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Phoenix Gold Project

Rubicon Minerals Corporation is an exploration-stage company that owns the Phoenix Gold Project, located in the prolific Red Lake gold district in northwestern Ontario, Canada, into potential commercial production. Additionally, Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district.

Technical Report for the Phoenix Gold Project, Red Lake, Ontario (7 MB pdf)

Prolific Gold Mining District - Red Lake Ontario

Rubicon controls more than 40% of the claims in the Red Lake gold district.

2016 SRK Mineral Resource Estimate

2016 Mineral Resource Statement1, Phoenix Gold Project, Ontario, SRK, January 6, 2016 at 4.0 g/t Au cut-off grade

Resource Category

Quantity

(000' tonnes)

Grade
(g/t Au)

Contained
Ounces Au

(000)

Indicated 492 6.73 106
Inferred 1,519 6.28 307

Source: SRK

Technical Report for the Phoenix Gold Project, Red Lake, Ontario (7 MB pdf) 

The SRK 2016 Mineral Resource estimate should be read in conjunction with the tables and figures included in the body and presented at the end of the news release dated January 11, 2016. Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Samples have been capped where appropriate. Underground mineral resources reported at a cut-off grade of 4.0 g/t Au of gold per tonne assuming a gold price of US$1,125/oz. and a gold recovery of 92.5%. There is no certainty that the inferred resources will be converted to the measured and indicated categories, that the indicated resources will be converted to the proven and probable mineral reserve categories and there is no certainty that the updated mineral resource statement will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability; the estimate of mineral resources in the updated mineral resource statement may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues

Financing Agreements

CPPIB Credit Investments Inc.  

  • C$12.0 million secured Loan Facility
  • 4-year term (December 31, 2020 maturity), with the entire principal amount payable at maturity
  • Annual payment-in-kind interest rate of 5.0%, with the entire aggregate amount payable at maturity

Royal Gold Inc. 

  • 1.0% NSR on Rubicon's Ontario assets, including Phoenix Gold Project (subject to an aggregate 4.0% NSR cap on any one property)
  • 2.5% NSR on Rubicon's Nevada/Utah properties (subject to an aggregate 5.0% NSR cap on any one property)
  • Rubicon's rights to acquire any portion of an existing NSR that is subject to a buyback provision and a right of first refusal in respect of any royalty, stream, participating interest in production or amount of gold or other minerals based on production, that the Company wishes to offer for sale in relation to the Company's current properties.

Franco-Nevada Corp.

  • Franco-Nevada entered into an agreement to purchase the existing 2.0% NSR on Rubicon’s Phoenix Gold Project water claims
  • Royal Gold has the right to purchase 25% of the NSR (or 0.5%) for US$675,000 and the right of first refusal on the remaining 75% of the NSR

Date of issue: December 2016