Rubicon proposes to carry out the reorganization, subject to required regulatory, legal and shareholder approvals, through a Plan of Arrangement (�Plan�) with the result that on completion of the Plan, shareholders of Rubicon will hold shares and participate in three public companies, as follows:
a) one public company that will comprise Rubicon�s shareholdings in Africo. It is the view of Rubicon, that Africo offers significant potential to further increase shareholder value provided that Africo achieves its milestones of feasibility, resource expansion and production;
b) a second public company that will comprise Rubicon�s current Newfoundland gold and base metal assets and whose primary focus will be to advance and develop gold and base metal projects in Eastern Canada. Rubicon believes it has advanced the Newfoundland assets to the point where they can be more effectively explored within a new company; and
c) a third public company that will comprise the current Red Lake and Nevada interests and that will continue to be a leading gold exploration and development company in the Red Lake camp. This company, which will retain the name of Rubicon Minerals Corporation, will also control its Red Lake area property interests and royalties, known as the English Royalty Division.
�The Company has assembled an impressive asset base including its interest through Africo in a major resource, which can generate significant shareholder wealth as it develops. The proposal to reorganize is designed to maximize shareholder value and to provide clarity through three focused public companies. Following the reorganization, shareholders will maintain their interest in a gold exploration and development company which will continue to build upon its extensive property portfolio in the high-grade Red Lake gold camp of Ontario. Furthermore, shareholders will have a stake in two additional public companies, each of which offers potential to realize value not currently reflected in Rubicon�s share price.� stated David Adamson.