RBY: The Phoenix Is Rising

ANTHONA CURIC, Versant Partners (03/11/2010)
"Rubicon Minerals is a Canadian based mineral exploration-stage company primarily focused on its 100% controlled Phoenix Gold Project, located in the heart of the Red Lake gold district in Ontario, Canada. Rubicon has unearthed a significant high-grade gold discovery at the F2 Zone. We believe there is a high probability of delineating approximately 3.8 million ounces of gold, which is comparable in size to the 'Bruce Channel Deposit,' which was purchased by Goldcorp in 2008 from Gold Eagle for C$1.5 billion.

The F2 Zone at Phoenix has consistently returned very high-grade gold assays since its discovery in early 2008.

Currently undergoing a $60 million Phase II drilling program.

Likely acquisition target given the Bruce Channel purchase by Goldcorp from Gold Eagle in 2008.

We are initiating coverage of Rubicon Minerals Corporation with a BUY (Speculative) recommendation and a one-year price target of $6.30 per share."

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