November 29, 2010 / 5:00 PM / in 7 years

CORRECTED - CORRECTED-CORRECTED-UPDATE 1-Rubicon gives initial gold resource

(Corrects first bullet point and first paragraph to clarify that gold estimate is 4 mln ounces, not 4 mln tons)

* Estimates 4 mln ounces of gold at Phoenix Gold Project

* Shares rise to touch new 52-week high

Nov 29 (Reuters) - Rubicon Minerals Corp (RMX.TO) gave an initial inferred gold resource estimate of 4 million ounces at its Phoenix Gold Project in Red Lake, Ontario, sending its shares up to a new 52-week high.

Shares of the Vancouver-based company were up 30 percent at C$5.94 on Monday on the Toronto Stock Exchange. They touched a high of C$6.18 earlier in the session.

“Importantly, the gold grade of 20.1 grams per ton 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,” Chief Executive David Adamson said in a statement.

The company also said underground development on the project has already cross-cut mineralized zones at the 305 meter level, and delineation drilling is underway. (Reporting by Isheeta Sanghi in Bangalore; Editing by Jarshad Kakkrakandy)

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