Phoenix Proves Once Again That Red Lake is a Special Camp

JACQUES WORTMAN, Gmp Securities Ltd. (12/18/2008)
"We are initiating coverage on Rubicon Minerals with a BUY recommendation and a 12-month target of $2.10 per share, based on a 1.7 times multiple to our NAV of $1.25 per share. While this is a relatively high target multiple, we believe it is warranted based on the upside potential to increase the gold ounce inventory at the F2 Zone, as well as the potential for new discoveries elsewhere on the Phoenix project."

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