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Rubicon Reports New High Grade Gold Intercepts From Exploration Drilling at the F2 Gold System, Phoenix Project, Red Lake, Ontario

Again Rubicon has announced excellent drilling results. In these results from yesterday there are many high grade gold intercepts adding more value to the F2 Gold System of Rubicon’s Phoenix Project in the famous Red Lake Area. Just the location of the Rubicon claims in-between well known, high grade mines, was one of the main reasons for us to invest in Rubicon. Still much of the property is unexplored, with more drilling planned in the area, the company has still an unbelievable potential. We bought shares of Rubicon in June 2010 @ CA$3.49 The stock has a 52-week trading range of  CA$3.24-CA$6.50 Today the stock opened @ CA$5.51 this means a 57.8% gain since our buy alert, even so the stock remains an interesting buy at this price.

Rubicon News Release:

-intercepts include 39.43 oz/t gold over 3.6 feet (1351.8 g/t gold over 1.1 metres), 2.07 oz/t gold over 11.5 feet (70.9 g/t gold over 3.5 metres) and 1.46 oz/ton gold over 11.2 feet (50.0 g/t gold over 3.4 metres)

VANCOUVER, Jan. 10 /CNW/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) (“Rubicon”) is pleased to announce further drill results from exploration drilling of the F2 Gold System, part of its 100% owned Phoenix Gold Project in the heart of the prolific Red Lake gold district of Ontario. Results in this release pertain to exploration drilling that is focused outside the area of current delineation drilling which Rubicon reports separately (Figures 1 and 2 and December 21, 2010 news release). The exploration drilling is designed to expand limits of the large F2 Gold System, and is directed at a 1.2 x 1.5 kilometre target area referred to as the ’9X’ target area (See Figure 1). The 9X target area contains a previously announced NI-43-101 compliant, 4.0 million ounce inferred gold resource estimate grading 20.1 g/t gold (0.59 oz/t gold) which includes all drilling up to the end of July, 2010. A total of over 38,000 metres of drilling has been carried out in the 9X target area since July 31, 2010, results from which (including those in the current news release) are not incorporated into the resource estimate.

New results confirm extension into new target areas south of the 9X target area

Several drill holes have extended gold mineralization south of the 9X target area, confirming that the F2 Gold System is present over at least a 600 metre (1970 feet) vertical extent in this area down to a depth of 1357 metres (4452 feet) below surface where it has been drill-tested to date. Signficant results include 2.07 oz/ton gold over 11.5 feet (70.9 g/t gold over 3.5 metres) in hole F2-108 and 39.43 oz/ton gold over 3.6 feet (1351.8 g/t gold over 1.1 metres) in hole F2-108-W1.

These latest holes are significant because they demonstrate that the F2 Gold System geology extends south of the original 9X target area over a considerable vertical extent and that the F2 Gold System continues to be open in all directions for further drilling. A previously reported intercept, located approximately 250 metres below surface (hole PR-10-18 returned 102.7 g/t gold over 0.6 metres), also south of the 9X target area, suggests that the vertical extent of the F2 Gold System could be significant in this area.

Drilling in Target Area 1 continues to extend gold mineralization

A number of holes were completed between depths of approximately 350 metres to 550 metres below surface in target area 1 (Figure 2 and Table 1). These include numerous high-grade intercepts such at 1.46 oz/ton gold over 11.2 feet (50.0 g/t gold over 3.4 metres) in hole 305-39, and 1.31 oz/t gold over 6.9 feet (45.0 g/t gold over 2.1 metres) in drill hole 305-47 (see Table 1 and Figures 1 and 2 for complete results).

These results are significant because they show that the F2 Gold System below the current area of delineation drilling is well developed and is likely to be amenable to future delineation drilling. As well, it provides confidence that the F2 Gold System will continue to fill in at greater depths (target areas 2 and 7) where drilling is currently wider spaced.

“These latest results continue to demonstrate both the very high hit ratio of holes drilled to date since discovery in 2008 as well as the continued presence of significant high-grade gold in newly tested areas. Of particular note is the extension of the system south of the already large 9X target area which bodes well for further expansion of the F2 Gold System,” stated David Adamson, President and CEO.

Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Gold Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Mine.

