GOLD EXPLORATION: Rubicon commits $60M to Phoenix project

ONTARIO — Rubicon Minerals of Toronto is making plans to spend $60 million next year at its 100%-owned Phoenix project in the Red Lake Gold District. The new program is in addition to the $25-million, 80,000-metre Phase One program that is to be completed in Q1 2010 on the F2 gold system.

The $60-million Phase Two program includes both surface and underground drilling. Approximately 120,000 metres of definition drilling will be done from surface. A 750-metre underground development program will be completed for exploration drilling stations, and a bulk sample is planned. The work will take about 12 months to complete.

The March 2009 technical presentation about the F2 zone contains earlier drill results and photos of drill core. It is posted at www.RubiconMinerals.com.