RUBICON
MINERALS CORPORATION NEWS RELEASE TSX VENTURE EXCHANGE - SYMBOL: RMX JUNE 9, 2003
OTCBB – SYMBOL: RUBIF PR03-15
RUBICON MINERALS INCREASES INTEREST IN NEWMAN-TODD PROPERTY, RED LAKE
- property contiguous to Rivard Gold Project from which Rubicon recently announced encouraging drill results -
David W. Adamson, President and CEO of Rubicon Minerals Corporation (RMX.TSX Venture) is pleased to
announce that, through an agreement between Rubicon, Redstar Gold Corp., and AngloGold (Canada) Exploration
Company, Rubicon has increased its interest in the prospective Newman-Todd property in the prolific Red Lake gold
camp from a minimum 9% to 22% carried interest.
The Newman Todd property is located 15 kilometres west of Goldcorp Inc.’s Red Lake Mine and Placer Dome Inc.’s
Campbell Mine (Figure 1). Significantly, it is contiguous to Rubicon’s Rivard Gold project, under suboption to
AngloGold, from which Rubicon recently announced encouraging drill intercepts (see news release dated June 3,
2003). Phase II diamond drilling at Rivard is planned to commence in July.
Under the terms of the Newman Todd agreement, AngloGold will acquire a 60% interest by spending US$750,000 on
exploration over four years, including a firm work commitment of $100,000 in Year 1 and by making cash payments to
Redstar. Rubicon will be the initial Manager of the exploration program. AngloGold may elect to become Manager by
providing appropriate notice to Rubicon. After earn-in, Rubicon would have a 22% interest and Redstar would retain
an 18% interest. Both Rubicon and Redstar would be carried to production, subject post mine decision to payback of
exploration and capital costs out of 75% of their share of mine proceeds at prime plus 3%. If AngloGold terminates its
option, the property would revert back to the Rubicon-Redstar Option Agreement, whereby, as part of a larger
property package Redstar is required to spend $2.75 million to earn a 51% interest. AngloGold has agreed to a noncompete
clause in an area around the West Red Lake properties. Any ground acquired by Redstar in this area would
be subject to the Rubicon-Redstar agreement. Redstar has agreed to a non-compete clause in an area centered
around the Rivard project.
In connection with this transaction, Redstar has agreed to a firm commitment to spend $600,000 before May 6, 2004
on the west Red Lake properties less the amount spent by AngloGold on Newman Todd over the same period.
Unrelated to the Newman Todd agreement, AngloGold has agreed to carry out 1500 metres of drilling on Rubicon
properties in the northeast part of the Red Lake gold camp in the area of Planet Resources gold discovery, by June 2,
2004. Should AngloGold fail to carry out this program an agreed area of the property will be returned from the RLJV
agreement to Rubicon.
Rubicon Minerals Corporation is a well funded junior mineral exploration company with over 260 square kilometres of
land holdings in the prolific Red Lake gold camp of Ontario, which hosts two high-grade, world-class gold mines
(Placer Dome’s Campbell Mine and Goldcorp’s Red Lake Mine). Included in Rubicon’s Red Lake holdings is the
100%-controlled McFinley Gold Project, from which the Company has reported high-grade intercepts from several
zones including 21.26 oz/ton gold over 1.15 feet, 1.34 oz/ton gold over 3.28 feet and 1.92 oz/ton gold over 2.2 feet.
RUBICON MINERALS CORPORATION
David W. Adamson
_________________________________
President & CEO |
