Gold exploration heightens: Rubicon Minerals advances exploration in gold camp. (Communities of the North: Red Lake).

There is an old saying in mining that suggests the best place to find gold is in the shadow of head frames and that is what Rubicon Minerals Corp. is hoping with their projects in Red Lake.

With two established high-grade mines operating in the Red Lake gold camp area, Rubicon is looking for a find to further establish their company, and they have several major exploration projects on the go.

"The locations are highly prospective," says Bill Cavalluzzo, vice-president of investor relations. "They have the right geology and excellent location."

The McFinely Gold Project is considered the company's flagship property, and lies along a proven gold-producting trend covering approximately four kilometres of strike length potential.

Rubicon acquired the property in 2001. It was tied up in litigation for years. Rubicon negotiated for the rights when the property became available and won it. It will be the first drilling operation to take place on the property in 12 years, says Cavalluzzo.

"It was a highly coveted property," says Cavalluzzo. "It has some incredible historic high-grade drilling."

In the late 1980s some exploration efforts were carried out on the property, producing favourable results. Rubicon acquired the water claims first and then the land portion of the property.

On Nov. 23 the company began a diamond-drilling program, Phase 1, of up to 10,000 feet at the flagship property. The program is designed to test several land-based gold targets to establish the geological setting of the targets and as a prelude to a largely ice-based winter drill program in early 2003.

"We want to confirm some of the high-grade results from the past," says Cavalluzzo. "We will be drilling in the same area as the previous drilling."

"We should see some results by the end of the year or early Jan. 2003," says Cavalluzzo. "Hopefully it will show some high-grade, promising numbers."

The McFinely Cold Project is considered "a potential company-maker" to Rubicon.

Extensive research and exploration of the site has shown the setting of McFinely has multiple similarities with the Campbell and Red Lake mines, which are considered world-class high-grade gold producers.

Phase 1 will form the basis for an expanded Phase 2 drill program aimed at testing the unexplored strike and depth potential on the property.

Another major project in the area for Rubicon in the area is the Red Lake McQuaig Joint Venture Project with Golden Tag Resources Ltd. A drilling program of 10,000 feet was just recently completed and results of the testing were mixed.

The company is embarking on another drill program, hoping to start early next year. Cavalluzzo still considers the site to be highly prospective.

"We rate the McQuaig project as our Number 2 project."

The Rubicon AngloGold Option is another project the company has interest in.

"We could be doing some drilling before the end of the year on potential targets," says Cavalluzzo.

AngloGold (Canada) Exploration Ltd. is spending $5.4 million (Cdn) before Jan. 25 to earn up to a 70 per cent interest in the site. Cavalluzzo recognizes the important role AngloGold is playing in the venture.

"Their funding has allowed us to get well up on the knowledge curve on Red Lake Camp," he says. "To get knowledge it takes money and luckily for us we have a substantial partner in AngloGold."

With so much activity going on the company faces a few challenges.

"It is always a challenge to balance your targets and your priorities."

Rubicon Minerals Corp. controls over 247 square kiometres of land holdings in the prolific Red Lake gold camp.

RED LAKE

Population                4,233

Main Employer/            Goldcorp and Placer Dome/
Private Sector            Campbell Mines

Top 5 Employers           Goldcorp, Placer Dome/Campbell
                          Mine, School Board, Municipality
                          of Red Lake, Esker Logging

Area of Community         702 sq. km

Municipal Taxes           not provided
(base average)

Commercial real estate    not provided
market: what is it like?

Land Values               not provided

Industrial Park           1-Industrial park (full services)
(serviced or unserviced)  1-Industrial park (hydro/bell)
paved streets, telephone  1-Industrial park/area on Airport
(fully serviced)