Rubicon Continues to Hit More Bonanza Grade Gold in F2 Zone Drilling, Phoenix Gold Project, Red Lake, Ontario



    
    -26.0 oz/ton gold over 6.6 feet (891.1 g/t gold over 2.0 metres)-

    F2 gold mineralization extended at depth by an additional 525 feet
    (160 metres)

                          -New North Zone emerging-

     TORONTO STOCK EXCHANGE SYMBOL: RMX
     AMEX SYMBOL: RBY  PR08-08
    

    TORONTO, Aug. 26 /CNW/ - Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is
pleased to announce that it has intersected additional bonanza grade gold at
its F2 Zone, part of the 100%-controlled Phoenix Gold Project, located in the
heart of the prolific Red Lake gold district of Ontario. Previous drilling
(see news releases dated May 5, 2008 through July 8, 2008), has identified
significant zones of mineralization (the F2 Zone) including high-grade
intercepts as outlined in Table 1.

    Bonanza grades in emerging North Zone
    -------------------------------------

    Drill hole F2-29 has intersected appreciable visible gold assaying
26.0 oz/ton gold over 6.6 feet (891.1 g/t gold over 2.0 metres). The intercept
is 115 feet (35 metres) below a previous intercept (F2-19 containing 361.7 g/t
gold over 1.8 metres) and is interpreted to be part of a new zone (North Zone)
which can be correlated over a 459 feet (140 metre) strike length and
1401 feet (427 metres) vertically. Other (previously released) high-grade gold
intercepts in the North Zone include 1.72 oz/ton gold over 6.9 feet (58.8 g/t
gold over 2.1 metres) and 1.81 oz/ton gold over 3.3 feet (62.0 g/t gold over
1.0 metre). The North Zone is approximately 394 feet (120 metres) north of the
area where the majority of gold intercepts to date have been returned (now
termed the South Zone, see Figures 1 and 2, attached to this release and Table
1 for full listing of previous and current assay results by zone).
    "Hole F2-29 is a spectacular intercept. This hole and others in the area
appear to indicate the emergence of a new target zone which is characterized
by appreciable high-grade gold mineralization. To date we recognize breccia
zones, discrete high-grade structures and broader sulphide zones. We continue
to see similarities with systems documented from the major Red Lake gold
mines" stated David Adamson, President and CEO.

    South Zone extended a further 1115 feet (340 metres) to depth
    -------------------------------------------------------------

    In addition to the North Zone intercept described above, at a depth of
2825 feet (861 metres) below surface, F2-29 also intersected an extension of
mineralization which is thought to be the continuation of the South Zone. The
new intercept grades 0.23 oz/ton gold over 20.2 feet (8.0 g/t gold over
6.1 metres) including 0.30 oz/ton gold over 7.1 feet (10.4 g/t gold over
2.2 metres). The section includes visible gold and appreciable sulphides (up
to 15%) in heavily veined, altered and deformed mafic volcanics which closely
resemble those drilled to date at shallower levels. This recent intercept
extends the plunge length of the South Zone by 1115 feet (340 metres) to a
total plunge length of 2329 feet (710 metres). Assays for F2-29 are not
complete and assays for one further mineralized zone which contains visible
gold at 428 metres below surface are pending.
    Partial assays for hole F2-21, drilled from a barge situated close to the
F2 Zone and designed to test for extensions of known zones, were reported in a
previous news release dated July 8, 2008. Further assays have now been
received from this hole. These include 0.50 oz/ton gold over 8.2 feet
(17.0 g/t gold over 2.5 metres) and 0.40 oz/ton gold over 8.7 feet (13.8 g/t
gold over 2.65 metres). Partial assays for newly reported hole F2-22 drilled
in the same area include 0.63 oz/ton gold over 9.8 feet (21.6 g/t gold over
3.0 metres), 0.23 oz/ton gold over 19.7 feet, including 0.54 oz/ton gold over
6.6 feet (8.0 g/t gold over 6.0 metres including 18.5 g/t gold over
2.0 metres) and 0.2 oz/ton gold over 66.6 feet including 0.4 oz/ton gold over
19.7 feet or 0.59 oz/ton gold over 11.5 feet (6.8 g/t gold over 20.3 metres,
including 13.6 g/t gold over 6.0 metres or 20.4 g/t gold over 3.5 metres).

    Step out drilling intersects host package of rocks with encouraging gold
    values
    ------------------------------------------------------------------------

    Hole F2-15-W1 drilled to the southwest of the main area of drilling has
encountered strong alteration and mineralization within host mafic units which
appear similar to those in the main F2 area. The hole has returned intercepts
grading 0.22 oz/ton over 12.0 feet (7.5 g/t over 3.7 metres) including
0.51 oz/ton gold over 4.1 feet (17.6 g/t gold over 1.3 metres) and 0.56 oz/ton
gold over 3.3 feet (19.1 g/t gold over 1.0 metre) at vertical depths of
379 metres and 393 metres below surface respectively. This intercept is
interpreted to be the southwestward extension of the North Zone and represents
an extension of the North Zone 131.2 feet (40 metres) to the southwest.

