TSX: RMX | OTCQX: RBYCF
TORONTO, May 10, 2018 /CNW/ - Rubicon Minerals
Corporation (TSX: RMX | OTCQX: RBYCF) ("Rubicon" or the
"Company") announces that it has filed its Financial
Statements and Management's Discussion and Analysis
("MD&A") for the quarter-ended March 31, 2018. The Company confirms that copies
of these interim filings can be obtained at
www.rubiconminerals.com or www.sedar.com.
Highlights from the First Quarter 2018 Results:
- Cash position: As of May 10,
2018, the Company had cash and cash equivalents and
short-term investments of approximately C$22.7 million.
Exploration and evaluation expenditures: For the first quarter
of 2018, the Company spent approximately C$5.1 million in expenditures related to
underground development, drilling, maintenance and technical
consulting fees. Expenditures were slightly higher compared to the
fourth quarter of 2017. 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 first
quarter of 2018, the Company spent approximately C$1.6 million on expenditures related to general
and administrative, salaries and benefits, and consulting and
professional fees. Expenditures were flat compared to the fourth
quarter of 2017.
Please refer to our Financial Statements and MD&A for the
quarter-ended March 31, 2018 for
further details.
Recent Highlights:
- 2018 Mineral Resource Estimate demonstrates material
increase in Mineral Resources at the Project: At a 3.0 gram per
tonne of gold ("g/t Au") cut-off grade, Measured and
Indicated Resources increased 113% to 281,000 ounces of gold
compared to 2016 Indicated Resources (Measured Resources were not
estimated in 2016) of 132,000 ounces of gold. Measured and
Indicated grades increased 12% to 6.37 g/t Au compared to 2016
Indicated gold grades of 5.71 g/t Au. Inferred Resources increased
80% to 749,000 ounces of gold compared to 2016 Inferred Resources
of 415,000 ounces of gold. Inferred grades increased 16% to 6.00
g/t Au compared to 2016 Inferred grades of 5.18 g/t Au. The
increase in the 2018 Mineral Resources is mainly attributed to, and
supported by, a re-interpretation of geological and structural
controls on mineralization along with recognizing the potential for
larger scale mining, rather than focusing entirely on a narrow-vein
mining plan, which resulted in broader mineral domains. For further
details, please refer to the Rubicon news release dated
April 30, 2018.
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 kilometers of prime exploration
ground in Red Lake and more than
900 square kilometers 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 anticipated level of
future exploration and evaluation expenditures.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made and
represent management's best judgment based on facts and assumptions
that management considers reasonable. If such opinions and
estimates prove to be incorrect, actual and future results may be
materially different than expressed in the forward-looking
statements.
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 22, 2018 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.
Cautionary Note to U.S. Readers Regarding Estimates of
Measured, Indicated and Inferred Resources
This news release uses the terms "Measured" and "Indicated"
Mineral Resources and "Inferred" Mineral Resources. The Company
advises U.S. investors that while these terms are recognized and
required by Canadian securities administrators, they are not
recognized by the SEC. The estimation of "Measured" and "Indicated"
Mineral Resources involves greater uncertainty as to their
existence and economic feasibility than the estimation of Proven
and Probable Reserves. The estimation of "Inferred" resources
involves far greater uncertainty as to their existence and economic
viability than the estimation of other categories of resources. It
cannot be assumed that all or any part of a "Measured", "Inferred"
or "Indicated" mineral resource will ever be upgraded to a higher
category.
Under Canadian rules, estimates of "inferred mineral
resources" may not form the basis of feasibility studies,
pre-feasibility studies or other economic studies, except in
prescribed cases, such as in a preliminary economic assessment
under certain circumstances. The SEC normally only permits issuers
to report mineralization that does not constitute "reserves" as
in-place tonnage and grade without reference to unit measures.
Under U.S. standards, mineralization may not be classified as a
"reserve" unless the determination has been made that the
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. U.S.
investors are cautioned not to assume that any part or all of a
"measured", "indicated" or "inferred" mineral resource exists or is
economically or legally mineable. Information concerning
descriptions of mineralization and resources contained herein may
not be comparable to information made public by U.S. companies
subject to the reporting and disclosure requirements of the
SEC.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
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SOURCE Rubicon Minerals Corporation