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Rubicon bolsters board with new director appointment

Rubicon Minerals (TSE:RMX) (AMEX:RBY) has appointed Michael Winship to the position of director on its board, the company said Wednesday.

Currently acting as chief operating officer of Quadra FNX Mining (TSE:QUX), Winship has over 30 years of experience in the mining development and operations industry, including 18 years specific to underground gold mining in Canada and abroad.

"We are delighted that Michael has agreed to join the board of Rubicon," commented lead director, Christopher J. Bradbrook.

"He adds valuable operating experience to the board at an exciting time for the company as we develop the F2 Gold System, located in the heart of the prolific Red Lake Gold District of Ontario."

Earlier this month, Rubicon announced the sale of the 2% net smelter royalty (NYSE:NSR) on its Phoenix gold project, also located in the Red Lake district, to Franco-Nevada Corp.

The royalty remains subject to Rubicon's prior right to purchase 25% of the royalty, or 0.5% of the 2% net smelter returns, for US$0.675 million. The right of purchase is exercisable at any time.

Rubicon acquired the Phoenix project under option from Dominion Goldfields in 2002, and later earned a 100% interest in the project, subject to the royalty.

In exchange for the royalty from Dominion, Franco-Nevada issued 550,000 common shares of the company to Dominion, worth $23.23 million in total.

Based in Vancouver, B.C., Rubicon controls over 100 square miles of exploration ground in the prolific Red Lake gold district of Ontario, which hosts Goldcorp's (TSE:G) (NYSE:GG) high-grade Red Lake Mine.