08:00 AM EDT, 08/19/2019 (MT Newswires) -- Gold miner Rubicon Minerals (RMX.TO) reported Monday positive Preliminary Economic Assessment for its Phoenix Gold Project in Red Lake, Ontario.

The company said the PEA revealed the project's strong free cash flow potential and robust estimated returns on capital, with after-tax internal rate of return of 40.2%, after-tax net present value of $135.2 million, and after-tax free cash flow potential of $191.5 million.

"We believe an opportunity to enhance the Project is through the potential expansion of mineral resource estimates at depth and along strike. We have identified Explore Target areas10 of approximately 0.9 to 1.2 million tonnes of sparsely-drilled mineralized material grading 5.0 to 7.0 g/t Au that could potentially be added to the mineral resource estimates with future infill drilling," CEO George Ogilvie said.

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