Rubicon plans extensive 2004 drill program

Vancouver — Rubicon Minerals (RMX-T) has planned an aggressive drilling campaign in 2004 on its Red Lake and Newfoundland projects.

The junior holds an extensive property portfolio in Red Lake and in Newfoundland and has advanced 15 projects to the drill-ready stage in a combination of partner-financed and Rubicon-financed work.

“Rubicon offers investors multiple opportunities for discovery in areas with both high geological potential and low political risk," commented David Adamson, president and chief executive officer of Rubicon. "We have followed a strategy of acquiring and adding value to our assets in anticipation of the current strong market for gold and believe this is a good time to have both quality assets and a strong treasury. We are very encouraged with our potential to deliver success in 2004 and believe we have established an excellent platform from which to create additional value for shareholders.”

The company’s joint venture partner Goldcorp (G-T) pans finance a $750,000 program that will test three main areas in the Red Lake gold camp in Ontario: Sidace Lake, Red Lake North and Adams Lake.

At the Sidace Lake project, diamond drilling will test two claims which are situated on either side of the Sidace Lake zone property held by Planet Explorations (PXI-V) and Goldcorp. In this area earlier gold intercepts were reported hosted within extensive sericite schist.

On the East Bay trend, partner Wolfden Resources (WLF-T) will finance a $500,000 drill program (4,500 metres) to test for gold mineralization similar to that documented and reported by Wolfden on the adjacent property held by Wolfden and Placer Dome (PDG-T).

At its 100% owned McFinley gold project, Rubicon intends to drill a minimum of 5,000 metres to test ultramafic-associated gold targets. The company will follow up on encouraging drill intercepts from winter 2002, including 65.8 grams gold per tonne over 0.67 metre, 36.17 grams gold over 1.25 metre and 9.7 grams gold over 1.62 metres at the MAC-3 target. These higher grade intervals are associated with broad lower grade mineralized sections such as 1.75 grams gold over 14 metres and 1.36 grams gold over 54.69 metres.

At the west end of the Red Lake camp, Redstar Gold (RGC-V) is required to spend about $420,000 on properties optioned from Rubicon and has announced plans to drill both the Biron Bay and Pipestone North targets.

Rubicon also states that an additional 3,000 metres of drilling is planned on several other Red Lake area targets. All together, Rubicon states that a total of 20,000 metres of diamond drilling will and that they will be largely completed in the first two quarters of 2004.

In Newfoundland Rubicon and its partners intend to drill a minimum 15,700 metres.At the extensive Golden Promise project, Placer Dome plans to follow up on encouraging results from the Jaclyn vein zone and other vein targets on the property. The major is required to spend $800,000 during 2004 as part of its four-year, $5-million earn-in for a 55% interest and has indicated plans to drill early in 2004.

Other projects in Newfoundland that are drill ready include, the New World and the H-Pond projects.

Partner International Lima Exploration (LMG-V) intends to spend $800,000 on Rubicon properties in 2004 and it is expected that 50 per cent of the funds will be directed toward diamond drilling. The properties include extensive land packages south of Rubicon’s main Golden Promise property.