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Seventh Year Assessment Report on Prospecting and Rock Sampling

on the

Tom Joe Property

Licence 4932M,

NTS 12A/16, Newfoundland

For

Kevin Keats (Licence Holder)

And

Rubicon Minerals Corporation

Work conducted from June 2002 to July 2003

Total Expenditures: $3,416.85

Total Claims: 6 claims

Prepared by:

Paul J. Moore Geologist

August 1, 2003

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TABLE OF CONTENTS SUMMARY......................................................................................................................... ii INTRODUCTION ...............................................................................................................1 LOCATION & ACCESS .....................................................................................................1 PROPERTY DESCRIPTION .............................................................................................1 EXPLORATION HISTORY ...............................................................................................1 REGIONAL GEOLOGY.....................................................................................................1 PROPERTY GEOLOGY.....................................................................................................2 GEOLOGICAL REVIEW AND ROCK SAMPLING........................................................2 CONCLUSIONS AND RECOMMENDATIONS..............................................................4 REFERENCES ...................................................................................................................5 PROFESSIONAL CERTIFICATION ...............................................................................6 List of Tables Page Table I: Tom Joe Property Information .........................................................................................1 Table II: Licence 4932M - Sample Locations and Descriptions ...................................................3 List of Figures After Page Figure 1: Property Location Map ..................................................................................................1 Figure 2: Regional Geology ...........................................................................................................2 Figure 3: Property Geology Map ...................................................................................................2 Figure 4: Rock Sample Locations..................................................................................................3 List of Appendices After Page Appendix I: Expenditures- Licence 4932M ......................................................................7 Appendix II: List of Personnel and Contractors ...............................................................8 Appendix III: Analytical Certificates .................................................................................9

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Summary The Tom Joe property consists of six claims under option from Kevin Keats to Rubicon Minerals Corporation. The claims are entirely located within the Golden Promise project controlled by Rubicon and are known to host a gold showing consisting of angular rubble exposed during construction of a timber haulage road returning grab sample assays of up to 1.8 g/t Au (Dimmell, 2001). The showing was tested with a single drill hole by previous workers (Dimmell, 2001), but failed to intersect mineralization in bedrock. The hole is reported to have failed to intersect mineralization similar to that exposed at surface and the hole is inferred to have not drilled deep enough or at a poor angle to intersect the zone’s postulated depth extension. Work completed by Rubicon included visiting the property to examine the showing as well as reviewing drill core. The property is assigned particular exploration significance given its proximity to the Jaclyn Zone auriferous quartz vein discovery by William Mercer in 2002. Compilation of all historic information, geological mapping prospecting, sampling (rock and soil) and trenching should be considered for the next phase of exploration.

Introduction The Tom Joe property consists of mineral licence 4932M comprised of 6 claims optioned to Rubicon Minerals Corporation from Al Keats, Kevin Keats and Peter Dimmell. The claims are located within the Golden Promise project controlled by Rubicon and host a gold showing consisting of angular rubble exposed along a timber haulage road returning grab sample assays of up to 1.8 g/t Au (Dimmell, 2001). Work completed by Rubicon included visiting the property to examine the showing as well as review of drill core. The property is assigned particular exploration significance given its proximity to the Jaclyn Zone auriferous quartz vein discovery by William Mercer in 2002. This report serves as the 7th year assessment report on the licence and covers geological examination of the property including limited rock sampling completed between July 11, 2002 to July, 2003. Location & Access The property (Figure 1) is located approximately 20 kilometres southwest of Badger, south of the Exploits River on NTS sheet 2A/16. Access to the property is excellent as a timber haulage road passes within 25 metres of the showing located at UTM Zone 21 coordinates 561100E, 5408060N (road shown on Figure 4). Property Description The property is comprised of six mineral licences registered to Kevin Keats. Property details are presented in Table I below.

