Rubicon Discovers New High-Grade Gold Zone at Phoenix Gold Project, Red Lake



    - Intercepts include 283 g/t over 1.0 metre, 34.6 g/t over 2.0 metres and
    36.0 g/t over 1.0 metre -

    TORONTO STOCK EXCHANGE SYMBOL: RMX AMEX SYMBOL: RBY

    TORONTO, March 12 /CNW/ - Rubicon Minerals Corp (RMX.TSX : RBY.AMEX) is
pleased to announce that ongoing drill testing of priority targets at its 100%
controlled Phoenix Gold Project, located in the heart of the prolific Red Lake
gold district, has led to the discovery of a new gold zone on the property,
referred to as the "F2" zone.
    The discovery hole, F2-01, (drilled at -70 degrees from surface),
targeted a newly interpreted geological structure and intersected several
gold-bearing intervals related to intrusive units and silica flood zones
within altered ultramafic and mafic volcanics. This drill hole intersected
thick gold-bearing zones that returned up to 6.8 g/t gold over 11.0 metres
(0.20 oz/ton over 36.1 feet) and also contains higher grade intervals that
returned up to 34.6 g/t gold over 2.0 metres (1.01 oz/ton gold over 6.6 feet),
11.6 g/t over 2.9 metres (0.34 oz/ton gold over 9.5 feet) and 9.1 g/t gold
over 3.0 metres (0.27 oz/ton gold over 9.8 feet).
    A second hole, F2-02, drilled from the same setup (drilled -80 degrees
from surface) intersected thick gold-bearing sections including 3.3 g/t gold
over 28 metres (0.10 oz/ton gold over 91.9 feet). The section contains several
occurrences of visible gold and higher grade sections including 36.0 g/t gold
over one metre (1.05 oz/ton over 3.3 feet) and 16.8 g/t over one metre (0.49
oz/ton gold over 3.3 feet).
    A third hole drilled from the same setup (drilled at -85 degrees from
surface) has been completed. Although assays are pending for the majority of
samples, a low-angle vein containing appreciable visible gold in ultramafic
rock has returned 283.2 g/t gold over a one metre core length (8.26 oz/ton
gold over 3.3 feet).
    Assays received to date for both holes are summarized in Table 1, below.
    "Initial results from F2 are encouraging. We have intersected a broad
gold mineralizing system at modest, easily reachable depths which includes
high grade gold zones in a classic Red Lake setting. This system warrants and
will receive significant additional drilling. To this end, we are in the
process of securing a barge (plus an option on a second) to allow the new zone
to be drilled well beyond the end of this winter season. In addition to our
Phoenix Gold project in Red Lake we own 100% of our Adams Lake and East Bay
projects, both of which we consider to have high potential for further new
discoveries. With a strong treasury and three drills turning, it's a great
time to be making new gold discoveries in Red Lake!" stated David Adamson,
President and CEO.
    Two additional drill holes are in progress, 20 and 25 metres to the north
and south of the discovery hole section, respectively.

    Titan 24 Surveys

    Along with the current drill program, Rubicon is planning to carry out
additional Titan 24 geophysical surveys on the Phoenix and Adams Lake
properties. This relatively new technique is designed to penetrate deeper than
conventional surveys and thus help develop deep drill targets. While not all
results are final, the survey has detected several known near surface gold
zones at Phoenix and appears to have detected the new F2 Zone, described
above. Of additional interest, the survey has defined several new priority
targets and structures ranging from depths of 200 to over 800 metres below
surface which have never been drill tested. At Adams Lake, Titan 24 defines
large structures extending to depth which are also priority targets for
drilling since these are thought to be similar to structures which host gold
mineralization elsewhere in this prolific gold district.
    Commenting on these surveys David Adamson said: "The challenge at Red
Lake and for Canadian exploration in general, is to look deeper and to drill
more effectively in order to make tomorrow's discoveries. Through a
combination of experience and innovation, we have developed a number of
exciting targets and we think we may be on the right track!"
    With over $28 million in its treasury, Rubicon is well positioned to take
up Red Lake's challenge to find its next orebody. Red Lake, where Rubicon is a
significant landholder, combines low political risk and an outstanding track
record of high grade gold deposits and represents one of the world's best
exploration locations.
    Rubicon expects drilling to continue at Phoenix essentially year round
and has procured an additional drill rig to ensure priority targets at Adams
Lake are drilled as soon as practicable without impacting on Phoenix project
drilling. In the near term, Rubicon is planning to extend existing Titan 24
surveys at both Phoenix and at Adams Lake to supplement existing targets prior
to further drilling beyond Phoenix itself.

    
                                   Table 1
    -------------------------------------------------------------------------
    Hole         From     To      Metres   Gold (g/t)  Feet    Gold (oz/ton)
    -------------------------------------------------------------------------
    F2-01        95.0    101.5      6.5        6.3     21.3         0.18
    -------------------------------------------------------------------------
    Including                       4.5        8.4     14.8         0.25
    -------------------------------------------------------------------------
           Or                       2.9       11.6      9.5         0.34
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    F2-01       217.0    224.0      7.0        4.1     23.0         0.12
    -------------------------------------------------------------------------
    Including                       3.0        9.1      9.8         0.27
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    F2-01       235.0    246.0     11.0        6.8     36.1         0.20
    -------------------------------------------------------------------------
    Including                       3.0       23.2      9.8         0.68
    -------------------------------------------------------------------------
           Or                       2.0       34.6      6.6         1.01
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    F2-02       184.7    210.0     25.3        3.0     83.0         0.09
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    F2-02       240.0    242.0      2.0       12.3      6.6         0.36
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    F2-02       295.0    296.0      1.0       16.8      3.3         0.49
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    F2-02       305.5    306.5      1.0       36.0      3.3         1.05
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    F2-02       367.0    395.0     28.0        3.3     91.9         0.10
    -------------------------------------------------------------------------
    Including                       9.0        5.1     29.5         0.15
    -------------------------------------------------------------------------
           Or                       2.0       10.1      6.6         0.29
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    F2-03       267.9    268.9      1.0      283.2      3.3         8.26
    -------------------------------------------------------------------------
    

    All reported intercepts are core lengths and true widths are currently
unknown. However, in general, and except as noted in this release, vein
orientations are observed to be at high angle to the core axis in both holes
but further drilling will be required to determine true thicknesses.
    A Regional Map of the Phoenix Gold Project is shown in Figure 1, Figure 2
shows a detailed plan map, and Figure 3 shows the F2 section. A presentation
is also available on the company's website at www.rubiconminerals.com. Close
spaced drilling completed to date is considered appropriate for mineralization
of this type in Red Lake.

    To view Figure 1, Figure 2 and Figure 3 please visit:
http://files.newswire.ca/617/Phoenix.doc


    RUBICON MINERALS CORPORATION

    "David W. Adamson"

    President & CEO

    All assays were conducted on sawn NQ-sized half core sections. Assays by
    SGS Minerals Services using the metallic screen fire assay procedure or
    fire assay gravimetric finish. Standards and blanks 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 Persons under the definition of NI
    43-101.

    Forward Looking Statement
    -------------------------
    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, such
statements are not guarantees of future performance and actual results may
differ materially from those 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. 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. 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.

    
    -------------------------------------------------------------------------
       The Toronto Stock Exchange has not reviewed and does not accept
         responsibility for the adequacy or accuracy of this release.
    





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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