RBY: F2 Drilling Exceptionally High Grade

WAYNE HEWGILL, Regulus Resources Inc. (05/27/2010)
"Rubicon Minerals provided drill results from underground drilling in the core of the F2 Zone on its 100%-owned Phoenix gold project. . .Underground drilling at the 305-meter level returned an interval with estimated true thickness of 6.9 meters of 42.5 g/t Au. This hole is significant for the company as it crosscuts the F2 Core zone stratigraphy at near right angles in the area that will be accessed by the pending underground development. The 6.9-meter interval included a narrow but exceptionally high-grade interval of 283 g/t Au over 0.50 meters. Cutting this high value to 50 g/t, results in an average grade of 29 g/t Au over the 6.9-meter interval.

. . .We are maintaining our BUY recommendation and our target price of $5.40, with a SPECULATIVE risk rating. We value the shares of Rubicon Minerals using a 'Canadian Gold Premium' of $225/oz. based on our non-43-101 estimate of 4.0 Moz. on the Phoenix project."

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