Table I – Tom Joe Property Information

Licence Licence Holder Claims Hectares Issue date report date NTS 4932M Kevin Keats 6 150 10-June-96 8-Aug-03 12A/16

Exploration History Few mineral exploration companies targeted the area prior to Rubicon Minerals Corporation’s initial work in 2002 as interest in the region has traditionally been focused on polymetallic volcanogenic massive sulphides (e.g. Buchans, Duck Pond) within volcanic belts located south of the property. An overview of previous work in the area is provided by Kean and Jayasinghe (1982). This early work included an airborne electromagnetic survey conducted by Selco Exploration Company Ltd. for McIntyre-Porcupine Mines Ltd. in the late 1960’s. Kean and Jayasinghe (1982) note pyrite occurs as disseminations, lenses, bands and laminations throughout the Victoria Lake supergroup, however these rocks including those underlying the Tom Joe property were not previously noted to have any significant economic potential (e.g., Kean & Jayasinghe, 1982). Regional Geology The Tom Joe property is located in the northeastern extremity of the Appalachian Orogen where it is principally underlain by siliciclastic rocks of the Harpoon Brook belt of the informally defined Victoria Lake supergroup (Evans and Kean, 2002). These rocks represent components of the Paleozoic Central Mobile Belt of the Newfoundland Appalachians are included within the

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Exploits Subzone (Williams et al., 1988) of the Dunnage tectonostratigraphic zone of Williams, (1979). Rocks of the Dunnage zone consist of volcanic, volcaniclastic and sedimentary rocks of island-arc and back-arc affinity interpreted to represent vestiges of the Iapetus Ocean (Williams, 1979). The Dunnage Zone is divided into the Notre Dame and Exploits subzones, separated by the Red Indian Line (Williams et al., 1988). The line is an extensive fault system interpreted to separate rocks originating from on opposing sides of the Iapetus Ocean that were not linked until the late Llanvirn to early Llandeilo (e.g., Evans & Kean, 2002). Kean & Jayasinghe (1982) and Evans et al., (1994) divide the Badger map area 12A/16 into numerous lithostratigraphic units, many of which have been further separated on the basis of lithology. These units range in age from Middle Ordovician and older to Devonian, and comprise sedimentary, extrusive and intrusive rock types. Rocks of the Victoria Lake supergroup are stratigraphically overlain by a regionally extensive sequence of Carodocian black shale which separates rocks of the Victoria Lake supergroup to the south from overlying Ordovician to Silurian siliciclastic sediments of the Badger Group to the north (e.g., Evans and Kean, 2002). The Badger Group sediments are comprised of a flyschoid sequence of argillite, greywacke and conglomerate that ranges in age from Middle Ordovician to Early Silurian age (Evans and Kean, 2002). Property Geology The property lies wholly within Cambro-Ordovician marine siliciclastic sediments of the Victoria lake supergroup mapped as lying stratigraphically beneath the Carodocian black shale unit and Badger Group sediments (Figures 2 & 3). Geological Review and Rock Sampling On the morning of July 11, 2002 David Mullen together with Allan and Suley Keats drove to the property to conduct a geological examination of the claims. Access was gained via a timber haulage road that passes within 25 metres of the property’s one gold showing located at UTM Zone 21 coordinates 561099E, 5408060N. The showing is located immediately south of the road is reported to have been discovered years before when the road was constructed and previous grab samples assayed are reported to have been obtained of up to 1.8 g/t Au (Dimmell, 2001). The property is reported to have previously been optioned to Altius Minerals who conducted a ground exploration program consisting of linecutting, soil sampling, magnetic/VLF-EM surveys and limited (2 lines) IP surveys in the late 1990's. Altius subsequently dropped the option and the showing was drilled by the KriASK syndicate (P. Dimmell, A. Keats & K. Keats) in October 2001 with an advanced Prospector Assistance Grant from the Newfoundland Government. The showing is not well exposed and consists of a 20 m x 20 m zone of rubbly material exposed during road construction. Narrow (<1-3 cm), mostly barren-looking quartz veins were observed cutting a gossanous, fine grained siliceous host rock with 2-3% finely disseminated pyrite. The veins trend 245º/60º and 280º/75º. One piece of rubble contained of a 5 cm banded grey-white quartz vein with minor pyrite coating fracture surfaces. Other pieces of banded quartz vein material up to 15 cm were noted, along with leucoxene-bearing mafic material and moderately gossanous calcitic material with 5-8% pyrite. Several grab samples were collected for assay with sample locations shown on Figure 4 and select assay results reported in Table II. All samples

