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Jbay76 (< 20)

Rubicon Annuonces Amended NI 43-101

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March 31, 2011 – Comments (2) | RELATED TICKERS: GOLD , RBY

Great day to be a RBY shareholder as the long awaited amended inferred mineral resource report has been released!  The cause for the amendment is due to the fact that RBY used a polygonal assessment when the industry prefers a block model approach, atleast that's how I interpretted this.  

 

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TSX:RMX | NYSE AMEX: RBY March 31, 2011

TORONTO, March 31 /PRNewswire/ - Rubicon Minerals Corporation (RMX: TSX) (NYSE-AMEX: RBY) (the "Company" or "Rubicon") announced amended inferred mineral resource and geological potential estimates today for its Phoenix Gold Project, F2 Gold System. The amended estimates are a result of the previously announced review by the British Columbia Securities Commission of the Company's NI 43-101 technical report filed on January 11, 2011 (the "Report").

The following amended estimates were prepared by Peter George of Geoex Limited, the Company's independent QP and author of the Report (the "Author"), and are effective March 31, 2011:

1.  Amended Inferred Mineral Resource Estimate

Polygonal Model Inferred Mineral Resource Estimate - Uncapped and Capped  

Polygonal Model Inferred Mineral Resource Estimate
(5 g/t gold cut-off and 10 gram x metre product (core length) - surface to 1200 metres below surface) Inferred Tonnes Gold (Uncapped Grade) 10-5-2 oz Capped Gold Grade* Inferred gold grade
(g/t) Inferred
Ounces Inferred gold grade
(g/t) Inferred
Ounces 5,500,000 20.34 3,597,000 17.29 3,057,000

The polygonal model inferred resource estimate is based on composites which satisfy a 5 g/t gold cut-off and 10 gram x metre product (core length) as at July 31, 2010.

The estimates are in-situ and undiluted and figures are rounded.

*10-5-2 refers to an empirical capping strategy that caps gold values greater than 10 oz/ton to 10 oz/ton (342.8g/t), those between 5 and 10 oz/ton to 5 oz/ton (171.4 g/t),  those between 2 and 5 oz/ton to 2 oz/ton (68.6 g/t). Values less than 2oz/ton remain uncapped. 

The polygonal model inferred mineral resource estimate prepared by the Author was based on 166,886 metres of diamond drilling in 237 drill holes carried out between February 27, 2008 (the date of the initial discovery) and July 31, 2010. The above inferred mineral resource estimate was prepared using the polygonal calculation method (see "Resource Calculation Methodology" below for details) which, in the opinion of the Author, is the appropriate method and is typically used for this type of deposit. The cut-off used is considered to be an economically reasonable estimate of breakeven mining costs.

Inferred resources are too speculative to have economic consideration applied to them and there is no certainty that the inferred resources will be converted to measured and indicated resources.

2.  Amended Block Model Validation Inferred Mineral Resource Estimate

In addition to the polygonal model mineral resource calculation, as a means of validating the inferred mineral resource estimate by an independent method, a block model was calculated utilizing Surpac software.

Block Model Validation Inferred Mineral Resource Estimate (5 g/t cut-off) (surface to 1200 metres below surface)

Inferred
Tonnes Uncapped block
model estimate 10-5-2 oz Capped block
model estimate* Inferred gold
grade (g/t) Inferred Ounces Inferred gold
grade (g/t) Inferred
Ounces 6,017,000 16.49 3,190,000 15.69 3,035,000

The block model inferred mineral resource estimate is based on composites which satisfy a 5 g/t gold cut-off as at July 31, 2010.

The estimates are in-situ and undiluted and figures are rounded.

*10-5-2 refers to an empirical capping strategy that caps gold values greater than 10 oz/ton to 10 oz/ton, those between 5 and 10 oz/ton to 5 oz/ton,  those between 2 and 5 oz/ton to 2 oz/ton. Values less than 2oz/ton remain uncapped.

The block model inferred mineral resource estimate prepared by the Author was based on 166,886 metres of diamond drilling in 237 drill holes carried out between February 27, 2008 (the date of the initial discovery) and July 31, 2010. The cut-off used is considered to be an economically reasonable estimate of breakeven mining costs.

Inferred resources are too speculative to have economic consideration applied to them and there is no certainty that the inferred resources will be converted to measured and indicated resources.

Parameters selected for the block model validation inferred mineral resource estimate are detailed below under "Resource Calculation Methodology". On an uncapped basis, the block model estimates are within 9.4% of the tonnage, 18.9% of the grade and 11.3% of the total contained ounces of the uncapped polygonal estimate. On a capped basis, the block model estimates are within 9.4% of the tonnage, 9.3% of the grade and 0.7% of the total contained ounces of the capped polygonal estimate. While the Author does not consider the block model the most appropriate method for this type of deposit, the results provide strong supporting validation for the preferred polygonal estimate reported above. Capping has been carried out to allow an evaluation of the effect of capping. As additional data becomes available, additional studies of statistically based capping.

 

In the end, as the saying goes " If it walks like a duck, and talks like a duck, its a duck"

 

I hope everyone took advantage of the pullback in price as a result of having to submit a 43-101!

J

 

 

2 Comments – Post Your Own

#1) On March 31, 2011 at 4:17 PM, rfaramir (29.31) wrote:

I'm happy, but not as happy as I could be. I don't own as much as I wished I did!

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#2) On April 01, 2011 at 9:25 AM, Jbay76 (< 20) wrote:

Me too, I doubled down during the past month, and now wish I had trippled down or more......oh well it could be worse :)

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