RUBICON
MINERALS CORPORATION
NEWS RELEASE
RUBICON OPTIONS THREE NEWFOUNDLAND GOLD PROJECTS TO INTERNATIONAL
LIMA
- Option Deals Include 25km Strike Length of Barrick’s Mustang Trend -
David W. Adamson , President and CEO of Rubicon Minerals Corporation (RMX.TSX Venture) is
pleased to announce that the Company has executed three separate option agreements on three of its
Newfoundland gold properties with International Lima Resources (“ILR”). ILR has been granted an option to
earn up to 60% interests in the Glenwood Break, Wing’s Point – Titan and Southern Golden Promise Properties
in exchange for spending a total of $5.25 million over four years and issuing 1.2 million shares of ILR.
Exploration commitments in the first year of the Agreements total $650,000.
David Adamson said, “Two years ago, we began accumulating several district-size property packages in
Newfoundland. We are pleased to welcome ILR as a partner to our Newfoundland projects. ILR will be
carrying out significant first year exploration programs on three promising project areas which, combined,
represent about 15% of our Newfoundland land holdings.”
The properties optioned by the Company to ILR are as follows:
Southern Golden Promise Property
This project area comprises four separate claim blocks, involving 7 mineral licences and a total of 920 claims,
which lie within a north-easterly oriented belt of volcano-sedimentary rocks, presumed to be part of the Victoria
Lake Group strata. The claim blocks are located between 15 kilometres to 100 kilometres to the southwest of
Rubicon’s new Golden Promise, Jaclyn zone gold discovery. In September 2002, Rubicon announced that of
the 17 holes that intersected the quartz zone, 15 contained visible gold. Intersections from the program included
16.57 g/t gold over a true thickness of 1.64 metres (see Rubicon’s September 19, 2002 news release for
complete results).
To earn a 60% interest in the Southern Golden Promise property, ILR must s