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Gold/Mining/Energy : Rubicon Minerals

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To: akpirate who wrote (280)	3/21/2005 6:42:59 PM
From: Joey Two-Cents	Read Replies (1) of 470

Mon Mar 21, 2005 Rubicon Reports Further Exceptional Drill Results From Kalukundi -------------------------------------------------------------------------------- - High grade copper and cobalt grades continue - new zones discovered - NOT FOR DISTRIBUTION TO US NEWSIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES PR05-06 David W. Adamson, President and CEO of Rubicon Minerals Corporation (RMX.TSX; RBY.AMEX) is pleased to announce a further update on the Kalukundi copper-cobalt deposit, located in the DRC. Rubicon holds a 35.61% interest in a private B.C. incorporated company, Africo Resources Ltd. ("Africo") which is earning a 75% interest in the Kalukundi deposit located in the DRC. The Kalukundi deposit contains an inferred oxide resource* of 16.9 million tonnes grading 3.03% copper and 0.66% cobalt down to a vertical depth of 150m (12.93% copper equivalent grade based on US$0.90 copper and US$15.00 cobalt per pound). Current diamond drilling is designed to upgrade the classification of the resource as part of a feasibility study which is scheduled to be completed late August to early September, 2005. The core drilling program is at an advanced stage, with 3576m (34 boreholes of the 5280m (50.borehole) program completed to 7th February 2005). C5PSL target Results have been received for an additional five diamond drill holes from the 700 metre long C5 principal south limb (C5PSL) target or fragment (see www.rubiconminerals.com for location map). The C5PSL target comprises approximately 6.4 million tonnes grading 2.77% copper and 0.76% cobalt, and forms part of the total inferred resource reported above. Results of holes are summarized below: .................... Funding The board of directors of Africo has approved a C$5.33 million non-brokered private placement to existing shareholders at a price of C$1.50 per share to provide sufficient working capital to complete the feasibility study. Rubicon has agreed to participate in up to $2.13 million of this amount of which $1.15 million was advanced January 28th, 2005. Africo is evaluating various alternatives to allow it to secure a public listing. Entire article: rubiconminerals.com

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