Rubicon Hits Bonanza Grade Gold in F2 Zone Step-out Hole, Phoenix Gold Project, Red Lake, Ontario



    
    -   10.55 oz/ton gold over 5.9 feet (361.7 g/t gold over 1.8 metres) -
    -   plus separate 0.27 oz/ton gold over 28.2 feet (9.1g/t gold over
        8.6 metres) in new drill hole -
    -   updated long section illustrates gold system now extends over 1800 ft
        (550 metres) -
    

    TORONTO STOCK EXCHANGE  SYMBOL: RMX
    AMEX SYMBOL: RBY  PR08-07

    TORONTO, July 8 /CNW/ - Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is
pleased to announce a further update of drill results from 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 release dated May 5, 2008), has identified
significant zones of mineralization (the F2 Zone) which includes high-grade
intercepts (e.g., 73.2 g/t gold over 3.0 metres, 52.6 g/t gold over
7.4 metres, 24.4 g/t gold over 17.0 metres including 36.5 g/t gold over
8.0 metres, 42.4 g/t gold over 11.0 metres, 28.7 g/t gold over 15.5 metres)
and extensive gold-bearing sulphide zones (e.g., 6.0 g/t gold over
17.0 metres, and 8.3 g/t gold over 30.0 metres).

    Additional Bonanza Grade in F2-19
    ---------------------------------
    Additional assay results returned from hole F2-19 confirm a second
bonanza grade gold intercept of 10.55 oz/ton gold over 5.9 feet (361.7 g/t
gold over 1.8 metres), including 23.7 oz/ton gold over 2.6 feet (811 g/t gold
over 0.8 metres), at a vertical depth of 327 metres. This intercept is farther
up-hole than a previously released high grade intercept (see news release
dated June 16, 2008) of 3.55 oz/ton gold over 3.3 feet (121.7 g/t gold over
1.0 metres). F2-19 is a 165 foot (50 metre) step-out hole from the main F2
Zone.

    New Drill Hole F2-21 Intersects Gold Zone - Hole F2-20 indicates system
    present at depth
    -------------------------------------------------------------------------
    Hole F2-21, drilled from a barge situated close to the F2 Zone and
designed to test for extensions of known zones has intersected a complex
sulphide and quartz breccia zone grading 0.27 oz/ton gold over 28.2 feet
(9.1 g/t gold over 8.6 metres), including a high-grade sub interval of
2.85 oz/ton gold over 1.6 feet (97.9 g/t gold over 0.5 metres) at a vertical
depth of 171 metres below surface. In general, vein angles to core axis are
moderate to high indicating the zone has been intersected at a reasonable
angle. Further mineralization observed down-hole has been sampled and sent for
assay. Drill hole F2-20, designed to test for mineralization at depth has
intersected sulphide rich mineralization 695 metres below surface and contains
up to 7.4g/t gold over 4.0 metres, including 12.0 g/t gold over 2.0 metres.
This intercept is significant since it suggests that the gold mineralizing
system continues to depth.
    A compilation of significant gold intercepts released to date from the F2
Zone is listed in Table 1.

    Updated long section shows system size increasing and demonstrates
    northwest plunge control
    -------------------------------------------------------------------------
    Since discovering the F2 zone in late February, 2008, significant gold
mineralization has now been intersected over a vertical distance of 1800 feet
(550 metres) and over an interpreted strike length of 525 feet (160 metres).
An updated north-south composite vertical section (Figure 1) suggests that the
mineralized envelope displays a steep plunge to the northwest and is open for
follow up. A plan map of the F2 Zone shows the trace of the composite section
and the interpreted trend of gold mineralization (Figure 2). Ongoing drilling
is designed both to infill and expand the current mineralized envelope both
down-plunge and along strike. 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.
    "We are excited to see both bonanza grade and thicker gold bearing
sulphide sections continuing to expand the F2 gold system. While this
discovery is in its infancy, it is encouraging to see that the major
components documented at the Red Lake Mine are present at the F2 Zone.
Drilling is continuing and as recently announced we are advancing plans to
explore the F2 Zone and surrounding area from underground by de-watering the
shaft," said David Adamson, President and CEO.