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were analyzed for gold (1 Assay Ton) at Eastern Analytical in Springdale and pulps shipped to ALS Chemex in Vancouver for multi-acid digestion and multi-element ICP-ES analyses. Assay certificates are presented in Appendix III. Although the casing was pulled from the drill hole (TJB-01-01, drilled toward azimuth 145º at an angle of 44º) the collar location was identified on the north side of the road at UTM coordinates 561052E, 5408085N (±7 m error). Also of note, Mr. Alan Keats was able to pan very fine gold from soil near the showing. Several logging roads paralleling the Exploits River were also reviewed a few scattered outcrops of mostly quartzo-feldspathic sediments were observed on adjacent claims held by Rubicon Minerals Corporation. It appears that there is extensive boulder till covering most of the area, but it is assumed further road construction for current logging operations may expose new outcrop in the area, warranting further prospecting. On July 13, 2002, core from TJB-01-01 was examined in Gambo, NL at the home of Mr. K. Keats. The hole collared in highly fractured green-buff to buff-grey coloured, fine grained, siliceous (cherty?) material with 3-5% disseminated pyrite and some brown sphalerite. Alteration was observed as a combination of moderate pervasive calcite and epidote-zoisite bleaching(?) with moderate silicification and weak sericite development. Some narrow, weakly banded quartz veins up to 8 cm wide were noted. Below 16 m in the hole, sulphide contents drops off as well as calcite alteration and the epidote-zoisite manifests itself as a speckling of <1-2 mm clots. Fine laminations (bedding) were noted plus a few fractures coated with pyrite. Near 25 m depth, slightly coarser sedimentary material was noted with siliceous chips to 3 mm and black argillite clasts up to 2 mm in diameter. At 37.8 m a bedding contact at 55º to the core axis was observed possibly indicating tops up the hole. From 41.5 m to 52 m, the unit is darker grey and cut by fractures coated with a soft white talcose mineral along with minor calcite. A slightly coarser sedimentary unit (greywacke) was cored from 52 m-65.5 m, followed by intermixed very fine grained to medium grained sediments with some bleaching, weak pervasive calcite, and sericitic alteration to about 84.5 m. A fairly massive, leucoxene-bearing mafic dyke with moderate to strong pervasive calcite, and chlorite veinlets was observed from 84.5 m to 96.9 m below which the hole passes into a darker grey silicified sediment with 2-3% disseminated pyrrhotite, 1% pyrite, <1% brown sphalerite and minor quartz veining and brecciation. The last 10 cm of the hole (99.9-100.0 m) cored a leucoxene-bearing mafic unit. Based on the position of and rock types encountered in the drill hole, it may not have been drilled far enough to fully evaluate the surface showing or it is possible, but less likely, that the mineralized/alteration zone has a very shallow (15º) northwest dip or limited depth extents. Expenditures related to the exploration activity described above are summarized in Appendix I.

Table II: Licence 4932M - Sample Locations and Descriptions

Sample Type Easting Northing Description Au

(ppb) As

(ppm) Sb

(ppm) 148684 rock 561099 5408320 Quartz sub-crop rubble 94 1,280 <5 148685 rock 561099 5408320 Sub-crop with quartz 86 256 <5

RNF14005 rock 561439 5408487 Cherty sediment with trace pyrite 5 13 <5

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Conclusions and Recommendations Based on the findings of the property examination further work is recommended including compilation of all previous exploration data for the immediate area of the property. On compilation and synthesis of this data further testing of the showing by trenching and or diamond drilling should be considered.

Respectfully Submitted: Rubicon Minerals Corporation

Paul Moore, MSc. P. Geo Exploration Manager (Newfoundland)

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References Dimmell, P. 2001: Report on 2001 Advanced Prospector Grant, Tom Joe Property, Licence 4932M.

