Rubicon Minerals to begin Phoenix shaft dewatering

2009-02-02 09:45 ET - News Release

Mr. David Adamson reports

RUBICON RECEIVES PERMITS TO COMMENCE PHOENIX SHAFT DEWATERING AND REHABILITATION;

CLOSURE PLAN FILED FOR UNDERGROUND ADVANCED EXPLORATION PROGRAM -

PHOENIX GOLD PROJECT, RED LAKE, ONTARIO - WORK SCHEDULED TO COMMENCE WEEK OF FEBRUARY 2, 2009

Rubicon Minerals Corp. has received all of the necessary permits and has provided notice to required government agencies that it will commence dewatering and subsequent rehabilitation of the Phoenix shaft (collectively referred to as phase I work) during the week of Feb. 2, 2009.

It is estimated that phase I dewatering and rehabilitation will take approximately 40 days to complete. Work is being carried out by J.P. Whelan Mining Contractors, of Kirkland Lake, Ont.

In addition, Rubicon has submitted its closure plan to the government of Ontario. Subject to approval of the closure plan, Rubicon plans to commence work to extend the existing three-compartment shaft by approximately 200 metres and drift approximately 200 metres toward the F2 gold zone to be in position to continue drilling the zone from underground. T

he F2 gold zone lies approximately 450 metres to the southeast of the existing shaft (see the company's website for further information).

"This is an important milestone for the company. We are taking a key step to allow us to more effectively explore and possibly develop the F2 gold zone.

Having existing infrastructure at surface provides us with an important advantage compared to many other advanced exploration projects. Drilling from underground is more effective and cheaper than drilling from surface, and puts us in a position to rapidly advance toward development should underground drilling confirm and extend our positive, existing drill intercepts.

We commend the Ministry of Northern Development and Mines as lead agency, for their role in co-co-ordinating our permit request," stated David Adamson, president and chief executive officer.

The F2 zone is best known in the core area where 35 drill holes have documented several, subparallel gold zones extending to a depth of 1,101 metres below surface. As well, wide-spaced step-out drilling has shown that the overall mineralized envelope extends 580 metres laterally to both the northeast and southwest, and remains open in all directions.

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