Rubicon Board Approves Decision to Dewater Underground Workings at Phoenix Project, Red Lake Ontario



    TORONTO STOCK EXCHANGE SYMBOL: RMX
    AMEX SYMBOL: RBY

    
    - Rubicon also acquires additional mining claims adjacent to Phoenix -
    

    TORONTO, June 25 /CNW/ - Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is
pleased to announce that its Board of Directors has given approval for the
Company to carry out an up to $1.25 million Phase One program part of a two
phase underground exploration program at its 100%-controlled Phoenix Gold
Project, located in the heart of the prolific Red Lake gold district of
Ontario.
    Phase One work includes the dewatering of the underground workings
(expected to take 30-40 days once commenced) and the rehabilitation of the
existing shaft and hoist facilities. Upon completion of Phase One, in
conjunction with surface drilling, Rubicon will be able to access the
underground workings to allow continuous drilling of the recently discovered
F2 Zone and to drill test a large associated Titan 24 anomaly. This anomaly is
interpreted to correlate, in part, with the F2 mineralized zone and extends
laterally from the F2 Zone for over 5000 feet to depths up to 2500 feet (the
depth limit of the current survey). Phase One work is likely to commence
within 3-6 months, subject to the approval of necessary permits and any
associated consultations. Currently, exploration is being carried out using
barge and land based drilling with two rigs.
    Management expects to complete a review of additional permitting
requirements and costs associated with the Phase Two program by the end of
September, 2008. It is estimated that an additional 10,000 metres of drilling
will have been completed in the F2 area by this time. All available
information will be presented to the Board to allow it to make a final
decision in late September, 2008. The Phase Two program would involve
potential deepening of the existing shaft and underground excavation
(drifting) aimed at providing better access to the core of the F2 Zone. A
presentation summarizing the potential program, made recently at the Company's
AGM, is available at www.rubiconminerals.com.
    "We believe our existing underground infrastructure and surface
facilities provide a unique opportunity to fast track the exploration of the
F2 discovery. The phased program will accommodate extensive underground
drilling and provide direct access through the F2 mineralization. This will
aid in our understanding of the geometries and controls of both the F2 Zone
itself and the very large Titan 24 anomaly with which it is associated," said
David Adamson, President and CEO.
    Rubicon is also pleased to report that it has signed an option to acquire
a 100% interest in the mining rights of four patented claims, plus a
reservation on surface title in favour of mining activities, located
immediately adjacent to the northern boundary of the Phoenix property. In
order to earn its interest, Rubicon must pay $125,000 to the vendor on or
before April 8, 2011 ($35,000 on signing and $30,000 on each anniversary). In
addition, Rubicon has granted a 2% Net Smelter Return Royalty to the vendor of
which Rubicon may purchase 50% for $1,000,000. Rubicon retains a right of
refusal on any sale of the remaining NSR royalty.

    RUBICON MINERALS CORPORATION

    "David W. Adamson"
    President & CEO

    Forward Looking Statements
    --------------------------
    This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that the
Company expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Forward-looking statements in this document include statements
regarding future exploration programs and joint venture partner participation.
    Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, investors are
cautioned that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those projected
in the forward-looking statements. Factors that could cause the actual results
to differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued availability of
capital and financing, inability to obtain required shareholder or regulatory
approvals, and general economic, market or business conditions. Forward
looking statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made. The Company
undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors,
should change.
    These statements are based on a number of assumptions, including, among
others, assumptions regarding general business and economic conditions, the
timing of the receipt of shareholder, regulatory and governmental approvals
for Rubicon's proposed transactions, the availability of financing for
Rubicon's proposed transactions and exploration and development programs on
reasonable terms and the ability of third-party service providers to deliver
services in a timely manner. The foregoing list of assumptions is not
exhaustive. Events or circumstances could cause results to differ materially.





For further information:

For further information: Bill Cavalluzzo, VP Investor Relations, Toll
free: 1-866-365-4706, E-mail: bcavalluzzo@rubiconminerals.com, Rubicon
Minerals Corporation, Suite 1540-800, West Pender Street, Vancouver, BC,
CANADA, V6C 2V6


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