EXPLORATION AGREEMENT: Rubicon, Lac Seul First Nation ink deal

ONTARIO — Toronto-based Rubicon Minerals and the Lac Seul First Nation (LSFN) have entered into an exploration accommodation agreement. The deal covers Rubicon's properties in lands considered by LSFN to be its traditional territory including the Phoenix gold project near Red Lake.

Rubicon and LSFN have promised to work together in good faith, with Rubicon pledging to negotiate a benefits agreement for any advanced project. Such benefits might be in the form of financial support or employment opportunities. Rubicon will follow "good" industry practices and protect culturally sensitive sites identified by LSFN. In turn LSFN will support the mining company's applications for licences and permits.

Rubicon plans a $25-million exploration program at the Phoenix project during 2010. It made a major discovery, the F2 zone in 2008, where the results of drilling have averaged 12.4 g/t Au, and 18.7 g/t in the high-grade area. This year the company plans to do 158,000 metres of drilling and 750 metres of underground development.

More information (including some lovely images of visible gold in drill core) is posted at www.RubiconMinerals.com.