    Updated long section shows emergence of two separate Zones
    ----------------------------------------------------------

    Since discovering the F2 zone in late February 2008, significant gold
mineralization has now been intersected over a vertical distance of 2329 feet
(710 metres) and over an interpreted strike length of 558 feet (170 metres).
Importantly, both the newly recognized North Zone and South Zone are open to
depth and along strike. Step out drilling on 50 to 100 metre centers is
underway to test for both lateral and depth extensions of gold mineralization
(refer to target areas in Figure 1).
    As stated in previous news releases, considerable drilling is required to
better understand the distribution of gold mineralization in three dimensions.
Management believes this is best accomplished by drilling from underground
utilizing the nearby shaft and workings situated 450 metres from the F2 Zone.
The Company is in the permitting process to allow previously announced shaft
dewatering and rehabilitation to commence during Q4 as planned, barring any
unforeseen circumstances.

    Second Barge Drill Rig expected on site end of August 2008
    ----------------------------------------------------------

    A second barge to facilitate drilling on the lake is expected to be on
site by the end of August at which point both drill rigs will be barge-based.
    Rubicon Minerals Corporation has approximately $20 million in cash and is
an exploration company focusing 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 camp of
Ontario which hosts Goldcorp's high-grade, world class Red Lake Mine. In
addition to its Red Lake holdings, Rubicon also controls over 500,000 acres
surrounding the Pogo Mine in Alaska as well as 225,000 acres in northeast
Nevada. Rob McEwen, President and CEO of McEwen Capital, former Chairman and
CEO of Goldcorp, owns 31% of the company.

    

