEO, David Adamson.
Rubicon's business plan is to provide exposure to high exploration
potential and to review new growth opportunities in areas of low political
risk in North America. As well as its extensive Red Lake holdings, Rubicon has
major land positions in both Alaska and Nevada, the latter being comprised of
privately owned mineral rights and Rubicon expects to be active in both areas
next year. Private mineral rights are becoming increasingly valuable in the
USA due to uncertainties about possible amendments to the existing US Mining
Act relating to unpatented (Federal government-owned) claims.
It should be noted that the exact timing of drill programs projected
above is dependant on a number of factors. These include drill and drill-crew
availability, weather and ice conditions and ongoing results from programs
necessitating additional or reduced drilling. It should also be noted that the
industry as a whole is facing labour shortages and long assay turnaround
This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that the
Company expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Forward-looking statements in this document include statements
with respect to the Company's exploration programs, its expenditures on such
exploration programs and the anticipated results of such exploration programs.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in the forward-looking statements. Factors that
could cause the actual results to differ materially from those in
forward-looking statements include uncertainty with respect to findings under
exploration programs and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from
those projected in the forward-looking statements. Forward looking statements
are based on the beliefs, estimates and opinions of the Company's management
on the date the statements are made. The Company undertakes no obligation to
update these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should change.
These statements are based on a number of assumptions, including, among
others, assumptions regarding general business and economic conditions, the
ability of management to successfully implement the planned exploration. The
foregoing list of assumptions is not exhaustive. Events or circumstances could
cause results to differ materially.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Bill Cavalluzzo, Vice President-Investor
Relations, Toll free: 1-866-365-4706 or by E-mail at: