Rubicon said it was advised that Agnico-Eagle plans to make securities regulatory filings explaining details of the disposition in due course.
In July last year, Agnico-Eagle made a C$70 million strategic investment in Rubicon Minerals and had also entered into a technical services agreement to help advance the Phoenix deposit. It paid $3.23 per share for about 21.7 million shares.
Last month, Rubicon released an update on exploration activities at its F2 Gold system, part of the Phoenix gold project in Red Lake, Ontario.
The company is carrying out a 12-month, $82.8 million program designed to optimize certain aspects of its preliminary economic assessment, accelerate site infrastructure and expand on current engineering studies.
Last June, Rubicon received the results of the PEA on its F2 Gold System indicating a cash cost as low as US$214 per tonne of processed material.
The report, prepared by AMC Mining Consultants, estimated the F2 System will produce 180,000 ounces of gold per year in the base case scenario over a life of 12 years, with a production rate of 1,250 tonnes per day.
Rubicon said in mid-May there were 32,000 metres planned to be drilled by the end of the third quarter of 2012, with room to expand this should results warrant.
Recent highlights from the West Limb Basalt 2 (WLB2) zone revealed 152.4 g/t gold over 1.5 metres, including 437.8 g/t gold over 0.5 metres in hole 305-03-167. New assay highlights from the Crown Zone include 4.7 g/t gold over 16.4 metres in CZD-2012-04.
According to the AMC study, the F2 System is expected to yield a net present value of $433 million, at a five percent discount rate, and a pre-tax 28 percent internal rate of return, with a payback period of 3.3 years from the start of production.
These base case results were calculated using a gold price of $1,100 per ounce, the company said, and increase when using a higher, spot gold price.
Using a gold price of $1,500 per ounce, net present value, using the same discount rate, would jump to $933 million, while the pre-tax internal rate of return would climb to a whopping 48 percent.
In February, the company closed a $200.9 million bought deal equity financing, the bulk of which went toward advancing its Phoenix gold project.