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Rubicon controls a commanding position covering key ground on the 'Mine Trend' in the heart of Red Lake, Ontario's third largest gold producing district. The Red Lake gold district has produced more than 19 million ounces of gold and currently has three producing mines. The target at Red Lake is a high-grade gold deposit similar to Placer Dome's world class Campbell Mine (past production of more than 10 million ounces of gold; 1999 production of 262,015 ounces of gold per year projected at US$145/oz total cash cost). Goldcorp's new gold zone at the Red Lake Mine (2.3 million ounces of gold at 1.37 oz/ton, cut; projected total cash cost US$137) is further evidence of the district's exceptional profitability even in times of a depressed gold price. In May 2000, a formal agreement (the "Rubicon-AngloGold Agreement") dated effective January 24, 2000 was executed by the Company and AngloGold (Canada) Exploration Company. The Rubicon-AngloGold Agreement calls for AngloGold to make an initial contribution of US$3 million over 5 years to earn a 60% interest in the Red Lake Joint Venture ("RLJV"). AngloGold can earn an additional 10% interest by paying the Company US$250,000 within 90 days of vesting its 60% interest and, in exchange, and within 100 days of AngloGold vesting at either 60% or 70%, Rubicon can elect to have AngloGold carry the Company's share of joint venture costs through to completion of a positive and bankable feasibility study. Only in the even of completion of such a positive and bankable feasibility study will the Company then have to pay back its share of joint venture costs at a rate of prime +3% within 180 days. The Company will be Manager of the project until the first US$1 million has been spent or until the second anniversary of the agreement (whichever is earlier). Thereafter, AngloGold has the right to become Manager. _________________________________________________ Stock Symbol: RMX (Toronto Exchange) Shares Issued (June 30, 2001): 19,871,009 Shares Fully Diluted: 24,161,009 Management & Director Postition: 23.0% Debt: NIL __________________________________________________ rubiconminerals.com __________________________________________________ From Tuesday's (November 11, 2001) "The Globe and Mail": Fund manager Malvin Spooner has been buying technology and cyclical stocks lately in anticipation of an economic recovery next year. "It's time to move away from the safe stuff and get back into the fun stuff," the president of Toronto-based Mavrix Fund Management Inc. says. Stocks he recently bought or added to existing positions include: Rubicon Minerals Corp. (RMX-CDNX): The Vancouver-based gold exploration company, which closed yesterday at 36 cents, hit a 52-week low of 20 cents in March and a 52-week high of 54 cents in May. Mr. Spooner says Rubicon has assembled a "highly prospective land position" at Red Lake in Northern Ontario near where players such as Goldcorp Inc. are mining gold. "If they have anything comparable to what the other guys in the region have underground, Rubicon stock could be $5 in a blink," he says. Stocks of senior gold producers have run up significantly in recent months and the juniors will "have their day in the sun," he says. | ||||||||||||||
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