TSX:RMX | NYSE.MKT:RBY TORONTO, Jan. 28, 2013 /PRNewswire/ - Rubicon Minerals Corporation (TSX: RMX | NYSE-MKT: RBY) (" Rubicon" or the " Company") provides an update on the construction and development of the Phoenix Gold Project. Phoenix Gold Project Development 1Shaft Sinking The Company continues to make good progress with the sinking of the shaft. As of today, the shaft bottom is at 610 metres (" m") below surface. Contractor crews are currently excavating the 610 m level station. During November and December of 2012, the Company encountered unfavourable ground conditions that impacted the rate of development. Ground conditions have improved significantly in January 2013. Shaft sinking continues and the Company expects better development rates going forward. The Company continues to evaluate the economics of the shaft extension and its use for further resource identification. Mill and Carbon-in-Leach ("CIL") Plant Construction The mill CIL building foundation has been completed, as well as the erection of the steel framework. The Company continues construction of the remaining mill building foundation. Subject to the Company's ongoing progress and evaluation of the construction and development of the Phoenix Gold Project, the delivery of long lead time items, such as the "SAG" (semi-autogenous grinding) and ball mills, remain on schedule, consistent with the Company's current proposed timeline. The selection and procurement of the processing equipment is ongoing. The Company plans to complete the mill construction in the second quarter of 2014 1. Updated Mineral Resource Rubicon plans to complete and release the summary of its updated mineral resource at the end of the first quarter of this year. The report will include data from over 100,000 m of core drilling since late 2011.
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.