RBY

- Intercepts include 1.35 oz/ton over 6.6 feet, 0.70 oz/ton over 3.3 feet and wide sections of sulphide mineralization - TORONTO, Aug. 31 /PRNewswire-FirstCall/ -- Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to provide an update on its drilling on its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. Five drill rigs are currently in operation on the project, three on surface and two from underground on the 122-metre level as part of the ongoing 80,000-metre drill program. Prior to this program, the company had drilled approximately 65,000 metres on the high-grade F2 Zone since its discovery in March, 2008 (see numerous releases since March 12, 2008 and http://www.rubiconminerals.com/ for further details). Drilling Update --------------- In its March 30, 2009 news release, Rubicon announced an 80,000-metre drill program designed to expand the known extent of the F2 Zone system. The planned drilling will test a 1200-metre by 1600-metre target area, and is referred to as the '9X drill plan' as outlined in Figures 1 and 2. Northeast extension ------------------- New drilling to the northeast has intersected several units of mineralized host F2 basalts which are up to 20 metres true thickness. New intercepts occur between 150 metres and 450 metres below surface and are outlined in Figures 1 and 2. They include both high-grade gold and broader gold-bearing sulphide sections including 1.35 oz/ton over 6.6 feet at a vertical depth of 709 feet (216 metres) below surface (46.4 g/t gold over 2.0 metres) and 0.19 oz/ton over 19.7 feet at a vertical depth of 1014 feet (309 metres) below surface (6.41 g/t gold over 6.0 metres) in hole F2-72 and 0.73 oz/ton over 3.3 feet at a vertical depth of 738 feet (225 metres) below surface (24.95 g/t gold over 1.0 metre) in hole 122-08. Significant results are presented in Table 1, below. The character of the mineralization and hosts rocks is similar to that in the main F2 core zone, located to the southwest and opens up a significant new area for additional exploration. "The 21% increase in strike length of the F2 gold system is very encouraging and significantly expands its potential. Target areas 3 and 4 in our 9X program are beginning to fill in and surface drilling will continue to test for expansion of the system to the northeast. As we showed in our last release, we know there are good gold hits at shallow levels up to two kilometres to the north at our Island Zone, and we are interested to see if F2 continues to expand towards those areas" stated David Adamson, President and CEO. Southwest drilling ------------------ New results confirm that the F2 system is present on both sides of a fault previously intersected in Target area 3 (Figure 2). These results are further confirmed by the presence of previous intercepts in holes F2-39 and F2-66. The presence of faults in the F2 gold system is to be expected and is considered to be a prerequisite for significant sized 'lode-gold' deposits of his type. Deep Drilling ------------- Three master holes (F2 65 to F2-67) were terminated in hanging wall ultramafic at depths ranging from 1260 metres to 1740 metres. They will be used to carry out wedges at shallower elevations designed to penetrate the footwall F2 target. Table 1: Assay Results Northeast Drilling ------------------------------------------------------------------------- Depth to Centre Gold Gold Hole of Intercept (m) (g/t) Metres (oz/t) Feet ------------------------------------------------------------------------- F2-67 anomalous ------------------------------------------------------------------------- F2-70 135 12.45 1.0 0.36 3.3 ------------------------------------------------------------------------- F2-71 274 3.43 3.0 0.10 9.8 ------------------------------------------------------------------------- 382 6.29 3.0 0.18 9.8 ------------------------------------------------------------------------- F2-72 190 4.09 4.0 0.12 13.1 ------------------------------------------------------------------------- 201 6.01 2.7 0.18 8.9 ------------------------------------------------------------------------- 216 46.37 2.0 1.35 6.6 ------------------------------------------------------------------------- 309 6.41 6.0 0.19 19.7 ------------------------------------------------------------------------- incl. 309 23.31 1.0 0.68 3.3 ------------------------------------------------------------------------- F2-73 565 3.58 2.9 0.10 9.5 ------------------------------------------------------------------------- 122-03 anomalous ------------------------------------------------------------------------- 122-05 hole abandoned ------------------------------------------------------------------------- 122-06 534 3.78 3.0 0.11 9.8 ------------------------------------------------------------------------- 122-08 * 225 24.95 1.0 0.73 3.3 ------------------------------------------------------------------------- incl. 225 34.8 0.5 1.02 1.6 ------------------------------------------------------------------------- 122-08 243 3.21 9.0 0.09 29.5 ------------------------------------------------------------------------- incl. 244 23.04 0.5 0.67 1.6 ------------------------------------------------------------------------- Southwest Drilling ------------------------------------------------------------------------- Depth to Centre Gold Gold Hole of Intercept (m) (g/t) Metres (oz/t) Feet ------------------------------------------------------------------------- F2-68 anomalous ------------------------------------------------------------------------- F2-69 no significant assays ------------------------------------------------------------------------- 122-01 anomalous ------------------------------------------------------------------------- 122-02A 105 12.24 1.0 0.36 3.3 ------------------------------------------------------------------------- 122-04 337 4.71 2.2 0.14 7.1 ------------------------------------------------------------------------- 380 13.2 1.1 0.39 3.6 ------------------------------------------------------------------------- 458 10.97 1.0 0.32 3.3 ------------------------------------------------------------------------- 464 6.61 2.0 0.19 6.6 ------------------------------------------------------------------------- Holes with the prefix '122' were from underground, all other holes are drilled from surface Assays are uncut. Results satisfy the following criteria: (greater than)10.0 gram gold x metre product and (greater than) 3.0 g/t gold. Anomalous means at least one intercept (greater than)2/5g/t gram gold x metre product and greater than 2g/t gold. A complete listing of results to date for the F2 Zone is available at http://www.rubiconminerals.com/. Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring for gold in politically safe jurisdictions with high geological potential. Rubicon controls over 65,000 acres of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp's high-grade, world class Red Lake Mine. In addition to its Red Lake holdings, Rubicon also controls over 380,000 acres surrounding the Pogo Mine in Alaska as well as 225,000 acres in northeast Nevada. Rob McEwen, President and CEO of McEwen Capital and former Chairman and CEO of Goldcorp, owns 23.8% of the issued shares of the Company. RUBICON MINERALS CORPORATION "David W. Adamson" President & CEO Please visit: http://files.newswire.ca/617/RubiconFigure.doc to view Figure 1: F2 Zone Plan Map and Figure 2: Composite Long Section Looking Northwest and 9X Target Area Outlines. Assaying and Qualified Person ----------------------------- Assays were conducted on sawn NQ-sized half core sections. Further drilling is required before the true widths of reported intercepts can be determined. The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. Assays were conducted by SGS Minerals Services using standard fire assay on a 30 gram (1 assay ton) sample with a gravimetric finish procedure. Assays are uncut as is standard practice in Red Lake. Standards, blanks and check assays were included at regular intervals in each sample batch. Gold standards were prepared by CDN Resource Laboratories Ltd. Work programs in this release were supervised by Terry Bursey, P.Geo. the project Qualified Person under the definition of NI 43-101. Forward Looking Statements -------------------------- This news release contains statements that constitute "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and "forward looking information" within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-looking statements in this document include statements regarding the timing and nature of future exploration programs which are dependent on projections which may change as drilling continues. In addition, areas of exploration potential are identified which will require substantial drilling to determine whether or not they contain similar mineralization to areas which have been explored in more detail. The description of the extent of mineralized zones is not intended to imply that any economically mineable estimate of reserves or resources exists on the Phoenix project. Similarly, although geological features of the F2 Zone are interpreted to show similarities to nearby gold producing mines owned by third parties, this should not be interpreted to mean that the F2 zone has, or that it will, generate similar reserves or resources. Significant additional drilling is required at F2 to fully understand system size before a meaningful resource calculation can be completed. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include market prices, results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. DATASOURCE: Rubicon Minerals Corporation CONTACT: Bill Cavalluzzo, VP-Investor Relations, Toll free: 1-866-365-4706, E-mail: , http://www.rubiconminerals.com/, Rubicon Minerals Corporation, Suite 1540-800 West Pender Street, Vancouver BC, CANADA V6C 2V6

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