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Gold/Mining/Energy : Rubicon Minerals

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To: Joey Two-Cents who started this subject	1/14/2003 2:34:28 PM
From: Enigma	of 470

Report from Haywood Securities 13/01/03: Subject: Rubicon Minerals: This mornings PR summarizes 14 holes (6,263 feet of drilling) on the McFinley Property (this property is NOT in the Anglo JV). Rubicon owns 100% of the property. Most of the drilling is within the area of previous underground workings and in areas known to contain high grade gold - so it is not unexpected to have some high grade intercepts. However, there is a consistency of high and medium grades over narrow widths that is highly encouraging. On average these results are very positive and with the discovery of both new high grade structural targets and the recognition that mineralization (arsenopyrite hosted) is similar to the Campbell and Red Lake mines, there is much more to do on this project. The better target(s)? are actually in the lake to the east of where this drilling took place and presumably both this area and step outs from the area recently drilled will commence shortly. McFinley is clearly one of the best targets drilled to date by Rubicon (and by most others) in the camp and holds much promise. Also - Rubicon is drilling (6,000 feet) on the Rivard property (which is part of the Anglo JV) in the western Red Lake belt: Rivard contains numerous coarse gold vein structures that are likely to have very high grade numbers in drilling as well. Summary Excellent beginning on McFinley and much, much more news to come from several projects in Red Lake: the stock will see a lot of attention in the next two to three months, and could approach its year high of $1.92. Rubicon will easily be exposed to a drill program in excess of 50,000 feet in the next few months. Jim Mustard Haywood Securities Inc. Office Direct: 604-697-7124 Office FAX: 604-697-7482 Office General: 604-697-7100 Cell: 604-657-3990

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