Phoenix Gold Project

100% RUBICON CONTROLLED IN THE HEART OF THE RED LAKE GOLD DISTRICT

• Acquired in 2002, prior to which the property was in receivership
• Project was unexplored during Red Lake's "renaissance" — the High Grade Gold Discovery in 1995-2000
• Rubicon acquired property in a competitive bidding environment
• Historical inferred resource of 334,007 tons at 0.20 oz/ton gold, to a depth of 120 metres. (see Technical Report 43-101 dated May 12, 2003)

FOUR KILOMETRES OF PROSPECTIVE GEOLOGY

• Documented Red Lake type deposit environment. Historically, very little of the four kilometre prospective ground had been explored
• Rubicon has systematically developed a geological and structural model of the project to best target new areas

NEAR SURFACE GOLD ZONES DISCOVERED

• Phoenix Zone discovered 1.1 kilometres north of previous work
• 67 drill intercepts form the zone average 10.66 g/t gold over 2.00 metres
• Zone is open to depth and along strike
• New near surface gold zones discovered in 2007, including the North Peninsula Target, the KZ Target and the West Mine Target

FIRST TEST OF SUB 350 METRES DISCOVERS GOLD

• First ever test of moderate depths (below 350 metres) identifies gold system present to depth
• Gold documented in hole DF-07-01 at 1200 metres — more than 2 times the height of the CN Tower
• Major deposits in camp extend to 3,000 metres

ACTIVE EXPLORATION PROGRAM PLAN FOR 2008

• More than 2 million ounces of gold has been produced from this trend of prospective rocks

Click here to view Technical Presentation (PDF 4.30MB)