Page 40 Contd on pg 41 By Gregory Reynolds The Red Lake Mining District re mains a hotbed of mineral exploration with two projects having reached Ad vanced Exploration status under the Ontario government The next step is the achievement of Commercial Production for the Mad sen Project of Claude Resources Inc and for the Phoenix Project of Rubi con Minerals Corporation The Madsen Gold Project is located in the Red Lake Gold Camp that is considered by many to be the highest grade gold camp in the world with its Gold Mines operated by Goldcorp Inc The Madsen Property consists of a 4000 hectare land package with four past producing mines on the property Madsen currently has 123 million ounces of gold in the National Instru ment 43101 category Claude is a gold producer that is also engaged in the exploration and devel opment of gold mineral reserves and mineral resources The company s en tire asset base is located in Canada T w o Red Lake ar ea pr ojects advancing towards pr oduction Its main revenue generating asset is the 100 per cent owned Seabee Gold Project located in northern Saskatch ewan Since 1991 Claude has pro duced over 1000000 ounces of gold from the Seabee Claude also owns 100 percent of the Madsen Property in Ontario and 100 per cent interest in the Amisk Gold Property in northeastern Saskatch ewan Rubicon acquired the rights to the Phoenix Property in 2002 and dis covered the F2 Zone in March 2008 Since then exploration and devel opment work has focused on the F2 Zone with a tar geted start of produc tion in the fourth quarter of 2013 Rubicon s Phoenix Project is well advanced being connected to the On tario hydro grid has shaft access with modern hoisting plant has an all weather road connecting to the Red Lake community and project develop ment is ongoing The status of the project follows Focusing on critical path items shaft sinking and mill construction Shaft will be completed to the 610m elevation prior to resuming develop Mill foundations underway Mill building shell ordered ex pected to be complete January 2013 SAG and all mills ordered expected delivery July 2013 By end of September 2012 approxi mately 53 million of capital expen ditures were incurred Nominal PEA capex remaining after September