RUBICON MINERALS CORPORATION
“David W. Adamson”
President & CEO

Table 1:  Assay Results

Hole Elevation Gold
(g/t)
Width
(m)
Gold
(oz/ton)
Width
(ft)
9X Target
Area
F2-107 676 3.0 22.5 0.09 73.8 5
Incl. 667 7.1 5.0 0.21 16.4 5
And Incl. 669 18.4 1.0 0.54 3.3 5
F2-108 888 70.9 3.5 2.07 11.5 South of 9X
Incl. 887 245.0 1.0 7.15 3.3 South of 9X
F2-108 975 10.8 1.0 0.32 3.3 South of 9X
F2-108-W1 730 9.2 1.2 0.27 3.9 South of 9X
F2-108-W1 1357 1351.8 1.1 39.43 3.6 South of 9X
F2-109 Anomalous
F2-110 250 3.9 5.8 0.11 19.0 4
F2-111 No Significant Assays
F2-112 719 16.1 1.0 0.47 3.3 South of 9X
F2-113 Anomalous
122-74 1025 19.0 1.0 0.55 3.3 5
122-74 1075 22.1 2.0 0.64 6.6 5
Incl. 1076 34.4 1.0 1.00 3.3 5
122-74 1207 11.7 1.0 0.34 3.3 8
122-75 No Significant Assays
305-20 Anomalous
305-22 No Significant Assays
305-23 307 8.5 1.4 0.25 4.6 1
305-24 Anomalous
305-25 Anomalous
305-26 No Significant Assays
305-27 287 37.8 3.0 1.10 9.8 1
Incl. 287 102.0 1.0 2.98 3.3 1
305-29 301 6.0 2.0 0.18 6.6 1
305-30 459 5.4 7.0 0.16 23.0 1
Incl. 460 11.9 2.0 0.35 6.6 1
305-31 432 7.7 2.2 0.22 7.2 1
305-32 583 3.0 6.0 0.09 19.7 1
305-33 503 5.1 3.0 0.15 9.8 1
Incl. 502 14.6 0.9 0.43 3.0 1
305-34 255 3.9 3.0 0.11 9.8 1
305-35 297 6.9 5.0 0.20 16.4 1
Incl. 297 19.6 1.5 0.57 4.9 1
305-35 298 6.3 1.8 0.18 5.9 1
305-35 308 5.7 6.1 0.17 20.0 1
Incl. 308 16.8 1.0 0.49 3.3 1
305-35 309 3.5 3.1 0.10 10.2 1
305-35 312 4.4 3.9 0.13 12.8 1
305-36 342 3.2 19.0 0.09 62.3 1
Incl. 340 13.9 1.0 0.41 3.3 1
Incl. 346 24.7 1.0 0.72 3.3 1
305-36 362 4.7 8.5 0.14 27.9 1
Incl. 360 16.6 1.5 0.48 4.9 1
305-37 Anomalous
305-38 326 3.9 6.0 0.11 19.7 1
Incl. 325 12.7 1.0 0.37 3.3 1
305-38 333 14.6 2.2 0.43 7.2 1
305-39 394 5.4 13.0 0.16 42.6 1
Incl. 394 18.8 2.0 0.55 6.6 1
305-39 417 6.0 4.0 0.18 13.1 1
Incl. 416 12.8 1.6 0.37 5.2 1
305-39 451 50.0 3.4 1.46 11.2 1
Incl. 451 160.5 1.0 4.68 3.3 1
305-39 475 5.5 3.4 0.16 11.2 1
305-39 526 12.8 1.0 0.37 3.3 1
305-40 947 14.8 1.0 0.43 3.3 2
305-40 975 7.3 2.0 0.21 6.6 2
Incl. 975 12.2 1.0 0.36 3.3 2
305-41 388 36.3 2.0 1.06 6.6 3
Incl. 388 71.5 1.0 2.09 3.3 3
305-42 No Significant Assays
305-43 1157 7.7 12.1 0.22 39.7 7
Incl. 1155 11.9 4.5 0.35 14.8 7
305-44 553 9.0 1.2 0.26 3.9 2
305-45 671 5.3 3.0 0.15 9.8 2
Incl. 670 24.1 0.5 0.70 1.6 2
305-46 973 11.6 2.0 0.34 6.6 2
305-46 986 5.6 5.8 0.16 19.0 2
Incl. 985 13.8 2.0 0.40 6.6 2
305-47 394 45.0 2.1 1.31 6.9 1
Incl. 394 90.0 1.0 2.63 3.3 1

Holes with the prefix ’122′ and ’305′ were drilled from underground. Assays are uncut. Reported results satisfy the following criteria: >10.0 gram gold x metre product and >3.0 g/t gold. Anomalous holes satisfy the following criteria:  >2.5 gram gold x metre product and < 10.0 gram gold x metre product and > 2 g/t gold. A complete listing of results to date for the F2 Zone is available at www.rubiconminerals.com.

To vew Figure 1: F2 Gold System Plan Map see:

http://files.newswire.ca/617/Figure1F2GoldSystem.pdf

To View Figure 2: Composite Long Section Looking Northwest and 9X Target Outlines see:

http://files.newswire.ca/617/Figure2Composite.pdf

Assaying and Qualified Person
Drill core assays were conducted on sawn NQ-sized half core sections. Delineation drilling intercepts represent horizontal thickness which at this time is interpreted to be true thickness. The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. Assays from underground are conducted on face samples that employ a panel sample technique. This technique marks out intervals on the face or walls defined by geological or mineralogical boundaries taking no more than a one metre square for any panel. All assays were conducted by SGS Minerals Services using standard fire assay on a 30 gram (1 assay ton) sample with a gravimetric finish procedure. Assays are uncut as is standard practice in Red Lake. Standards, blanks and check assays were included at regular intervals in each sample batch. Check assays on 5% of samples are carried out at a third party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd. Drill work programs in this release were supervised by Terry Bursey, P.Geo. Regional Manager for Rubicon and the project exploration Qualified Person under the definition of NI 43-101.

Forward Looking Statements
This news release contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and “forward looking information” within the meaning of applicable Canadian provincial securities legislation (collectively, “forward-looking statements”). Forward-looking statements often, but not always, are identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “targeting” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking statements in this document include statements regarding the timing and nature of future exploration programs which are dependent on projections which may change as drilling continues, or if unexpected ground conditions are encountered. In addition, areas of exploration potential are identified which will require substantial drilling to determine whether or not they contain similar mineralization to areas which have been explored in more detail. The description of the extent of mineralized zones is not intended to imply that any economically mineable estimate of reserves or resources exists on the Phoenix project. Similarly, although geological features of the F2 Gold System are interpreted to show similarities to nearby gold producing mines owned by third parties, this should not be interpreted to mean that the F2Gold System has, or that it will, generate similar reserves or resources. Significant additional drilling is required at F2 to fully understand system size.

The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include market prices, results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Source: Company website

Copper Creek To Commence Work On Santa Lucia Property

Recently we bought shares of Copper Creek Gold. In a joint venture with Kootenay Gold work will commence at the Santa Lucia Property. Today the stock is up 2.5 cents (27,7%) to CA$0.115 we bought @ CA$0.075 meaning a 53,3% gain. We think both the Santa Lucia Project and the Bonsai Project are very promising, but still this investment will remain a very high risk one until drill results confirm the data we expect. These ground samples from the Santa Lucia Property look very promising.

Copper Creek Gold News Release:

VANCOUVER, BRITISH COLUMBIA – January 6, 2011 – Copper Creek Gold Corp. (“Copper Creek” or the “Company”; TSX VENTURE: CPV) is pleased to announce that it plans to commence the exploration of its Santa Lucia property in Sonora, Mexico in early February 2011. Initially the exploration will consist of trenching, sampling and detailed geological mapping with a focus on the silver rich La Fortuna zone. This area is the site of numerous high grade gold and silver samples taken from surface outcrop, just west of a number of old artisanal mining pits.
Subsequent to the sampling program, 2200m of drilling is planned in approximately 10 holes. These holes will test the La Fortuna zone at depth, and will also penetrate untested resistivity anomalies along the 4km strike length of the La Fortuna North property.
These resistivity anomalies can be seen in both IP and CSAMT surveys done by Cominco Ltd.’s Mexican subsidiary in the 1990’s. The anomalies underlie over 4km of surface gold mineralization, and parallel a regional range-bounding fault that is interpreted to control mineralization on the property. These resistivity anomalies remain largely untested by drilling.
In late November 2010 the Santa Lucia North area was visited by a joint team of Kootenay Gold and Copper Creek geologists and managers. Six grab samples were collected from the Santa Lucia North area by Kristian Whitehead, Copper Creek’s consulting geologist, and were delivered to ALS Chemex Labs in North Vancouver, British Columbia for analysis. The samples verified the existence of strong gold-silver mineralization, with gold values ranging from 31 ppb Au to 1670 ppb Au and silver ranging from <5 ppm Ag to 64.9 ppm Ag. Analytical results are shown below.

