Rubicon Minerals Announces the Filing of its Third Quarter 2018 Results and a Preliminary Base Shelf Prospectus
TORONTO, Nov. 8, 2018 – 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 September 30, 2018. The Company confirms that copies of these interim filings can be obtained at www.rubiconminerals.com or www.sedar.com. Rubicon also announces that it has filed a preliminary short form base shelf prospectus with the Securities Commissions in each of the provinces and territories of Canada, except Québec.
- Test trial mining and bulk sample program complete: Rubicon has completed its test trial mining activity and has processed more than 35,000 tonnes of mineralized bulk sample material extracted from three test stopes and additional mineralized material from smaller pre-developed stopes in the F2 Gold Deposit. Rubicon remains on schedule to provide the full results of the bulk sample program and its reconciliation to the block model by the end of 2018.
- Exploration Drift at the 610-Metre Level Complete: The Company has completed the 280-metre exploration drift at the 610-metre level, which runs parallel to the strike of the F2 Gold Deposit and continues with its drilling activities on its planned 24,000 m exploration program. As of November 7, 2018, the Company has completed 21,353 m.
- Cash position: As of November 7, 2018, the Company had cash and cash equivalents and short-term investments of approximately C$13.3 million.
- Exploration and evaluation expenditures: For the third quarter of 2018, the Company spent approximately C$6.8 million in expenditures related to underground development, drilling, maintenance and technical consulting fees which were offset by C$1.9 million in proceeds recognized from the sale of precious metals. Expenditures were up C$1.3 million versus the second quarter of 2018 as the Company ramped up spending on the mill facility for the duration of the bulk sample program. The Company anticipates exploration and evaluation expenditures to decrease significantly in the fourth quarter of 2018, primarily due to the conclusion of the bulk sample program as well as a significant increase in recognized proceeds from the sale of precious metals.
- General and administrative expenses (including salaries and benefits, and consulting and professional fees): For the third quarter of 2018, the Company spent approximately C$1.1 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees. Expenditures were down C$0.4 million compared to the second quarter of 2018 primarily related to consulting and professional fees, lower overhead costs, and lower compensation expenses.
- Tailings Management Facility (“TMF”): During the third quarter of 2018 the Company commissioned a metal effluent treatment plant for the purposes of discharging water from the TMF. Subsequent to quarter-end the Company was able to discharge water from the TMF for two weeks under existing permits as it continued to comply with all environmental discharge requirements.
Please refer to our Financial Statements and MD&A for the quarter-ended September 30, 2018 for further details.
Filing of Preliminary Base Shelf Prospectus
The Company also announces that it has filed a preliminary short form base shelf prospectus with the Securities Commissions in each of the provinces and territories of Canada, except Québec. The base shelf prospectus will allow Rubicon to make offerings of up to C$100.0 million of common shares, debt securities, subscription receipts, warrants and units (all of the foregoing, collectively, the “Securities”) or any combination thereof. When final, the base shelf prospectus will be effective for a 25-month period. The specific terms of any offering of Securities, including the use of proceeds from any offering, will be set forth in a shelf prospectus supplement. The Company has filed this base shelf prospectus to maintain financial flexibility but has no immediate intentions to undertake an offering.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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 285 square kilometres of prime exploration ground in Red Lake and more than 900 square kilometres 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