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January 28, 2013
06:05 EDTRBYRubicon Minerals provides development update on Phoenix Gold Project
The Company continues to make good progress with the sinking of the shaft. As of today, the shaft bottom is at 610 metres below surface. Contractor crews are currently excavating the 610 m level station. During November and December of 2012, the Company encountered unfavorable 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. 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" and ball mills, remain on schedule, consistent with the Company's current proposed timeline. The Company continues to prepare and review studies on the optimization of the existing preliminary economic assessment released in August 2011. Based on achieving the current scheduled milestones, and subject to the Company's ongoing progress and evaluation of the construction and development of the Phoenix Gold Project, the timeline to potential production would be the second half of 2014.
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