Sample Area Description Au
(ppb)
Ag
(ppm)
As
(ppm)
Sb
(ppm)
H540836 La Fortuna tuff w/drusy quartz & hematite 321 5.5 5 5
H540837 West pit quartz vein 1670 44.5 12 5
H540838 La Fortuna silicified rhyolite w/ quartz vein 1065 32.4 17 5
H540839 Federico zone sil. rhyolite w/stockwork qtz veins 359 2.4 <5 5
H540840 East pit rhyolite w/minor silicification 449 64.9 6 <5
H540841 trench mottled silicified rhyolite 31 3.0 45 7

The Company has commissioned Robert G. Cuffney, P.Geo., of Reno, Nevada to produce an N1 43-101 compliant report on the property. This will be available to be viewed on Copper Creek Gold Corp.’s web site, and on SEDAR, upon acceptance by the TSX Venture Exchange.
Copper Creek can earn a 60% interest in the Santa Lucia project from Kootenay Gold Inc. by spending $2,000,000 in exploration expenses and by making various cash and share payments to Kootenay over a 4 year period. This agreement remains subject to Exchange approval.
About Copper Creek
Copper Creek Gold Corp. is a Canadian based mineral exploration company actively exploring in Northern British Columbia and Mexico. The Company holds two exploration projects, the Bonsai Property located in the Eskay Creek region of Northwest British Columbia, Canada, and the Santa Lucia Gold Property located at Sonora, Mexico. The Company may earn up to a 70% interest in the Bonsai property from Teuton Resources Corp. and a 60% interest in the Santa Lucia property from Kootenay Gold Inc. subject to approval by the TSX Venture Exchange.
FOR FURTHER INFORMATION CONTACT
James Anderson, President Phone: (604) 662-3004 extension #105 Email: james@coppercreekgold.com
Bing Jung, CEO Phone: (604) 662-3004 extension # 101 Email: bjung@coppercreekgold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of Copper Creek are forward looking-statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Copper Creek’s plans or expectations include availability of capital and financing, general economic, market or business conditions, regulatory changes, timelines of government or regulatory approvals and other risks inherent in the oil and gas and mineral exploration industries and from the time to time in the filings made by Copper Creek. Copper Creek makes all reasonable efforts to update its corporate material, documentation and forward-looking information on a timely basis.

Source: Company website

Minera Andes Added to the S&P/TSX Global Mining Index

News Release:

TORONTO, ONTARIO, Dec. 23, 2010 (Marketwire) — Minera Andes Inc. (TSX:MAI)(OTCBB:MNEAF) is pleased to announce that as a result of the Quarterly S&P/TSX index review, Standard & Poor’s Canadian Index Operations added Minera Andes to the S&P/TSX Global Mining Index effective December 20, 2010.

Also, further to the Company’s news release of November 22, 2010 an updated technical report on the San Jose Mine was filed on SEDAR today.

About Minera Andes

Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine in close proximity to Andean Resources’ Cerro Negro project; 100% ownership of the Los Azules copper deposit with an inferred mineral resource of 10.3 billion pounds of copper and an indicated resource of 2.2 billion pounds of copper; and, 100% ownership of a portfolio of exploration properties bordering Andean’s Cerro Negro project in Santa Cruz Province. The Corporation had $10 million USD in cash as at September 30, 2010 with no bank debt. Rob McEwen, Chairman and CEO, owns 33% of the company.

This news release has been submitted by Perry Ing, Chief Financial Officer of the Corporation. For further information, please contact Jim Duff or visit our Website: www.minandes.com.

Caution Concerning Forward-Looking Statements:

This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, the Corporation’s plans, estimates, forecasts, projections, expectations or beliefs as to future events and results and management’s understanding of proposed legislative changes. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, risks related to litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks.

Readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See the Corporation’s annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

Minera Andes Inc. Chief Financial Officer 647-258-0395 or Toll-Free: 1-866-441-0690 647-258-0408 (FAX) info@minandes.com www.minandes.com

Source: TMX.com

Minera Andes Announces Updated Preliminary Assessment For Its Los Azules Copper Deposit

Great news today from Minera Andes, the only big copper play in our portfolio. Shares are trading up 5% after the opening on Friday. The gold and silver that comes as a by-product in this project almost covers the mining costs. Essentially this means they are mining copper almost for free. With copper prices soaring the last weeks and strong fundamentals for copper the coming years, this project has become a real marvel. We boughs shares of Minera Andes in September 2009 @ CA$0.72 using today’s intra-day high of $CA2.92 this means a whopping 305,5% gain!

Minera Andes News Release

TORONTO, ONTARIO – December 16, 2010 – Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) – is pleased to announce the results of an updated preliminary assessment (“PA”) on its 100% owned Los Azules Copper Project (the “Project”) located in the San Juan Province of western central Argentina. It is based on the updated resource estimate announced in June 2010 and higher base case metal price assumptions.

  • Using a Copper price of $3.00/ lb
  • Base case pre-tax Net Present Value (“NPV”) is $2.8 billion and the Internal Rate of Return (“IRR”) is 21.4%, at a discount rate of 8%
  • Life of mine Cash Operating Costs of $0.96/lb of copper net of gold and silver by-product credits.
  • Initial Capital $2.9 billion
  • Capital Payback in 3 years.
  • Mine life of 25 years.

Rob McEwen, Chairman and CEO of Minera Andes, said:

“We are advancing the engineering studies on Los Azules to systematically de-risk the project. The field season is just getting underway, and we are currently mobilizing the first two of five drill rigs to the project. In addition to continuing the infill and step out drilling, we will start to test some of the newly identified deeper geophysical targets this season.”

The Los Azules Copper Project is an advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile. The deposit is a typical porphyry copper system in that the upper part of the system consists of a barren leached cap, which is underlain by a high-grade secondary enrichment blanket, and the primary mineralization below the secondary enrichment zone extends to at least 650 meters, which is the depth of the deepest holes drilled to date. The deposit is approximately one kilometer wide by four kilometers long, and it is open in several directions.

