VANCOUVER, Oct. 20, 2011 /PRNewswire/ - Rubicon Minerals Corporation (TSX: RMX) (NYSE-AMEX: RBY) (the "Company") is pleased to announce that it has turned on its first grid power allocation (up to 5.3MW) from Hydro One today at the Phoenix Gold Project. The Company has completed its power line connection and infrastructure, and has obtained the requisite approvals and agreements from adjacent surface rights holders. "Accessing grid power represents a major milestone in the further development of the Phoenix Gold Project. Hydro-electric grid power will now replace and increase our power capabilities compared to existing diesel power, giving us significant cost savings and enabling us to use environmentally friendly, cleaner power. The ability to readily access grid power underscores the advantage of the project being situated in the heart of the established Red Lake gold district" said Claude Bouchard, VP Operations. Rubicon Minerals Corporation is an exploration and development company focused on developing its high-grade gold discovery at its Phoenix Gold Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp's high-grade, world class Red Lake Mine. RUBICON MINERALS CORPORATION "David W. Adamson" President & CEO The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. SOURCE Rubicon Minerals Corporation
Shares of gold explorer Rubicon Minerals decline sharply after British Columbia securities regulators ask for more information about the company's most important project, fueling speculation that Rubicon will need to cut back its reserve estimates.