TSX: RMX | OTQXC: RBYCF
TORONTO,
Nov. 29, 2017
/CNW/ - Rubicon Minerals Corporation (TSX: RMX |
OTCQX: RBYCF) ("Rubicon" or the "Company") announces
it has entered into an agreement to acquire Golden Tag Resources
Limited's ("Golden Tag") 40%
interest in the McCuaig Property ("McCuaig") in Red Lake, Ontario, Canada for 550,000 common
shares of Rubicon. The Company currently has a 60% interest in
McCuaig and, upon closing of the transaction, will have a 100%
interest. In connection with the transaction, the joint venture
agreement between the parties will be terminated.
McCuaig
McCuaig is located on the prolific Mine Trend in Red
Lake, approximately six kilometres southwest of the
Company's Phoenix Gold Project. See Diagram 1 at the end of the
news release for a map of Rubicon's Red Lake Properties, including
the location of McCuaig. McCuaig is comprised of three unpatented
mineral claims and cover approximately 126 hectares. Since 1997,
Rubicon has carried out geochemical surveying and modelling,
geological mapping, geophysical surveying and drilled 71 holes
totalling over 22,000 metres ("m") on McCuaig. McCuaig has
not been drilled since 2007.
Historical highlight drill assays include (not true
widths):
MC-07-01AW:
|
15.65 grams per tonne
gold ("g/t Au") over 1.55 m
|
MC-02-32:
|
22.83 g/t Au over
3.10 m (including 75.91 g/t Au over 0.70 m)
|
MC-02-27:
|
25.48 g/t Au over
1.07 m and 18.08 g/t Au over 0.45 m
|
The Company is currently evaluating the exploration
opportunities on its Red Lake Properties, including McCuaig.
Rubicon does not anticipate commencing regional grassroots
exploration activities until the positive advancement of the
Phoenix Gold Project and adequate funding for the exploration
activities is secured.
About Rubicon Minerals
Corporation
Rubicon Minerals
Corporation is an advanced gold exploration company that owns
the Phoenix Gold Project, located in the prolific Red Lake gold district in northwestern
Ontario, Canada. Additionally,
Rubicon controls over 280 square kilometres of prime exploration
ground in Red Lake and more than
900 square kilometres of mineral property interests in the emerging
Long Canyon gold district that straddles the Nevada-Utah
border in the United States.
Rubicon's shares are listed on the Toronto Stock Exchange
(RMX) and the OTCQX markets (RBYCF). For more
information, please visit our website at
www.rubiconminerals.com.
RUBICON MINERALS CORPORATION
"George Ogilvie, P.Eng."
President and CEO
Cautionary Statement regarding Forward-Looking
Statements and other Cautionary Notes
This news release contains statements that constitute
"forward-looking statements" and "forward looking information"
(collectively, "forward-looking statements") within the meaning of
applicable Canadian and United
States securities legislation. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "intends", "may",
"will", "should", "plans", "anticipates", "potential", "expects",
"estimates", "forecasts", "budget", "likely", "goal" and similar
expressions or statements that certain actions, events or results
may or may not be achieved or occur in the future. In some cases,
forward-looking information may be stated in the present tense,
such as in respect of current matters that may be continuing, or
that may have a future impact or effect. Forward-looking statements
reflect our current expectations and assumptions, and are subject
to a number of known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements to be materially different from any anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements. Forward-looking
statements include, but are not limited to statements regarding the
exploration opportunities on the Company's Red Lake Properties,
including the anticipated details and timing of such
exploration.
Forward-looking statements are based on the opinions
and estimates of management as of the date such statements are made
and represent management's best judgment based on facts and
assumptions that management considers reasonable. If such opinions
and estimates prove to be incorrect, actual and future results may
be materially different than expressed in the forward-looking
statements.
Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Rubicon to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others: possible variations in
mineralization, grade or recovery or throughput rates; uncertainty
of mineral resources, inability to realize exploration potential,
mineral grades and mineral recovery estimates; actual results of
current exploration activities; actual results of reclamation
activities; uncertainty of future operations, delays in completion
of exploration plans for any reason including insufficient capital,
delays in permitting, and labour issues; conclusions of future
economic or geological evaluations; changes in project parameters
as plans continue to be refined; failure of equipment or processes
to operate as anticipated; accidents and other risks of the mining
industry; delays and other risks related to operations; timing and
receipt of regulatory approvals; the ability of Rubicon and other
relevant parties to satisfy regulatory requirements; the ability of
Rubicon to comply with its obligations under material agreements
including financing agreements; the availability of financing for
proposed programs and working capital requirements on reasonable
terms; the ability of third-party service providers to deliver
services on reasonable terms and in a timely manner; risks
associated with the ability to retain key executives and key
operating personnel; cost of environmental expenditures and
potential environmental liabilities; dissatisfaction or disputes
with local communities or First Nations or Aboriginal Communities;
failure of plant, equipment or processes to operate as anticipated;
market conditions and general business, economic, competitive,
political and social conditions; our ability to generate sufficient
cash flow from operations or obtain adequate financing to fund our
capital expenditures and working capital needs and meet our other
obligations; the volatility of our stock price, and the ability of
our common stock to remain listed and traded on the
TSX.
Forward-looking statements contained herein are made as
of the date of this news release and Rubicon disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by applicable securities laws. Readers are
advised to carefully review and consider the risk factors
identified in the Company's annual information form dated
March 29, 2017 under the heading
"Risk Factors" and in other continuous disclosure documents of the
Company filed at www.sedar.com for a discussion of the factors that
could cause Rubicon's actual results, performance and achievements
to be materially different from any anticipated future results,
performance or achievements expressed or implied by the
forward-looking statements. Readers are further cautioned that the
foregoing list of assumptions and risk factors is not exhaustive
and it is recommended that prospective investors consult the more
complete discussion of Rubicon's business, financial condition and
prospects that is included in this news release. The
forward-looking statements contained herein are expressly qualified
by this cautionary statement.
SOURCE Rubicon Minerals Corporation