    Second Barge Drill Rig Ordered
    ------------------------------
    A second barge to facilitate drilling on the lake has been ordered. Once
commissioned, land-based drilling from the peninsula will be discontinued in
favour of barge drilling to allow greater flexibility and control.

    
                                   Table 1
    -------------------------------------------------------------------------
    Hole number   Depth to centre       Gold       Metres     Gold      Feet
                    of intercept         g/t                 oz/ton
    -------------------------------------------------------------------------
    F2-01               92.9             8.4         4.5      0.25      14.8
    -------------------------------------------------------------------------
    F2-01              231.5             6.8        11.0      0.20      36.1
    -------------------------------------------------------------------------
    Incl.              228.6            23.2         3.0      0.68       9.8
    -------------------------------------------------------------------------
    F2-02               95.9             5.4        10.3      0.16      33.8
    -------------------------------------------------------------------------
    Incl.               99.3            12.1         3.3      0.35      10.8
    -------------------------------------------------------------------------
    F2-02              290.5            16.8         1.0      0.49       3.3
    -------------------------------------------------------------------------
    F2-02              300.8            36.0         1.0      1.05       3.3
    -------------------------------------------------------------------------
    F2-02              374.6             3.3        28.0      0.10      91.9
    -------------------------------------------------------------------------
    Incl.              368.2             5.1         9.0      0.15      29.5
    -------------------------------------------------------------------------
    F2-03              266.6           283.2         1.0      8.26       3.3
    -------------------------------------------------------------------------
    F2-04              232.3             3.7         5.3      0.11      17.4
    -------------------------------------------------------------------------
    F2-04              324.5            13.9         2.0      0.41       6.6
    -------------------------------------------------------------------------
    F2-04              535.9             7.3         3.0      0.21       9.8
    -------------------------------------------------------------------------
    F2-05              371.7             7.6         2.0      0.22       6.6
    -------------------------------------------------------------------------
    F2-05              505.1             6.0        17.0      0.18      55.8
    -------------------------------------------------------------------------
    F2-05              523.5            12.1         2.0      0.35       6.6
    -------------------------------------------------------------------------
    F2-06              170.9            49.0         0.8      1.43       2.5
    -------------------------------------------------------------------------
    F2-06              349.0             4.9         8.5      0.14      27.9
    -------------------------------------------------------------------------
    Incl.              347.0             8.7         2.5      0.25       8.2
    -------------------------------------------------------------------------
    F2-06              382.8            19.4         4.5      0.57      14.8
    -------------------------------------------------------------------------
    Incl.              383.8           119.8         0.5      3.49       1.6
    -------------------------------------------------------------------------
    F2-06              432.8            15.4         1.0      0.45       3.3
    -------------------------------------------------------------------------
    F2-07              230.4            19.8         1.0      0.58       3.3
    -------------------------------------------------------------------------
    F2-07              239.2            12.6         2.0      0.37       6.6
    -------------------------------------------------------------------------
    F2-07              246.1            73.2         3.0      2.13       9.8
    -------------------------------------------------------------------------
    F2-07              297.2            15.1         1.0      0.44       3.3
    -------------------------------------------------------------------------
    F2-07              319.3             3.5        16.0      0.10      52.5
    -------------------------------------------------------------------------
    Incl.              319.8            15.8         1.0      0.46       3.3
    -------------------------------------------------------------------------
    F2-07              334.5            16.0         7.0      0.47      23.0
    -------------------------------------------------------------------------
    Incl.              334.5            21.0         5.0      0.61      16.4
    -------------------------------------------------------------------------
    F2-07              379.7            24.4        17.0      0.71      55.8
    -------------------------------------------------------------------------
    Incl.              384.1            36.5         8.0      1.06      26.5
    -------------------------------------------------------------------------
    F2-08              205.4             4.2        24.0      0.12      78.7
    -------------------------------------------------------------------------
    Incl.              196.5            15.8         2.0      0.46       6.6
    -------------------------------------------------------------------------
    F2-08              294.3            42.4        11.0      1.24      35.6
