The Company is continuing consultations with First Nations and the Metis Nation of Ontario and local municipalities.
Recommendation from SRK and Continuing Studies
SRK has determined that the results of the New PEA support the continued development of the Phoenix Gold Project and work related to further technical studies. No production decision has been made at this time. Such a decision, if reached, will require such additional technical studies and ongoing evaluation by Rubicon of the construction and development of the Phoenix Gold Project and would not be based solely on the New PEA(1).
Project Development Update and Timeline
Shaft sinking continues on the Phoenix Gold Project, with the current shaft depth at 670 m below surface. Key project milestones include:
SAG and ball mill delivery - Q3-2013
Shaft loading pocket at 680-metre elevation - Q3-2013
Mill commissioning and projected gold production(1) - H2-2014
Conference Call Details
The Company's senior management team will host a conference call today, Tuesday, June 25, 2013 at 8:30 am ET to discuss the New PEA and updated mineral resource.
Participants in Canada and the United States may join the conference call by dialing toll free 1 (800) 319-4610 or +1 (604) 638-5340 for calls outside Canada and the United States or via webcast on the Company's website at www.rubiconminerals.com.
A recorded playback of the conference call can be accessed after the event by dialing 1 (800) 319-6413 or +1 (604) 638-9010 for calls outside Canada and the United States. The pass code for the conference call playback is 7856#. The archived audio webcast will also be available on the Company's website at www.rubiconminerals.com.
About Rubicon Minerals Corporation
Rubicon Minerals Corporation is an advanced stage gold development company, focused on responsible and environmentally sustainable development of its Phoenix Gold Project in Red Lake, Ontario towards projected gold production in 2014. Rubicon's flagship Phoenix Gold Project is fully permitted for initial production at 1,250 tpd. 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.
RUBICON MINERALS CORPORATION
Mike Lalonde, President and Chief Executive Officer
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 in this estimation 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 mineral resources in this press release were reported using CIM Standards.
Phoenix Gold Project exploration drill programs and all related drill data forming the basis of the resource update were supervised and verified by Terry Bursey, B.Sc., P.Geo., Regional Exploration Manager for Rubicon, through 2011 and by Matthew Wunder B.Sc., P.Geo., and Vice President Exploration for Rubicon, from January 2012 to present. Both are Qualified Persons under the definition of NI 43-101. Drill core assays were conducted on sawn NQ-sized half core sections. The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. All assays were conducted by SGS Minerals Services using standard fire assay procedures with a gravimetric finish. Standards, blanks and check assays were included at regular intervals in each sample batch. Check assays on 5% of samples are carried out at a third party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd. Daniel Labine, P.Eng., Vice President Operations for Rubicon, is the Qualified Person, under the definition of NI 43-101, responsible for the Phoenix Gold Project construction and development.
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