Highlights of the updated Preliminary Assessment are shown below. Details may be found in an updated technical report which will be posted on SEDAR following the issuance of this news release.

NPV ($3.00/lb Cu, 8% discount rate) $2,826 million
IRR 21.4%
Initial Capital Expenditure $2,851 million
LOM Average Operating Costs $7.82/t ore
LOM C-1 Cash Costs (net by-product credits) $0.96/lb Cu mined
Nominal Mill Capacity 100,000 tpd
Annual Throughput 36 million tonnes
Mine Life 25.4 years
Life-of-Mine Strip Ratio 1.37
LOM average annual copper-in-concentrate production 169,100 tonnes
First 5 Years average annual copper-in-concentrate production 226,500 tonnes

All monetary amounts are expressed in US dollars unless otherwise stated. The PA is preliminary in nature and includes the use of inferred resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Thus, there is no certainty that the results of the PA will be realized. Actual results may vary, perhaps materially. The level of accuracy for Preliminary Assessment estimates is approximately +/- 35%.

Compared to the previous Preliminary Assessment released in March 2009, the NPV discounted at 8% has increased from $496 million to $2.9 billion and the IRR has increased from 10.8% to 21.4%. In addition, the payback of pre-production capital has decreased from 6.4 years to 3.1 years from the start of production.

The main driver of the improved project economics is that the base case copper price has been increased from $1.90/pound to $3.00/pound. Specifically, the higher copper price added approximately $3.2 billion to the NPV, and the increased resources added approximately $2.1 billion.

The benefits of the higher copper price and increased resources were significantly offset by increases in the estimated operating costs ($695 million), capital costs ($100 million) and export retention taxes and royalties ($3.4 billion).

The updated Preliminary Assessment also incorporates updated property status and ownership information, revised locations for the project facilities, and an updated geological interpretation.

Project Economics

The Preliminary Assessment contains a cash flow valuation model based upon the geological and engineering work completed to date and technical and cost inputs developed by Samuel Engineering, Inc., Ausenco Vector and MTB Project Management Professionals, Inc. The base case was developed using long term forecast metal prices of $3.00/lb for copper, $980/oz for gold, and $15.60/oz for silver.

The following chart shows the sensitivity of the base case’s NPV and IRR to changes in the copper price: (8% real discount rate).

The following chart shows the sensitivity to metal prices, operating costs, and capital cost. The graph shows that the project NPV is much more sensitive to metal prices than to capital or operating costs.

About Minera Andes

Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San José Mine in close proximity to Andean Resources’ Cerro Negro project; 100% ownership of the Los Azules copper deposit with an inferred mineral resource of 10.3 billion pounds of copper and an indicated resource of 2.2 billion pounds of copper; and, 100% ownership of a portfolio of exploration properties bordering Andean’s Cerro Negro project in Santa Cruz Province. The Corporation had $10 million USD in cash as at September 30, 2010 with no bank debt. Rob McEwen, Chairman and CEO, owns 33% of the company.

This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation. For further information, please contact Jim Duff or visit our Website: www.minandes.com.

James K. Duff
Chief Operating Officer
99 George St. 3rd Floor
Toronto, Ontario, Canada, M5A 2N4
Toll-Free: 1-866-441-0690
Tel: 647-258-0395
Fax: 647-258-0408
E-mail: info@minandes.com

Scientific and Technical Information:

The information presented in this press release has been reviewed and approved by the Qualified Persons responsible for the Technical Report that presents the results of the Updated Preliminary Assessment. They are: Kathleen Altman, Ph.D., PE,, Robert Sim, P.Geo,. Bruce Davis, PhD, FAusIMM, Richard Jemielita, Ph.D., MIMMM, William Rose, PE, and Scott Elfen, PE. All are independent Qualified Persons as defined by National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101″). Robert Sim, Bruce Davis, and William Rose are responsible for the mineral resource estimate. Bruce Davis is responsible for the quality control for the assaying of the Los Azules drill core. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the ACME sample preparation laboratory in Mendoza, Argentina and then transferred to ACME’s laboratory in Santiago, Chile for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays. William Rose is responsible for developing the mine production schedule and participating in the resource estimate. Scott Elfen of Ausenco Vector is responsible for information about Environmental Liabilities, Environmental Permitting and for the Geotechnical designs used for the Study. Richard Jemielita is responsible for information about the Geological Setting, Deposit Types, Mineralization, Exploration, and Drilling. Kathleen Altman, Samuel Engineering, Inc., is the principal author of the Report with specific responsibility for Mineral Processing and Metallurgical Testing, the capital and operating cost estimates and the economic evaluation.

Mineral resources are generated using ordinary kriging with a nominal block size of 20x20x15m. Block grade estimates are derived from drill hole sample results and the interpretation of a geologic model which relates to the spatial distribution of copper, gold, silver and molybdenum in the deposit. There are a total of 114 drill holes in the Los Azules database with a cumulative length of 30,997 meters and a total of 15,260 samples analyzed for a suite of elements including total copper, gold, silver and molybdenum. A total of 58 of the drill holes have some portion of the sample intervals tested for sequential copper analysis. This information contributed to the development of the mineral zone domains. The portion of the new mineral resource that has been defined as “indicated” is based on a drilling configuration that exhibits the degree of continuity required for higher level mineral resources. Inferred mineral resources are limited to blocks within a maximum distance of 200 meters from a drill hole. As required by NI 43-101, the possible future economic viability of the mineral resource has been exhibited by restriction within a pit shell derived about the copper content in indicated and inferred class blocks at a copper price of $2.50/lb, total operating costs of $5.25/tonne and an average pit slope of 34 degrees. Mineral resources are presented at a cut-off grade of 0.35%Cu, which is the same base cut-off grade used in the 2008 mineral resource estimate. These are mineral resources, not mineral reserves.

For further information in respect of the Los Azules project please refer to the technical report entitled “Canadian National Instrument 43-101 Technical Report Updated Preliminary Assessment, Los Azules Project, San Juan Province, Argentina” dated December 1, 2010, the “Los Azules Report.” This report will be made available on SEDAR (www.sedar.com) concurrent with the filing of this news release. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the project as described in the Los Azules Report will be realized.

Cautionary Note to U.S. Investors:

All resource estimates reported by the Corporation were calculated in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Caution Concerning Forward-Looking Statements:

This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, the Corporation’s plans, estimates, forecasts, projections, expectations or beliefs as to future events and results and management’s understanding of proposed legislative changes. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, risks related to litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks.

Readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See the Corporation’s annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

Source: Company website

Seabridge Gold Sells Residual Noche Buena Project Interest for US$10.12 Million

Despite good news and solid high gold prices, Seabridge shares remain about level for months now. When you have a look at the companies fundamentals, the current share price is ridiculously low. Seabridge is a good buy below $29.00 ; our longer term target (e.g. 2-3 years) for Seabridge is $80.00

Seabridge Gold News Release:

Toronto, Canada… Seabridge Gold announced today that it has completed the sale of its remaining interest in the Noche Buena project to Minera Penmont, S. de R.L. de C.V. (“Penmont”) for US$10.12 million in cash (see News Release dated October 28, 2010). Penmont is a joint venture between Fresnillo plc. and Newmont USA Limited, a wholly owned subsidiary of Newmont Mining Corporation. Dahlman Rose & Co., LLC acted as advisors to Seabridge for this transaction.

Seabridge holds a 100% interest in several North American gold projects. The Company’s principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories. For a breakdown of Seabridge’s mineral resources by project and resource category please visit the Company’s website at http://www.seabridgegold.net/resources.php.


ON BEHALF OF THE BOARD

“Rudi Fronk”
President & C.E.O.


For further information please contact:
Rudi P. Fronk, President and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: info@seabridgegold.net

Stock Pick: Brigus Gold (AMEX:BRD)

Today gold and silver finally entered a proper correction. We think prices will level now, and start climbing a bit day-by-day till the end of the year. This correction has given us the change to buy into two beautiful companies. Yesterday we announced our first pick Excellon Resources. Today we bought shares of Brigus Gold @ $1.88

Text from company website:

Brigus Gold is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The company operates the wholly-owned Black Fox Mine in the Timmins gold district of Ontario, Canada. In 2010, the Black Fox Mine is expected to produce approximately 80,000-85,000 ounces of gold at a lower-than-average cash costs per ounce in the range of $500-$550 per ounce. Brigus expects gold production to grow to 180,000 ounces in the near future. Brigus Gold is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada. Combined, Black Fox and the Goldfields Project contain over 2 million ounces of gold reserves. Brigus Gold also has a vigorous project pipeline including the Ixhuatan Project and the Huizopa Joint Venture in Mexico, and joint venture exploration projects in the Dominican Republic. Brigus Gold has a solid balance sheet with growing cash flow from operations.

Click here to download a company presentation of December 9, 2010

Avino Announces $5.1 Million Financing

Last friday Avino announced a private placement for $5.1 million financing. The net proceeds of this offering will be used to advance the company’s San Gonzalo silver, gold, lead and zinc project at Durango, Mexico and general working capital requirements. Today the stock surged 10% to a new 52-week high of $2.40 We bought shares Avino in July 2009 @ $0.63 using today’s intra-day high this means a 280,9% gain. We think this company still has a very bright future. We did sell some shares however, just as we have done with all shares exceeding 250% gains these weeks. The correction last week did not come though like we expected and gold and silver prices seem to stabilize a bit. This trend is likely to continue the coming weeks, for gold this means the $1378-$1425 range and for silver $27.50-$30.50 We expect the next big surge in commodities in the beginning of 2011. The surge still might come sooner if global circumstances give reason for it (Euro crisis, Korean situation). We will announce new stock picks within a month!

Avino News Release:

Avino Silver and Gold Mines Ltd. (the “Company”) is pleased to announce that it has arranged a private placement of up to 2,700,000 units at a price of $1.90 per unit, each unit consisting of one common share and one non-transferrable share purchase warrant. Each warrant will entitle the investor to purchase one additional common share with a term of three years at an exercise price of $2.50. Sprott Asset Management LP on behalf of certain funds and managed accounts has agreed to participate in this private placement. In addition, units will be sold by the Company to investors introduced by Sprott Private Wealth LP (“SPW”). A cash commission of 5% of the gross proceeds from units sold to such investors and 5% compensation warrants are payable to SPW.

The net proceeds of this Offering will be used to advance the Company’s San Gonzalo silver, gold, lead and zinc project at Durango, Mexico and general working capital requirements.

The financing is Subject to approval of The TSX Venture Exchange and all regulatory authorities. The securities issued by the Company in connection with this financing are subject to a 4-month “hold period” as prescribed by the TSX Venture Exchange.

Founded in 1968, Avino has established a long record of mining and exploration in Mexico. The Company’s focus is to bring the property to production. Avino remains well funded.

ON BEHALF OF THE BOARD

“David Wolfin”
______________________________
David Wolfin
President & Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

Source: Company website

Seabridge Gold Drilling Expands Iron Cap: Resource Estimate Expected Shortly. Results Suggest Potential to Discover Higher Grade Deposit at Depth.

Today Seabridge Gold announced that a new resource estimate is expected shortly. The data of all 46 drilling holes will now be provided to Resource Modeling Inc., an independent consulting firm, and the first NI-43-101 compliant resource estimate for Iron Cap is expected in January 2011. We bought Seabridge Gold in June of this year @ $28.36 Today the stock closed @ $27.79 this means a 2% loss.  We think the coming estimate will finally give the share price the firm push forward we have been waiting for.  For the time being we keep our targeted price at $75

Seabridge News Release:

Toronto, Canada – Results from the final 33 core holes drilled by Seabridge this year at Iron Cap have confirmed (i) consistent gold, copper and silver mineralization which is likely to generate an increase in resources and reserves at KSM; (ii) an expanded size of the deposit; (iii) higher average metal values than KSM’s current reserves which have the potential to enhance project economics; and (iv) a highly prospective new exploration target which could have dynamic implications for KSM.  For assay results and hole descriptions see www.seabridgegold.net/NDec9-10-table.pdf and for a drill hole location map see www.seabridgegold.net/NDec9-10-maps.pdf.

A total of 46 core holes have now been drilled at Iron Cap. Every hole has intersected ore grade mineralization over significant widths. The drill data will now be provided to Resource Modeling Inc., an independent consulting firm, and the first NI-43-101 compliant resource estimate for Iron Cap is expected in January 2011. The drill hole spacing in the heart of the Iron Cap deposit should be sufficient to allow a significant portion of this resource to be classified as measured and indicated which could enable it to qualify as reserves in the updated Preliminary Feasibility Study (“PFS”) scheduled for April 2011.