    -------------------------------------------------------------------------
    F2-08              354.6             3.8         4.7      0.11      15.4
    -------------------------------------------------------------------------
    F2-08              393.3             3.1         5.0      0.09      16.4
    -------------------------------------------------------------------------
    F2-09              338.2            10.0         3.5      0.29      11.5
    -------------------------------------------------------------------------
    Incl.              337.7            53.1         0.5      1.55       1.6
    -------------------------------------------------------------------------
    F2-09              442.2            28.7        15.5      0.87      50.9
    -------------------------------------------------------------------------
    Incl.              438.3            52.6         7.4      1.53      24.3
    -------------------------------------------------------------------------
    Or                 438.5           353.8         0.9     10.32       3.0
    -------------------------------------------------------------------------
    And                445.6            77.6         0.5      2.26       1.6
    -------------------------------------------------------------------------
    F2-10              257.0            13.9         3.0      0.41       9.8
    -------------------------------------------------------------------------
    F2-10              275.0            17.7         2.0      0.52       6.6
    -------------------------------------------------------------------------
    F2-10              322.8             8.3        30.0      0.24      98.4
    -------------------------------------------------------------------------
    Incl.              310.2            16.2         4.0      0.47      13.1
    -------------------------------------------------------------------------
    And                319.2            48.2         0.5      1.41       1.6
    -------------------------------------------------------------------------
    And                337.2           216.1         0.5      6.30       1.6
    -------------------------------------------------------------------------
    F2-10              403.5            56.5         0.5      1.65       1.6
    -------------------------------------------------------------------------
    F2-10              423.6            77.8         0.5      2.27       1.6
    -------------------------------------------------------------------------
    F2-11                234             2.9        10.0      0.08      33.0
    -------------------------------------------------------------------------
    Incl.                238             7.3         1.1      0.21       3.6
    -------------------------------------------------------------------------
    F2-11                376             3.0        12.1      0.09      39.7
    -------------------------------------------------------------------------
    F2-11                390            25.7         1.6      0.75       5.3
    -------------------------------------------------------------------------
    F2-11                301             8.2         1.5      0.24       4.9
    -------------------------------------------------------------------------
    F2-12                193             4.3         4.0      0.13      13.1
    -------------------------------------------------------------------------
    F2-13                226             4.7         5.0      0.14      16.4
    -------------------------------------------------------------------------
    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
    -------------------------------------------------------------------------
    F2-14-W1             451             5.7         4.0      0.17      12.8
    -------------------------------------------------------------------------
    F2-14-W1             469             2.5         7.0      0.07      23.0
    -------------------------------------------------------------------------
    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                456             3.1         6.8      0.09      22.3
    -------------------------------------------------------------------------
    F2-15                388             9.3         0.5      0.27       1.6
    -------------------------------------------------------------------------
    F2-16                428             3.0        16.1      0.09      52.8
    -------------------------------------------------------------------------
    Incl.                429             8.2         1.0      0.24       3.3
    -------------------------------------------------------------------------
    F2-16                380            17.2         1.0      0.50       3.3
    -------------------------------------------------------------------------
    F2-16                419             3.7         3.2      0.11      10.5
    -------------------------------------------------------------------------
    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(*)             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
    -------------------------------------------------------------------------
    F2-21(*)             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
    -------------------------------------------------------------------------
    F2-20(*)             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
    -------------------------------------------------------------------------
                 (*)New gold assays received for the F2 Zone
    

    Please visit: http://files.newswire.ca/617/rubicon0708map1.doc
    to view Figure 1: Composite North-South Vertical Section of the F2 Zone


    Please visit: http://files.newswire.ca/617/rubicon0708.map2.doc
    to view Figure 2: Plan Map of the F2 Zone


    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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