Rubicon Provides Drilling and Operational Update F2 Gold System,

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Rubicon Minerals Corporation (NYSE: RBY) provides an interim update of its exploration and development activities at its 100%-owned F2 Gold System, Phoenix Gold Project, located in the heart of the prolific Red Lake gold district. As reported in our news release dated October 19, 2011, Rubicon is carrying out a 12-month, $55 million program designed to complete sufficient exploration and development work to attain its objective of production in Q4 2013 and to optimize certain aspects of its Preliminary Economic Assessment, dated June 29, 20111. The latest drilling results are tabulated in Table 1, along with a plan and section depicting these results in Figures 1 and 2.

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