Rubicon drills 8.0 metres (26.5 feet) of 36.50 g/t gold (1.06 oz/ton) at new F2 Zone - Phoenix Gold Project, Red Lake, Ontario



    TORONTO STOCK EXCHANGE SYMBOL: RMX AMEX SYMBOL: RBY

    VANCOUVER, March 31 /CNW/ - Rubicon Minerals Corp (RMX.TSX : RBY.AMEX) is
pleased to announce additional results from its new F2 Zone discovery located
on its 100% controlled Phoenix Gold Project, located in the heart of the
prolific Red Lake gold district.
    Rush assays from a quartz vein and associated silica-sulphide alteration
halo zone containing appreciable visible gold in hole F2-07 have returned
36.50 g/t gold (1.06 oz/ton) over a core length of 8.0 metres (26.5 feet) at a
vertical depth of 380 metres below surface. The grade is fairly evenly
distributed throughout the section and includes sub intervals of 56.27g/t over
4.9 metres (1.64 oz/ton over 16.1 feet) or 65.93 g/t gold over 3.4 metres
(1.92 oz/ton over 11.1 feet).
    Rubicon previously reported significant high-grade assays from the
initial three discovery holes drilled in this area (see news release dated
March 12, 2008). Drilling is ongoing with two drill rigs at the F2 Zone and
will continue while ice conditions remain permissive following which land and
barge-based drilling will be carried out. Assays are pending for remaining
holes.
    Mineralization occurs in a major ultramafic-mafic structural setting
which is considered analogous to major deposits in the Red Lake gold district.
Results to date indicate that a broad, steep enveloping gold-bearing system
dips to the west and that it contains higher grade gold zones as multiple
occurrences within various rock types in veins, disseminations and as
silica-sulphide replacement zones. The relationships between the various
styles of mineralization are complex and additional drilling will enable a
better understanding of the geometry and controls on the gold-bearing system.
Accordingly, the true thickness of the F2-07 intercept is not yet known
although current core measurements on the vein zone itself indicate a moderate
to high angle to the core axis.
    Importantly, the F2 Zone is currently being explored at relatively
shallow depths below surface (200-400 metres). The zone is only 450 metres
horizontal distance from the existing, currently flooded exploration shaft
which could provide important underground access should additional drilling
provide sufficient encouragement.
    It has been determined that additional drilling of the F2 Zone can be
achieved both from land (depths below 450 metres) and from a barge. This will
allow year round exploration access to the F2 Zone and will provide maximum
flexibility going forward.
    "Obviously we are delighted with these latest results and our healthy
cash position means we can carry out additional drilling to better understand
this new discovery. The moderate depth of the discovery and relative proximity
to our exploration shaft and land access means we can continue to drill well
past the winter season," said David Adamson, President and CEO.
    Photographs and a location map of the new intercept will be posted on the
Company website at www.rubiconminerals.com.

    Rubicon Minerals Corporation has approximately $28 million in cash and is
an exploration company focusing on exploring for gold in politically safe
jurisdictions with high geological potential. Rubicon controls over 180,000
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.

    RUBICON MINERALS CORPORATION

    "David W. Adamson"

    President & CEO

    Assays were conducted on sawn NQ-sized half core sections. 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. 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 Persons 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, 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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