In the Seabridge news release dated July 26, 2010, the size of the Iron Cap deposit was estimated to be at least 900 meters in strike length, 400 meters wide and up to 350 meters thick. The results from the last 33 holes now confirm a deposit which has a strike length of at least 1,300 meters, a width of at least 600 meters and an average thickness of 350 meters. In addition to the down dip potential, Iron Cap remains open on strike to the northeast and southwest.

Analysis of drill data indicates that the Iron Cap resource is likely to have a higher metal value than the average KSM grade. For example, Hole 40, which is mineralized from top to bottom, contains a 128.5 meter interval grading 1.04 grams per tonne gold and 0.37% copper. What is most encouraging is that Iron Cap’s higher grade copper zones could be blended with ore from the Mitchell zone to maintain the targeted 0.20% average copper grade to the mill. This average head grade is important because it generates a higher grade concentrate without sacrificing recoveries, which in turn commands better smelter returns and reduces shipping costs. The current mine plan calls for the early development of the more distant Kerr and Sulphurets zones to maintain copper head grades to the mill. Sequencing Iron Cap before Kerr and Sulphurets could have multiple potential benefits including lower operating and capital costs, deferring significant expenditures and extending mine life.

The Iron Cap deposit is a separate but related mineral system within the KSM district. It is structurally above the Mitchell deposit in the panel of rocks between the Mitchell and Sulphurets thrust faults. Iron Cap differs from the Mitchell deposit in that several intrusions make up the host rock. This higher temperature environment and its associated potassic alteration have resulted in the higher metal value at Iron Cap. There is the potential for an undiscovered, deeper core zone characterized by potassium feldspar, magnetite and bornite which could be expected to contain significantly higher metal values than the shallower levels tested so far at Iron Cap. This year’s drill results suggest that this potential core zone may exist below the current limits of the Iron Cap deposit. Seabridge intends to pursue this target in next year’s program.

Exploration activities at KSM are being conducted by Seabridge personnel under the supervision of William E. Threlkeld, Senior Vice President of Seabridge and a Qualified Person as defined by National Instrument 43-101. An ongoing and rigorous quality control/quality assurance protocol is being employed during the 2010 program including blank and reference standards in every batch of assays. Cross-check analyses are being conducted at a second external laboratory on 10% of the samples. Samples are being assayed at Eco Tech Laboratory Ltd., Kamloops, B.C., using fire assay atomic adsorption methods for gold and total digestion ICP methods for other elements.

Seabridge holds a 100% interest in several North American gold resource projects. The Company’s principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories. For a breakdown of Seabridge’s mineral resources by project and resource category please visit the Company’s website at http://www.seabridgegold.net/resources.php.

All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

This document contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forward-looking statements” are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral reserves and mineral resources; (ii) any potential for the increase of mineral reserves and mineral resources, whether in existing zones or new zones; (iii) the amount of future production; (iv) further optimization of the PFS including metallurgical performance; (v) completion of and submission of the Environmental Assessment Application; and (vi) potential for engineering improvements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “envisages”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

All forward-looking statements are based on Seabridge’s or its consultants’ current beliefs as well as various assumptions made by them and information currently available to them. These assumptions include: (i) the presence of and continuity of metals at the Project at modeled grades; (ii) the capacities of various machinery and equipment; (iii) the availability of personnel, machinery and equipment at estimated prices; (iv) exchange rates; (v) metals sales prices; (vi) appropriate discount rates; (vii) tax rates and royalty rates applicable to the proposed mining operation; (viii) financing structure and costs; (ix) anticipated mining losses and dilution; (x) metallurgical performance; (xi) reasonable contingency requirements; (xii) success in realizing further optimizations and potential in exploration programs and proposed operations; (xiii) receipt of regulatory approvals on acceptable terms, including the necessary right of way for the proposed tunnels; and (xiv) the negotiation of satisfactory terms with impacted First Nations groups. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as mineral reserves or mineral resources from that predicted; variations in rates of recovery and extraction; developments in world metals markets; risks relating to fluctuations in the Canadian dollar relative to the US dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals or settlement of an agreement with impacted First Nations groups; the effects of competition in the markets in which Seabridge operates; operational and infrastructure risks and the additional risks described in Seabridge’s Annual Information Form filed with SEDAR in Canada (available at www.sedar.com for the year ended December 31, 2009 and in the Corporation’s Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml info@seabridgegold.net

When relying on our forward-looking statements to make decisions with respect to Seabridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Seabridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Seabridge or on our behalf, except as required by law.


ON BEHALF OF THE BOARD

“Rudi Fronk”
President & C.E.O.


For further information please contact:
Rudi P. Fronk, President and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: info@seabridgegold.net

Source: Company website

Copper Creek Gold Provides Update on Santa Lucia Property

Just two weeks ago we bought shares of Copper Creek Gold @ CAD$0.075 Today the company officially announced the exploration plans for the Santa Lucia Property, Sonora, Mexico. Copper Creek may earn an undivided 60% interest in the Santa Lucia Gold Property from Kootenay Gold by spending $2,000,000.00 on exploration and making various cash and share payments over a four year period.

Copper Creek Gold / Kootenay Gold News Release:

