Deposit Delineation and News Flow Expected in 2010

CATHERINE GIGNAC, Northland Capital Partners (12/17/2009)
  • Twice the size of the drilling program for 2010. Next year's planned program of 120,000 m is more than double the 96,500 m done since F2 discovery in Mar 2008.

  • Initial resource estimate and economics pending. As closer-spaced drilling enables delineation of the F2 Zone, an initial resource would be expected in 2H/10.

  • Potential to repeat 7x price rise like Detour Gold. Using Detour's price rise during its aggressive drilling period suggests Rubicon shares could trade to $7.00/sh.

  • Target based on 1.0x P/NAV; potential for 1.25x. Market multiple of US$200 applied to 5.0 M oz in potential resources ($4.97/sh), plus cash gives NAV of $5.61/share.

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