Rubicon Minerals Provides Drilling Update for F2 Gold System, Phoenix Gold Project, Red Lake, Ontario

Rubicon Minerals Corporation

provides an update of exploration activities conducted at its 100%-owned F2 Gold System, Phoenix Gold Project, located in the heart of the prolific Red Lake gold district. Following the successful completion of its underground infill drilling programs, underground drilling has been halted to allow shaft sinking to the 610 metre level to continue at a faster pace and without interruption. This release summarizes assays from these successful underground infill drilling campaigns. Surface drilling, primarily targeting expansions to the existing gold deposit, is ongoing and results to date are also included in this release. The latest drill results are tabulated in Table 1 along with a plan and section depicting these results in Figures 1 and 2. Final results for all infill drilling are presented in Table 2 and Sub 1,200 metre target area results are summarized in Table 3. Drilling Highlights West Limb Basalt 2 (WLB2) Final results from winter drilling on the WLB2 Zone are presented in Tables 1 and 2. Continued infill and down dip expansion drilling of the WLB2 Zone (Table 1) has increased the confidence in the interpretation and continuity of developed mineralization in this zone. The latest WLB2 highlights include: 198.6 g/t gold over 1.0 metre (5.79 oz/ton gold over 3.3 feet) in hole 305-03-172, 55.8 g/t gold over 2.0 metres (1.63 oz/t gold over 6.6 feet) in hole 305-03-173 and 18.9 g/t gold over 5.0 metres (0.55 oz/t gold over 16.4 feet) in hole 305-03-176. Based on all results to date (Table 2), the WLB2 Zone is currently developed between the crown pillar and 750 metres below surface and over an interpreted strike length of 580 metres. 122-10 Zone New results continue to expand and infill mineralization in the 122-10 Zone (Table 1): 15.8 g/t gold over 2.9 metres (0.46 oz/ton gold over 9.5 feet) in hole 305-03-172, part of a broader intercept grading 5.3 g/t gold over 11.9 metres (0.15 oz/ton gold over 39.0 feet) intersected between vertical depths of 952 to 963 metres below surface. The 122-10 Zone is interpreted as the down plunge extension to the south of the Core Zone and is a prime target for continued exploration and future infill drilling. Complete results from the 122-10 drilling are provided in Table 2. Sub 1,200 metre Area Drilling in this area is designed to infill and potentially extend previously intersected gold mineralization. A conservative approach was used by AMC Mining Consultants (Canada) Inc. in the Preliminary Economic Assessment of August 8, 2011 ("PEA")1 where they elected in the proposed mine plan, to apply the average diluted resource grade to the bottom five mining horizons (bottom 305 metres of the resource). Rubicon is carrying out selective drilling in this area to test whether the existing area may support an elevated resource grade with more drilling. New results from this area include: 18.8g/t gold over 2.7 metres (0.55 oz/ton gold over 8.9 feet) in drill hole F2-2012-06A-W1. Results to date and all historical results in the sub 1200 metre area are provided in Table 3. Taken as a whole, these results continue to demonstrate good geological continuity and gold grades. Rubicon plans to complete additional holes in this target area.