Rubicon Minerals: PEA shows 477,000 indicated oz at Phoenix Gold Project, Red Lake, Ontario

Rubicon Minerals Corporation is pleased to announce the positive results of a Preliminary Economic Assessment (“PEA”) for its F2 Gold System, part of its Phoenix Gold Project located in the Red Lake, Ontario gold district. The PEA was prepared by AMC Mining Consultants (Canada) Ltd. (“AMC”) with metallurgical sections prepared by Soutex Inc. (“Soutex”) both of which are independent of the company.

The PEA is based on an updated mineral resource estimate containing an indicated mineral resource of 1.028 million tonnes grading 14.5 g/t gold  (477,000 ounces of gold) and an inferred mineral resource of 4.23 million tonnes grading 17.0 g/t gold (2.317 million ounces of gold); both the PEA and the resource estimate have been prepared by AMC. The mineral resource estimates were prepared by Dinara Nussipakynova P.Geo., Cath Pitman P. Geo. and J.M (Mort) Shannon, P. Geo., consulting geologists of AMC and independent Qualified Persons as defined by NI 43-101.

The table below shows a summary of the mineral resource estimates:

Summary of AMC Mineral Resource Estimates

Classification M Tonnes g/t Au M oz Au
Indicated 1.028 14.5 0.477
Inferred 4.230 17.0 2.317

Notes:

  1. CIM definitions were used for mineral resources
  2. The cut off grade applied is 5.0 g/t Au
  3. A capping value of 270g/t Au has been applied to the composites
  4. Using drilling results to February 28, 2011
  5. The figures above are “Total” resources

Read the full news release here





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