VANCOUVER, BRITISH COLUMBIA – December 8, 2010 – Copper Creek Gold Corp. (“Copper Creek” or the “Company”; TSX VENTURE: CPV) wishes to update shareholders on its current exploration plans for its Santa Lucia project in the State of Sonora, Mexico. Recently, representatives from Copper Creek and its option partner, Kootenay Gold Inc., met in Ciudad Obregon, Mexico. Staging from there, the team travelled to the Santa Lucia site, inspected old workings, and conducted reconnaissance prospecting on the Santa Lucia North project. A number of grab samples were taken and submitted to ALS Chemex Labs in North Vancouver, British Columbia, for analysis. Various exploration strategies were discussed and plans for the 2011 exploration program were finalized.
The Company plans to begin a comprehensive exploration of the Santa Lucia project beginning in late January, 2011. The initial program will entail detailed mapping and mechanical trenching of the La Fortuna zone where high grade gold values have been uncovered on surface from highly silicified quartz veins and stockwork to the west of old artisanal mining pits. This trenching will help to establish specific drill targets in the La Fortuna area.
Subsequently, the Company plans to mobilize a drill to the property in March to target the high grade La Fortuna area, as well as to test CSAMT (Controlled-Source Audio-Frequency Magneto-Telluric) and IP resistivity anomalies that were discovered by Cominco Ltd. in the 1990′s. These anomalies remain untested, and underlie surface gold mineralization for approximately 4km.
An independent consulting geologist has been retained by the Company to produce an NI 43-101 compliant report on the Santa Lucia property as required by the TSX Venture Exchange.
The Company can earn a 60% interest in the Santa Lucia property from Kootenay Gold Inc. by spending $2,000,000.00 on exploration and making various cash and share payments over a four year period.
About Copper Creek Gold:
Copper Creek Gold Corp. is a Canadian based mineral exploration company actively exploring in Northern British Columbia and Mexico. The Company holds two exploration projects, the Bonsai Property located in the Eskay Creek region of Northwest British Columbia, Canada, and the Santa Lucia Gold Property located at Sonora, Mexico. The Company may earn up to a 70% interest in the Bonsai property from Teuton Resources Corp. and a 60% interest in the Santa Lucia property from Kootenay Gold Inc. subject to approval by the TSX Venture Exchange.
ON BEHALF OF THE BOARD
James Anderson, President
FOR FURTHER INFORMATION CONTACT
James Anderson, President
Tel. 604-662-3004, ext. 105
Cell: 778-989-5346
james777anderson@gmail.com

Source: Company website

Rubicon Announces 4.0 Million Ounce Inferred Gold Resource Estimate Grading 20.1 g/t gold (0.59 oz/ton gold) at its Phoenix Gold Project, Red Lake, Ontario

Today Rubicon announced the results of the Geoex Limited research of the Phoenix Gold Project. These results are no surprise to us, many investors seemed  to be surprised, since the stock gained 33,26% today! We bought Rubicon in July of this year at a price of CAD$3,49 at today’s closing of CAD$6,13 meaning a 75,6% gain. We are not selling Rubicon. We expect the company to ad value for it’s shareholders for years to come. Production at the Phoenix Gold Project will able the company to aggressively explore their other projects, and thereby adding even  more to their inferred resources.

Rubicon News Release:

- Total geological potential of F2 Gold System 13.3 to 16.1 million ounces grading 24.4 to 26.8 g/t -

TORONTO, Nov. 29 /CNW/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) (“Rubicon”) is pleased to provide a NI 43-101 compliant inferred mineral resource estimate for the F2 Gold System, part of its 100%-owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold District of Ontario. The estimate is summarized below:

Inferred Resource
(5 g/t cutoff & 10 gram x metre product minimum)
Tonnes Grade (g/t) Grade (oz/ton) Contained ounces
Total Inferred Resource 6,200,000 20.1 0.59 4,007,000

The inferred mineral resource estimate was prepared by Geoex Limited. (“Geoex”) based on 166,886 metres of diamond drilling in 237 drill holes carried out between February 27, 2008 (the date of the initial discovery) and July 31, 2010. The estimate does not include approximately 41,702 metres of drilling completed since July 31, 2010. The inferred resource estimate was prepared using the polygonal calculation method (see below for details) which, in the opinion of Geoex, is the appropriate method and is typically used for this type of deposit. The cut-off used is considered to be an economically reasonable estimate of breakeven mining costs.

“We are very pleased with these initial results. They demonstrate that the F2 Gold System is already a significant sized gold deposit. Importantly, the gold grade of 20.1 g/t gold is high compared to most major gold deposits around the world and is consistent with the overall Red Lake camp average grade, which is Red Lake’s key advantage. Our objective now, through our ongoing delineation program is to upgrade part of this large inferred resource, move towards development and to continue to expand the gold system. Underground development on the project has already cross-cut mineralized zones at the 305 metre level and delineation drilling is underway. Photographs of the new zones are available on the Company website at www.rubiconminerals.com.” stated David Adamson, President and CEO.

Geological Potential

In addition to the above referenced inferred resource estimate, Geoex carried out an evaluation of geological potential based on an analysis of the distribution of current drilling (strike length of 898 meters as of July 31,2010) and opportunity for infill and expansion drilling to depth. The system remains open along strike and to depth beyond the current limit of drilling.

The geological potential is based on the projection and extrapolation of the inferred resource present between 0 to 500 metres below surface as this area is considered well drilled and contains an inferred resource of 3,400,000 tonnes containing 2,680,000 oz at 24.4 g/t or 0.71 oz/ton. In the area between 500 and 1500 metres below surface, drilling is wider spaced and thus large parts of the system in this area have not been adequately drill tested, however, in the opinion of Geoex, based on a review of project data, experience from elsewhere in Red Lake and general observations on lode gold deposits, the grade and tonnage profile of the area above 500 metres is likely to be replicated to depth with additional drilling. The results of this analysis are summarized in the table below:

Depth Potential Tonnes Potential Grade Potential Ounces
Above 500m (well drilled) 3,400,000 to 3,700,000 24.4 to 26.8 g/t 2,680,000 to 3,190,000
500-1500 metres (wide spaced drilling) 6,800,000 to 7,500,000 24.4 to 26.8 g/t 5,330,000 to 6,460,000
1500-2500 metres (no drilling – open) 6,800,000 to 7,500,000 24.4 to 26.8 g/t 5,330,000 to 6,460,000
Total to 2500 metres (open at depth) 17,000,000 to 18,700,000 24.4 to 26.8 g/t 13,340,000 to 16,110,000

The potential tonnages, grades and ounces set forth in the analysis of geological potential are conceptual in nature, as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

“From the early days of the discovery, we have always recognized that we are exploring a very robust and large mineralizing system, which is why we have dedicated significant drilling efforts to the 9X target area. As suggested by Geoex, the current 4.01 million ounce inferred gold resource may be only a small part of the overall gold potential of the F2 Gold System. Large areas remain to be infill-drilled and the system is open in all directions. We should also point out, we own 40% of the exploration real estate in Red Lake giving us a unique opportunity to find the next F2 Gold Deposit,” stated David Adamson, President and CEO.

Geoex will prepare an NI 43-101 compliant technical report in respect of the inferred resource estimate and geological potential discussed in this release which Rubicon will file on SEDAR within 45 days of the date this release was disseminated, and plans to complete a Preliminary Economic Assessment in respect of the F2 Gold System by the end of Q1, 2011.