November 27, 2001, 6 p. Evans, D.T.W. and Kean, B.F. 2002: The Victoria Lake Supergroup, central Newfoundland - its definition, setting and

volcanogenic massive sulphide mineralization. Open File NFLD/2790. 80 p. Evans, D.T.W., Kean, B.F. and Jayasinghe, N.R. 1994: Geology and mineral occurrences of Badger. Map 94-224. Scale: 1:50 000. Government

of Newfoundland and Labrador, Department of Mines and Energy, Geological Survey Branch, Open File 012A/16/0687. Blueline paper, GS# 012A/16/0687.

Kean, B.F. and Jayasinghe, N.R. 1982: Badger, Grand Falls District, Newfoundland. Map 80-281. Scale: 1:50 000. In Geology

of the Badger map area (12A/16), Newfoundland. Government of Newfoundland and Labrador, Department of Mines and Energy, Mineral Development Division, Report 81-02, 42 pages, enclosures (map, cross-section). GS# 012A/16/0283.

William, H. 1979: Appalachian Orogen in Canada. Canadian Journal of Earth Sciences, Tuzo Wilson

Volume, vol. 16, p. 792-807. Williams, H. Colman-Sadd, S.P. and Swinden, H.S. 1988: Tectonic stratigraphic subdivisions of central Newfoundland. In Current Research Part

B. Geological Survey of Canada, No. 6 pp. 142-166.

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PROFESSIONAL CERTIFICATION

I, Paul J. Moore, with business address at Suite 888, 1100 Melville Street, Vancouver, British

Columbia certify that:

1) I am a graduate (1990) of Memorial University, with a Master of Science degree in Earth

Sciences.

2) I am a registered member, in good standing, of the Professional Engineers and

Geoscientists of Newfoundland.

3) I have practiced my profession for approximately 15 years in Newfoundland and

Labrador, New Brunswick and Ontario.

4) This report is based on my indirect involvement with the Tom Joe property through data

compilation and field work conducted by other geologists employed by Rubicon Minerals

Corporation. I have no interest in mineral claims in Newfoundland and Labrador.

5) I presently have no interest in mineral claims or securities of Rubicon Minerals

Corporation, or its option partners.

Dated in Gander, Newfoundland this 1st day of August 2003.

Paul Moore, MSc. P. Geo.

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Personnel (incl. Vehicles & man days $ TotalGeologist 3 1,410.00 Senior Geologist 3 1,470.00

Analytical Cost samples $ Totalrock samples 3 91.17

Subtotal ($) 2,971.17 15% Overhead 445.68 Grand Total ($) 3,416.85

2003 Required Assessment ($) -

Excess (Deficit) ($) 3,416.85

APPENDIX I: EXPENDITURESNF432 LICENCE 4932M

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APPENDIX II: PERSONNEL & CONTRACTORS

NF432 LICENCE 4932M PERSONNEL

Name Location Title Paul Moore St. John’s, NL Geologist CONTRACTORS

Name Location Title David Mullen Timmins, ON Geologist Eastern Analytical Springdale, NL Gechemical Laboratory ALS Chemex N. Vancouver, B.C. Gechemical Laboratory

