GOLD: Rubicon closes $30.2M flow-through offering

ONTARIO – Rubicon Minerals Corp. of Toronto has closed a previously announced financing with the issuance of 23.6 million flow-through shares at a price of $1.28 per share. Gross proceeds total more than $30.2 million.

Rubicon originally announced the deal on March 17, 2015, saying it would raise $15.0 million. A day later, the company said it had increased the offering to $25.0 million.

All proceeds of the offering are to be used for eligible Canadian exploration expenses. Rubicon is building its Phoenix high grade gold project in the Red Lake gold camp. Production is planned for the middle of this year with initial mill throughput set at 1,250 t/d.

The Phoenix deposit contains 4.12 million indicated tonnes averaging 8.52 g/t Au and 7.45 million inferred tonnes at 9.26 g/t Au, using a 4.0 g/t cut-off. The property contains an estimated 1.13 million oz of gold in the indicated category and 2.22 million oz in the inferred category.

A table of assays from drilling done at the project is available at www.RubiconMinerals.com or by clicking here.