Rubicon Minerals Files its Second Quarter 2017 Financials and Provides an Update on its Exploration Program

by pmnationtalk on August 11, 201768 Views

TORONTO, Aug. 10, 2017  – Rubicon Minerals Corporation (TSX: RMX | OTC: RBYCF) (“Rubicon” or the “Company”) announces that it has filed its unaudited Financial Statements and related Management’s Discussion and Analysis (“MD&A”) for the quarter ended June 30, 2017. The Company confirms that copies of Rubicon’s interim financials can be obtained at or

Specific Highlights from the Second Quarter 2017 Results:

  • Cash balance: As of August 10, 2017, the Company had a cash and cash equivalents and short-term investments balance of C$29.8 million.
  • Exploration and evaluation expenditures: for the three-month period ended June 30, 2017, the Company spent approximately C$2.9 million in exploration expenses relating to the hiring of external consultants, historical core re-logging, the mobilization of the drill rigs, and drilling expenses.
  • General and administrative, salaries and benefits, and consulting and professional fees: for the three-month period ended June 30, 2017, the Company spent approximately C$0.9 million on expenses related to general and administrative, salaries and benefits, and consulting and professional fees. The Company anticipates these expenses to remain steady throughout the remaining quarters of 2017.
  • Sale of non-core mining claims to Argo Gold Inc. (“Argo”): On August 4, 2017, Rubicon sold three non-core mining claims (384 hectares) located in the Birch-Uchi Greenstone Belt (approximately 100 km east of Red Lake, Ontario) to Argo. In exchange, the Company received 500,000 common shares of Argo and retained an ongoing net smelter royalty.

Please refer to our Financial Statements and related MD&A for the quarter ended June 30, 2017 for further details.

2017 Exploration Program Update

As of August 10, 2017, the Company completed the re-logging of approximately 10,292 metres (“m”) of core from historical drilling for structural geology.  Additionally, Rubicon has completed 3,500 m of oriented, structural diamond drilling of the F2 Gold Deposit on the 244-, 305-, and 610-metre levels and structural mapping on accessible portions of underground workings that were determined to be representative of the mineralization and deformation styles at the F2 Gold Deposit.  The structural geology analysis by Golder Associates Inc. is ongoing.

Rubicon continues infill and step-out drilling at the 305- and 610-metre levels, which targets the main zone of the F2 Gold Deposit.  The goal of this program is to increase the drill density between the 366- and 854- metre levels and potentially grow the mineral resources. As of August 10, 2017, the Company has completed 12,375 m of infill and step-out drilling of a planned 20,000 m. Rubicon has begun planning for potential exploratory underground development into the main F2 Gold Deposit which is scheduled to begin at the end of 2017.

“We have completed the structural drilling, historical core re-logging, and underground structural mapping activities of our exploration program, as scheduled and within budget,” commented George Ogilvie, P.Eng., President and Chief Executive Officer of Rubicon. “The data collected from these activities are currently being analyzed by our team and our consultants. We will update the markets upon the completion of the structural analysis or if any further work is required as directed by our consultants. We are continuing with the infill and step-out drilling of the F2 Gold Deposit and have begun planning for potential exploratory underground development for the end of this year.”

The table below summarizes the progress of the exploration activities undertaken to date:

Exploration activity



Historical core re-logging

10,292 m

10,000 m

Structural drilling on the 244- and 305-metre levels

3,500 m

3,500 m

Infill and step-out drilling on the 610-metre level

12,375 m

20,000 m

The Company intends to provide periodic updates as it completes the various elements of the exploration program.

About Rubicon Minerals Corporation
Rubicon Minerals Corporation is an advanced 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 OTC markets (RBYCF). For more information, please visit our new website at

“George Ogilvie, P.Eng.”
President and CEO

Allan Candelario, Director, Investor Relations and Corporate Development, Phone: 1 (416) 766-2804 | E-mail: |; Rubicon Minerals Corporation | Suite 830-121 King St. W. | Toronto ON, CANADA M5H 3T9


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