Rubicon extends F2 gold system on Phoenix property

Rubicon Minerals (TSE:RMX)(AMEX:RBY) announced Monday it extended the F2 gold system on its wholly owned Phoenix gold project in Red Lake, Ontario.

The 9X exploration drilling program was carried out to test the southern extension of the F2 core zone.

Holes drilled south along strike of the WLB2 extension returned 14.3 grams per tonne (g/t) gold over 3.5 metres in hole 305-127, defining two distinct panels of gold mineralization, the company said.

Underground drilling in the West Limb zone tested the northwest extension of the F2 system up to a depth of 600 metres. Notable results include 61.6 g/t gold over 2.0 metres, and 31.4 g/t gold over 0.5 metres, in hole 305-06-044. Also on the West Limb zone, hole 305-131 returned 37.7 g/t gold over 3.0 metres.

Assays from drilling on the 122-10 zone, which evaluated the southerly, down-plunge continuation of the F2 core zone, returned 56.7 g/t gold over one metre, and 29.6 g/t gold over one metre, in hole 305-103. Hole 305-111 on the 122-10 zone returned 13.4 g/t gold over 5.1 metres, including 95.3 g/t gold over 0.5 metres.

Rubicon said it will continue drilling on the West Limb zone to continue defining the mineralization, and the mineralization at depth.

The company also announced its completion of a power line to the site, and the installation of a transformer. It has also accepted an offer from Hydro One to connect to the grid for an initial 5.3 megawatts of power.

Rubicon also announced the construction of a new hoist is well advanced, with commissioning of the hoist scheduled for October. Final permits are also in the final stages of approval and consultation with local First Nations.

Based in Vancouver, B.C., Rubicon said it expects the closure plan with the First Nations to be submitted to the Government of Ontario in the fourth quarter of 2011. Production for the Phoenix project is targeted for 2013.
Rubicon shares in Toronto rose 1.18% as of 11:07 am EDT, trading at $4.28.