Rubicon Reports Construction on Schedule for Phoenix Gold Project in Red Lake

Rubicon Minerals Corporation (TSX:RMX) announced that the construction and development of its Phoenix gold project in Red Lake, Ontario is on schedule for projected initial production in mid-2015.

As quoted in the press release:

The mill commissioning process has commenced ahead of schedule and is expected to continue throughout the second quarter of this year.

As of April 12, 2015, Rubicon has completed approximately 6,834 meters of 8,023 meters (or 85 percent) of the original underground development (lateral and vertical) planned prior to the start of projected initial production. As previously disclosed, management believes it has identified approximately 430 meters of off-ramp development that can be eliminated from the development plan. Management expects that all remaining underground development prior to projected initial production will be completed by the end of May. Mill feed for projected production for 2015 will come from the upper levels of the deposit: 122-, 183-, 244-, and 305-meter levels. The summary of the total underground development remaining is displayed in Figure 1.

The Company is installing a crushing station at the ore pass above the 305-meter level. Crushed muck will be hauled on the 305-meter level prior to hoisting. There is approximately C$18 million (as at March 31, 2015) of underground development capital remaining to projected initial production.

Michael A. Lalonde , president and CEO of Rubicon, commented:

I am pleased to announce that the Phoenix Gold Project is now on the homestretch to projected initial production. We have begun commissioning the mill circuit ahead of schedule. We expect commissioning to continue throughout the second quarter, including the limited processing of low-grade development material. The stockpiling of mill feed continues. We expect that all remaining underground development prior to projected initial production will be completed by the end of May.

Click here to read the full Rubicon Minerals Corporation (TSX:RMX) press release.