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APPENDIX III

ANALYTICAL CERTIFICATES

MEMORANDUM To: Mr. Garfield MacVeigh Location: Gander, NF From: Mr. David Mullen Location: Gander, NF Date: July 14, 2002 Subject: Tom Joe Brook Property Visit (Keats, Keats, Dimmel) Garfield, On the morning of July 11, 2002 I met with Mr. Allan Keats and his son Suley Keats of Benton, NF (709-256-8033) in Grand Falls-Windsor, NF. We drove to the six unit Tom Joe Brook Property (Lic 4932M; K. Keats) located south of the Exploits River, approximately 19 kilometres southwest of Badger on NTS sheet 12A/16. Access to the property is excellent as an Abitibi haulage road passes within 25 metres of the showing located at UTM Zone 21 coordinates 561099E, 5408060N. The showing is located immediately south of the haulage road and was discovered just after the road was built. Previous grab samples assayed up to 1.8 g/T Au (Dimmel 2001). The property had previously been optioned to Altius Minerals who conducted a ground exploration program consisting of linecutting, soil sampling, magnetic/VLF-EM surveying and 2 lines of IP surveying in the late 1990's. Altius subsequently dropped the option and the showing was drilled by the KriASK syndicate (P. Dimmel, A. Keats, K. Keats) in October 2001 with an advanced Prospector Assistance Grant from the Newfoundland government. The showing is not that well exposed, mainly consisting of a 20m x 20m zone of very rubbly material dug up during road construction. Narrow (<1-3cm), mostly barren-looking quartz veins were observed cutting a somewhat gossanous, fine grained siliceous host rock with 2-3% finely disseminated pyrite. These veins trended at 245°/60° and 280°/70°-80°. One piece of "scree" consisted of a 5cm banded grey-white quartz vein with some pyrite coated fractures. Other pieces of banded quartz vein scree up to 15cm were noted, along with leucoxene-bearing mafic material and moderately gossanous calcitic material with 5-8% pyrite. Several grab samples were collected but not sent for assay. Although the casing was pulled, the collar for hole TJB-01-01 (145°/-44°) was located on the north side of the haulage road at UTM coordinates 561052E, 5408085N (±7m). Also of note: Al Keats was able to pan some very fine gold from soil near the showing. During the afternoon we drove along several logging roads paralleling the Exploits River and examined a few scattered outcrops of mostly quartzo-feldspathic sediments on ground held by Rubicon. It appears that there is extensive boulder till covering most of the area. However, road construction for current logging operations in the area may expose new outcrop so further prospecting is warranted. On July 13, 2002 I drove to Gambo, NF to relog the core from TJB-01-01, which was stored behind K. Keats house. Unfortunately, a colony of red ants had decided to take up residence in the core

-2- boxes making for a very trying afternoon of core logging. The hole collared in highly fractured green-buff to buff- grey coloured fine grained siliceous (cherty?) material with 3-5% disseminated pyrite and some brown sphalerite. Hard black 2mm crystals near 6m could be tourmaline. Aresonopyrite was noted in the original log but was not observed by the writer. The alteration appears to be a combination of moderate pervasive calcite and epidote-zoisite bleaching (?) with moderate silicification and weak sericite development. Some narrow, weakly banded quartz veins to 8cm were noted. After 16m, sulphide content drops off as well as calcite alteration, and the epidote-zoisite manifested itself as a speckling of <1-2mm clots and nebulous "asterisms" giving the rock a porphyritic appearance. Fine laminations (bedding) were noted plus a few hairline pyrite fractures. Near 25m slightly coarser sedimentary material was noted with siliceous chips to 3mm and black argillite to 2mm. At 37.8m a bedding contact at 55° to c.a. indicates possible uphole tops. From 41.5m to 52m the unit is darker grey and cut by fractures coated with a soft white taclose mineral (talc?, kaolinite?) along with minor calcite. A slightly coarser sedimentary unit (greywacke) was cored from 52m-65.5m, followed by intermixed very fine grained to medium grained sediments with some bleaching, weak pervasive calcite and sericite plus some kaolinite(?) to about 84.5m. A fairly massive, darker buff coloured mafic dyke with pink tinged leucoxenes, moderate to strong pervasive calcite, and chlorite veinlets to 4mm extended from 84.5m to 96.9m where the hole passed into a darker grey silicified sediment with 2-3% disseminated pyrrhotite, 1% pyrite, <1% brown sphalerite plus some quartz veining and brecciation. The last 10cm of the hole (99.9-100.0m) was in a leucoxene-bearing mafic unit. Based on the position of and rock types encountered in the drill hole, it may not have been drilled far enough to fully evaluate the surface showing or it is possible, but less likely, that the mineralized/alteration zone has a very shallow (15°) northwest dip. The lids were nailed back on the core boxes which were repiled on wooden timbers with the end of the hole on the bottom and start on top. Reference: Report on 2001 Advanced Prospector Grant, Tom Joe Brook Property, Licence 4932M, Peter M. Dimmel, P.Geo, November 27, 2001, 6p. ___________________ David V. Mullen Consulting Geologist