    Table 1 South Zone:
    -------------------------------------------------------------------------
    Hole Number   Depth to centre       Gold       Metres     Gold      Feet
                  of intercept (m)      (g/t)                (Oz/t)
    -------------------------------------------------------------------------
    F2-01                 93             8.4         4.5      0.25      14.8
    -------------------------------------------------------------------------
    F2-01                232             6.8        11.0      0.20      36.1
    -------------------------------------------------------------------------
    Incl.                229            23.2         3.0      0.68       9.8
    -------------------------------------------------------------------------
    F2-02                 96             5.4        10.3      0.16      33.8
    -------------------------------------------------------------------------
    Incl.                 99            12.1         3.3      0.35      10.8
    -------------------------------------------------------------------------
    F2-02                291            16.8         1.0      0.49       3.3
    -------------------------------------------------------------------------
    F2-02                301            36.0         1.0      1.05       3.3
    -------------------------------------------------------------------------
    F2-02                375             3.3        28.0      0.10      91.8
    -------------------------------------------------------------------------
    F2-02                368             5.1         9.0      0.15      29.5
    -------------------------------------------------------------------------
    F2-03                267           283.2         1.0      8.26       3.3
    -------------------------------------------------------------------------
    F2-04                232             3.7         5.3      0.11      17.4
    -------------------------------------------------------------------------
    F2-04                325            13.9         2.0      0.41       6.6
    -------------------------------------------------------------------------
    F2-04                536             7.3         3.0      0.21       9.8
    -------------------------------------------------------------------------
    F2-05                372             7.6         2.0      0.22       6.6
    -------------------------------------------------------------------------
    F2-05                505             6.0        17.0      0.18      55.8
    -------------------------------------------------------------------------
    F2-05                524            12.1         2.0      0.35       6.6
    -------------------------------------------------------------------------
    F2-06                171            49.0         0.8      1.43       2.5
    -------------------------------------------------------------------------
    F2-06                349             4.9         8.5      0.14      27.9
    -------------------------------------------------------------------------
    Incl.                347             8.7         2.5      0.25       8.2
    -------------------------------------------------------------------------
    F2-06                383            19.4         4.5      0.57      14.8
    -------------------------------------------------------------------------
    Incl.                384           119.8         0.5      3.49       1.6
    -------------------------------------------------------------------------
    F2-06                433            15.4         1.0      0.45       3.3
    -------------------------------------------------------------------------
    F2-07                230            19.8         1.0      0.58       3.3
    -------------------------------------------------------------------------
    F2-07                239            12.6         1.0      0.37       3.3
    -------------------------------------------------------------------------
    F2-07                246            73.2         3.0      2.14       9.8
    -------------------------------------------------------------------------
    F2-07                297            15.1         1.0      0.44       3.3
    -------------------------------------------------------------------------
    F2-07                319             3.5        16.0      0.10      52.5
    -------------------------------------------------------------------------
    Incl.                320            15.8         1.0      0.46       3.3
    -------------------------------------------------------------------------
    F2-07                335            16.0         7.0      0.47      23.0
    -------------------------------------------------------------------------
    Incl.                335            21.0         5.0      0.61      16.4
    -------------------------------------------------------------------------
    F2-07                380            24.4        17.0      0.71      55.8
    -------------------------------------------------------------------------
    Incl.                384            36.5         8.0      1.06      26.2
    -------------------------------------------------------------------------
    F2-08                205             4.2        24.0      0.12      78.7
    -------------------------------------------------------------------------
    Incl.                197            15.8         2.0      0.46       6.6
    -------------------------------------------------------------------------
    F2-08                294            42.4        11.0      1.24      36.1
    -------------------------------------------------------------------------
    F2-08                355             3.8         4.0      0.11      13.1
    -------------------------------------------------------------------------
    F2-08                393             3.1         5.0      0.09      16.4
    -------------------------------------------------------------------------
    F2-09                338            10.0         3.5      0.29      11.5
    -------------------------------------------------------------------------
    Incl.                338            53.1         0.5      1.55       1.6
    -------------------------------------------------------------------------
    F2-09                442            28.7        15.5      0.84      50.8
    -------------------------------------------------------------------------
    Incl.                438            52.6         7.4      1.53      24.3
    -------------------------------------------------------------------------
    Or                   439           353.8         0.9     10.32       3.0
    -------------------------------------------------------------------------
    And                  446            77.6         0.5      2.26       1.6
    -------------------------------------------------------------------------
    F2-10                257            13.9         3.0      0.41       9.8
    -------------------------------------------------------------------------
    F2-10                275            17.7         2.0      0.52       6.6
    -------------------------------------------------------------------------
    F2-10                323             8.3        30.0      0.24      98.4
    -------------------------------------------------------------------------
    Incl.                310            16.2         4.0      0.47      13.1
    -------------------------------------------------------------------------
    And                  319            48.2         0.5      1.41       1.6
    -------------------------------------------------------------------------
    And                  337           216.1         0.5      6.30       1.6
    -------------------------------------------------------------------------
    F2-10                404            56.5         0.5      1.65       1.6
    -------------------------------------------------------------------------
    F2-10                424            77.8         0.5      2.27       1.6
    -------------------------------------------------------------------------
    F2-11                234             2.9        10.0      0.08      32.8
    -------------------------------------------------------------------------
    F2-11                238             7.3         1.1      0.21       3.6
    -------------------------------------------------------------------------
    Incl.                301             8.2         1.5      0.24       4.9
    -------------------------------------------------------------------------
    F2-11                376             3.0        12.1      0.09      39.7
    -------------------------------------------------------------------------
    F2-11                390            25.7         1.6      0.75       5.2
    -------------------------------------------------------------------------
    F2-12                193             4.3         4.0      0.13      13.1
    -------------------------------------------------------------------------
    F2-13                226             4.7         5.0      0.14      16.4
    -------------------------------------------------------------------------
    F2-14-W1             451             5.7         4.0      0.17      13.1
    -------------------------------------------------------------------------
    F2-14-W1             469             2.5         7.0      0.07      23.0
    -------------------------------------------------------------------------
    F2-15(*)             544             3.4         9.0      0.10      29.5
    -------------------------------------------------------------------------
    F2-15-W1(*)          379             7.5         3.7      0.22      12.0
    -------------------------------------------------------------------------
    Incl.                378            17.6         1.3      0.51       4.1
    -------------------------------------------------------------------------
    F2-15-W1(*)          393            19.1         1.0      0.56       3.3
    -------------------------------------------------------------------------
    F2-17                456             3.1         6.8      0.09      22.3
    -------------------------------------------------------------------------
    F2-21                170             9.1         8.6      0.27      28.2
    -------------------------------------------------------------------------
    Incl.                168            97.9         0.5      2.85       1.6
    -------------------------------------------------------------------------
    F2-21                219            64.2         0.5      1.87       1.6
    -------------------------------------------------------------------------
    F2-21(*)             232            11.7         2.0      0.34       6.6
    -------------------------------------------------------------------------
    F2-21(*)             269            17.0         2.5      0.50       8.2
    -------------------------------------------------------------------------
    F2-21(*)             303             5.2         6.0      0.15      19.7
    -------------------------------------------------------------------------
    Incl.                300            35.8         0.5      1.04       1.6
    -------------------------------------------------------------------------
    F2-21(*)             372            14.2         1.5      0.41       4.9
    -------------------------------------------------------------------------
    F2-21(*)             440             6.1         5.0      0.18      16.4
    -------------------------------------------------------------------------
    F2-21(*)             525            10.2         2.6      0.30       8.5
    -------------------------------------------------------------------------
    F2-21(*)             535            13.8         2.7      0.40       8.7
    -------------------------------------------------------------------------
    Incl.                534            28.3         1.0      0.83       3.1
    -------------------------------------------------------------------------
    F2-22(xx)            207             6.8        20.3      0.20      66.6
    -------------------------------------------------------------------------
    Incl.                209            13.6         6.0      0.40      19.7
    -------------------------------------------------------------------------
    Or                   210            20.4         3.5      0.59      11.5
    -------------------------------------------------------------------------
    F2-22(xx)            238             8.0         6.0      0.23      19.7
    -------------------------------------------------------------------------
    Incl.                236            18.5         2.0      0.54       6.6
    -------------------------------------------------------------------------
    F2-22(xx)            227             4.9         5.0      0.14      16.4
    -------------------------------------------------------------------------
    F2-22(xx)            438            21.6         3.0      0.63       9.8
    -------------------------------------------------------------------------
    F2-24           Assays pending
    -------------------------------------------------------------------------
    F2-25           Assays pending
    -------------------------------------------------------------------------
    F2-29(xx)            861             8.0         6.1      0.23      20.2
    -------------------------------------------------------------------------
    Incl.                863            10.4         2.2      0.30       7.1
    -------------------------------------------------------------------------



