Rubicon Minerals has secured $40 million through a private placement to explore and develop its Phoenix gold property at Red Lake in northwestern Ontario.
The company issued 25,000,000 common shares at a price of $1.60 per share.
Located in the Red Lake gold camp, Rubicon acquired the Phoenix property in 2002. It has an historical inferred resource of 334,007 tons at 0.20 ounces, down to a depth of 120 metres.
With the Ontario government's approval of Rubicon's closure plan, the miner plans to go underground to do advanced exploration. An existing shaft is being de-watered and rehabilitated this month. Rubicon plans to deepen it from 143 metres to 350 metres, then cut an exploration drift of 200 to 250 metres with drill stations.
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