TSX: RMX | OTCQX: RBYCF
TORONTO, March 22, 2018 /PRNewswire/ - Rubicon
Minerals Corporation (TSX: RMX | OTCQX: RBYCF)
("Rubicon" or the "Company") announces that it has
filed its Consolidated Financial Statements and Management's
Discussion and Analysis ("MD&A") for the years-ended
December 31, 2017 and December 31, 2016. The Company confirms that
copies of these annual filings can be obtained at
www.rubiconminerals.com or www.sedar.com.
Highlights from the Fourth Quarter 2017 Results and
Subsequent Events to December 31,
2017:
- Cash position: As of March 22,
2018, the Company had cash and cash equivalents and
short-term investments of approximately C$27.4 million.
Exploration and evaluation expenditures: For the three-month
period ended December 31, 2017, the
Company spent approximately C$4.9
million in expenditures related to underground development,
drilling, maintenance and technical consulting fees. Expenditures
increased by C$1.6 million compared
to the third quarter of 2017 and is primarily driven by the
commencement of underground development activities. The Company
anticipates exploration and evaluation expenditures to increase
over the coming months due to drilling, test mining, bulk sampling
and processing activities at the Phoenix Gold Project (the
"Project"), as outlined in the 2018 Exploration Program.
- General and administrative expenses (including salaries and
benefits, and consulting and professional fees): For the
three-month period ended December 31,
2017, the Company spent approximately C$1.6 million on expenditures related to general
and administrative, salaries and benefits, and consulting and
professional fees. Expenditures increased slightly by C$0.8 million compared to the third quarter of
2017 and is primarily attributed to an increase in corporate
activity to support the Project.
- C$10.9 million private
placement flow-through financing: On February 26, 2018, Rubicon completed a private
placement flow-through financing for aggregate gross proceeds of
C$10.9 million to the Company. The
proceeds from this financing will be used for Canadian Exploration
Expenses. The Company intends to expand its 2018 Exploration
Program and will provide further details when finalized.
- Approximately 10,000 tonnes of mineralized material
stockpiled on surface: The Company is advancing its underground
development and test mining activities at the Project. The site
team is currently blasting the #977 test stope, production drilling
the #015 test stope, and developing the #161 test stope. In terms
of material stockpiled on surface, Rubicon currently has
approximately 3,000 tonnes of low-grade material that will be used
for mill bedding and roughly 7,000 tonnes of mineralized material
from the #977 test stope. The Company anticipates processing the
mineralized material from the test stopes in mid-2018.
- Updated preliminary interpretation of the structural geology
of the F2 Gold Deposit ("Preliminary Structural
Interpretation"): On March 12,
2018, Rubicon and its consultants developed a Preliminary
Structural Interpretation. Some of the key takeaways from the
Preliminary Structural Interpretation were, 1) the primary
structural controls on the gold mineralization at the F2 Gold
Deposit are the well-established Riedel vein system of
quartz-actinolite veins, 2) the Preliminary Structural
Interpretation shows more continuity of gold mineralization within
the HiTi Basalt Units compared to the 2016 structural
interpretation, and 3) the Preliminary Structural Interpretation
has simplified and improved future modelling which in turn allows
for the evaluation of bulk mining methods. Please see the Rubicon
news release dated March 12, 2018 for
further details.
Please refer to our Consolidated Financial Statements and
MD&A for the year-ended December 31,
2017 for further details.
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, CEO, and Director
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 level of anticipated
exploration and evaluation expenditures in connection with the
planned test mining, bulk sampling and processing activities at the
Project, the anticipated use of proceeds from the private placement
flow-through financing, the anticipated timing of the processing of
mineralized material from the test stopes at the Project and the
preliminary observations of the Preliminary Structural
Interpretation in respect of, without limitation, the primary
structural controls on the gold mineralization at the F2 Gold
Deposit, the continuity of the gold mineralization within the HiTi
Basalt Units, and the potential impact of the Preliminary
Structural Interpretation on the geological model of and the
appropriate mining method for the F2 Gold Deposit.
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.
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release
SOURCE Rubicon Minerals Corporation