    North Zone:
    -------------------------------------------------------------------------
    Hole Number   Depth to centre       Gold       Metres     Gold      Feet
                  of intercept (m)      (g/t)                (Oz/t)
    -------------------------------------------------------------------------
    F2-14                384             6.9         7.0      0.20      23.0
    -------------------------------------------------------------------------
    Incl.                382            15.2         2.0      0.44       6.6
    -------------------------------------------------------------------------
    F2-14                394            26.4         0.9      0.77       2.8
    -------------------------------------------------------------------------
    F2-15                388             9.3         0.5      0.27       1.6
    -------------------------------------------------------------------------
    F2-16                380            17.2         1.0      0.50       3.3
    -------------------------------------------------------------------------
    F2-16                419             3.7         3.2      0.11      10.5
    -------------------------------------------------------------------------
    F2-16                428             3.0        16.1      0.09      52.8
    -------------------------------------------------------------------------
    Incl.                429             8.2         1.0      0.24       3.3
    -------------------------------------------------------------------------
    F2-17                297            62.0         1.0      1.81       3.3
    -------------------------------------------------------------------------
    Incl.                297           117.7         0.5      3.43       1.6
    -------------------------------------------------------------------------
    F2-17                326             8.6         2.0      0.25       6.6
    -------------------------------------------------------------------------
    F2-17-W1             318             7.9         1.0      0.23       3.3
    -------------------------------------------------------------------------
    F2-17-W3             302            70.4         0.5      2.05       1.6
    -------------------------------------------------------------------------
    F2-19(*)             267             5.2         5.0      0.15      16.4
    -------------------------------------------------------------------------
    Incl.                267             7.0         3.0      0.20       9.8
    -------------------------------------------------------------------------
    F2-19                327           361.7         1.8     10.55       5.9
    -------------------------------------------------------------------------
    Incl.                326           811.4         0.8     23.67       2.6
    -------------------------------------------------------------------------
    F2-19                377            58.8         2.1      1.72       6.9
    -------------------------------------------------------------------------
    Incl.                377           121.7         1.0      3.55       3.3
    -------------------------------------------------------------------------
    Or                   377           240.4         0.5      7.01       1.6
    -------------------------------------------------------------------------
    F2-20                662            12.6         1.0      0.37       3.3
    -------------------------------------------------------------------------
    F2-20                695             7.4         4.0      0.21      13.1
    -------------------------------------------------------------------------
    Incl.                694            12.0         2.0      0.35       6.6
    -------------------------------------------------------------------------
    F2-28            In progress
    -------------------------------------------------------------------------
    F2-29(xx)            326           891.1         2.0      26.0       6.6
    -------------------------------------------------------------------------
    (*) New gold assays received for the F2 Zone
    (xx)New gold assays received (assays pending for portions of the hole)
    


    Please visit: http://files.newswire.ca/617/Figure1.pdf to view Figure 1:
Plan Map of the F2 North and South Zones

    Please visit: http://files.newswire.ca/617/Figure2.pdf to view Figure 2:
Composite North-South Vertical Section of the F2 North and South Zones


    RUBICON MINERALS CORPORATION

    "David W. Adamson"
    President & CEO

    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 are supervised by
Terry Bursey, P.Geo. the project Qualified Person under the definition of NI
43-101.

    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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