The TSX Venture Exchange has accepted for filing an option agreement dated May 3, 2011, between Mega Precious Metals Inc. and Perry Vern English, for and on behalf of Rubicon Minerals Corp., whereby the company will acquire a 100-per-cent interest in 22 mining claims located in the Satterly and Casummit Lake area of the Red Lake mining district, Ontario.

Total consideration consists of $133,000 in cash payments and 150,000 shares of the company as follows:

• Upon exchange approval, $40,000 cash and 50,000 shares;
• By May 3, 2012, $12,000 cash and 50,000 shares;
• By May 3, 2012, $16,000 cash and 50,000 shares;
• By May 3, 2012, $25,000 cash;
• By May 3, 2012, $40,000 cash.

In addition, there is a 2-per-cent net smelter return relating to the acquisition. The company may at any time purchase 1 per cent of the net smelter return for $1-million in order to reduce the total net smelter return to 1 per cent.