Resource Calculation Methodology

The construction of the polygonal and block models was a product of collaboration between Rubicon and Geoex. Rubicon personnel included Matt Wunder P.Geo, V.P. Exploration and Eric Hinton P.Eng., Project Manager. All data in the resource evaluation were reviewed by Geoex with Mr. Peter George of Geoex assuming responsibility for the resource and geological potential estimates upon which the statements reported herein are based.

Polygonal Resource calculation

Source assay data were audited by a third party consulting firm (IoGlobal) specializing in data management and QA/QC analysis and composite intervals were calculated utilizing a minimum three and also a five gram cut-off and minimum 10 gram times metre product for all F2 system data to July 31, 2010. No top cut was applied to the data because, in the opinion of Geoex there is insufficient geostatistical data to properly determine an accurate top cut value at this time.   The X, Y and Z centroid points were calculated and horizontal thickness for each composite interval was calculated utilizing a set of east-west cross sections (local mine grid). The composite intervals were classified by geological unit and centroid points for each composite interval were plotted on long sections for each geological domain utilizing AMine software. Individual zones were then interpreted in AMine.

The interpretation is largely based on a series of detailed cross sections confirming geological continuity vertically down dip and along strike (mine grid north-south).  Polygons were plotted on long sections for each sub zone with ellipse parameters for the inferred resource of 75 metre vertical radius and 37.5 metre horizontal radius. Polygons were clipped where overlapping, clipped where the claim boundary and 15 metres below where the lake bottom surface was contacted.  Polygon areas were calculated for each centroid point, horizontal thickness was applied to determine the volume, a specific gravity (“SG”) of 2.85 g/cm3 was applied, being derived from the average SG in preliminary metallurgical studies (see news release dated October 19, 2010). The volume of each polygon was calculated and assigned a gold grade. The sum of the polygons constitutes the inferred resource.

Block Model calculation

In addition to the polygonal resource calculation, as a means of validating the inferred resource estimate by an independent method, a block model was calculated utilizing Surpac software resulting in 5,830,000 tonnes, 3,210,000 ounces at 17.2 g/t or 0.50 opt. The block model results are within 6.7% of the tonnage, 17.1% of the contained ounces and 24.9% of the grade of the polygonal estimate (6,200,000 tonnes, 4,007,000 ounces at 20.1g/t gold or 0.59 opt). While Geoex does not consider the block model the most appropriate method for this type of deposit, the results are considered to provide strong supporting validation for the preferred polygonal estimate reported above. It should be noted that the block model results do not differ significantly regardless of whether a northeast (East Bay trend) or northwest (F2 trend) oriented search ellipse is used in the block model.

Data were audited prior to completion of the block model. For this inferred resource estimate, the data were treated as one domain. Assay data were composited at 1.0 metre intervals (no top cut was applied) and variogram analysis was completed. Two times the variogram range was utilized for oriented search ellipse parameters (list parameters) for the inferred resource calculation.  A block size of 2m (E-W) by 4m (N-S) by 12m (vertical) was selected through an optimization process. Data were constrained by the lake bottom surface, the claim boundary and a western boundary was included to exclude any unrelated drilling carried out prior to February 2008. A SG of 2.85 g/cm3 was utilized.

Rubicon is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Mine.

RUBICON MINERALS CORPORATION
“David W. Adamson”
President & CEO

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. The mineral resources in this press release were estimated using CIM Standards.

Qualified Persons

Rubicon has implemented a rigorous QA/QC program to ensure best practices in the sampling and analysis of drill core.  Assays were conducted on sawn NQ-sized half core sections. Delineation drilling intercepts represent true horizontal width. The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. Assays were conducted by SGS Minerals Services using standard fire assay on a 30 gram (1 assay ton) sample with a gravimetric finish procedure. Assays are uncut as is standard practice in Red Lake. Standards, blanks and check assays were included at regular intervals in each sample batch. Check assays on 5% of samples are carried out at a third party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd.  Exploration drill programs and all data forming the basis of the inferred resource estimate described in this release were supervised and verified by Terry Bursey, P.Geo,. Regional Manager for Rubicon and a Qualified Person as defined by NI 43-101.  All data required for the block calculation described in this release was prepared and verified by Eric Hinton, P.Eng, Project Manager of Rubicon and a Qualified Person as defined by NI 43-10.  The inferred resource estimate, including the polygonal resource calculation and the block model calculation, and the geological potential analysis were prepared by Peter George, P.Geo., President and consulting geologist of Geoex, an independent Qualified Person as defined by NI 43-101, and he verified all data received from Rubicon in connection with same.

Cautionary Note to U.S. Readers Regarding Estimates of Measured, Indicated and Inferred Resources

This press release uses the term “inferred resources.”  We advise U.S. investors that while this term is recognized and required by Canadian regulations, it is not recognized by the SEC. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.  It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of “inferred mineral resources” may not form the basis of a feasibility study or prefeasibility studies, except in rare cases.  The SEC normally only permits issuers to report mineralization that does not constitute “reserves” as in-place tonnage and grade without reference to unit measures.  The term “contained gold ounces” used in this press release is not permitted under the rules of the SEC. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists or is economically or legally mineable.

Forward Looking Statements
This news release contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and “forward looking information” within the meaning of applicable Canadian provincial securities legislation (collectively, “forward-looking statements”) . Forward-looking statements often, but not always, are identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “targeting” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking statements in this document include statements regarding estimates of mineral resources, estimates of gold grades and in-place ounces, the preparation and timing of a technical report in respect of the inferred resource estimate and the proposed Preliminary Economic Assessment and the timing and nature of future exploration programs.  Our exploration programs are dependent on projections which may change as drilling continues, or if unexpected ground conditions are encountered. In addition, areas of exploration potential are identified which will require substantial drilling to determine whether or not they contain similar mineralization to areas which have been explored in more detail. The description of the extent of mineralized zones is not intended to imply that any economically mineable estimate of reserves or resources exists on the Phoenix project. Similarly, although geological features of the F2 Gold System are interpreted to show similarities to nearby gold producing mines owned by third parties, this should not be interpreted to mean that the F2Gold System has, or that it will generate similar reserves or resources. Significant additional drilling is required at F2 to fully understand system size before a meaningful resource calculation can be completed.

The forward-looking statements that are contained in this news release are based on various assumptions and estimates by Rubicon and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Rubicon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of Rubicon and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although Rubicon has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ. Forward-looking statements contained herein are made as of the date of this news release and Rubicon disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Source: Company website