03:42 PM EST - Rubicon Minerals Corporation : provided an update on the construction and development of the Phoenix Gold Project. The Company continues to make good progress with the sinking of the shaft. As of today, the shaft bottom is at 610 metres ("m") below surface. Contractor crews are currently excavating the 610 m level station. During November and December 2012, the Company encountered unfavourable ground conditions that impacted the rate of development. Ground conditions have improved significantly in January 2013. Shaft sinking continues and the Company expects better development rates going forward. The Company continues to evaluate the economics of the shaft extension and its use for further resource identification. Rubicon Minerals Corporation
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