Rubicon hits more high-grade gold and extends the F2 Zone, Phoenix Gold Project, Red Lake, Ontario



    
    - 1.22 oz/ton gold over 7.1 feet (41.9 g/t gold over 2.2 metres) -
    - 3.2 oz/ton gold over 1.6 feet (54.9 g/t gold over 0.5 metre) -
    - Step out drilling extends gold system both laterally and
      at depth, drilling continuing -

    TSX:RMX/AMEX:  RBY
    

    TORONTO, Oct. 21 /CNW/ - Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is
pleased to announce new results from the 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 August 26, 2008), has identified significant zones of gold
mineralization (the F2 Zone) including bonanza and high-grade gold intercepts
as outlined in Table 1 (note: new results are denoted by an asterisk).
Highlights include:

    
    -   A new high-grade gold intercept of 1.22 oz/ton over 7.1 feet
        (41.9 g/t gold over 2.2 metres) in hole F2-35 at a vertical depth of
        2887 feet (880 metres) below surface. This intercept confirms that
        high-grade gold as well as previously reported sulphide bearing gold
        zones extend to depths of at least 2887 feet (880 metres) below
        surface and that the depth potential of the F2 Zone remains open.

    -   New step-out drilling, designed to test for extensions of the known
        gold system, confirms that gold mineralization is now present up to
        771 feet (235 metres) from previous F2 Zone drilling (Figure 1). New
        results include 3.2 oz/ton gold over 1.6 feet (109.8 g/t gold over
        0.5 metres) in F2-29 at a vertical depth of 1368 feet (417 metres)
        below surface, a step-out of 190 feet (58 metres) to the northwest
        from the nearest hole. Additional results include 5.2 g/t gold over
        9.0 metres, including 8.4 g/t gold over 3.0 metres and 3.7 g/t gold
        over 16 metres, including 7.0 g/t over 3.0 metres in F2-33 (located
        25 metres to the northeast); 7.2 g/t gold over 3.0 metres in F2-30-W1
        (located 148 metres to the northeast); and 4.4 g/t gold over
        2.6 metres in F2-32 (located 235 metres to the north-northeast of the
        core F2 zone). Gold mineralization in these holes is developed within
        similar host rocks to those of the core F2 zone and suggests that
        significant additional follow-up drilling in these areas is
        warranted.

    -   New step-out intercepts are located within an extensive, strong
        TITAN24 geophysical (chargeability) anomaly which is over 5000 feet
        (1500 metres) long. The anomaly appears to correlate with strongly
        altered hosts rocks and sulphide bearing gold mineralization. The F2
        anomaly is one of a number of similar anomalies developed along the
        three kilometres of prospective stratigraphy extending to the
        northeast on the Phoenix project which constitute high priority
        regional targets.

    -   Ongoing interpretation suggests that the core F2 Zone gold
        mineralization can be correlated with a minimum of four, sub-vertical
        to north-west dipping, sub-parallel gold zones developed over a
        vertical distance of 2585 feet (788 metres). In areas of wider spaced
        drilling, additional, separate gold zones are present but more
        drilling is required to confirm their extent. The current
        interpretation is based on development of detailed sections and level
        plans over the core of the F2 Zone. A composite section based on this
        interpretation is provided in Figure 2 attached to this release. Note
        that most zones, as outlined, are open to depth or along strike and
        thus the currently interpreted zones display their minimum
        dimensions.

    -   The mineralized envelope at the F2 Zone, including step out holes,
        currently extends 1181 feet laterally and 2585 feet vertically
        (360 metres by 788 metres respectively) and remains open for further
        drilling.

    -   The geological setting, grade distribution and dimensions of zones
        known to date at the F2 Zone demonstrate strong similarities with
        publicly available information from Goldcorp's Red Lake Mine, located
        four kilometres to the southeast.
    

    "We continue to be very encouraged with results from the F2 Zone. The
system is growing in size and our interpretation suggests the presence of
multiple parallel high-grade, gold-bearing zones. This effectively expands
potential and identifies areas where additional drilling is required to
confirm and expand known zones. We are on track with our permitting to dewater
the shaft to aggressively drill from underground. In the interim we are
continuing to drill step out holes from surface designed to further expand the
limits of the gold bearing system" stated David Adamson, President and CEO.
    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 approximately 450 metres from
the core of 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.

    Rubicon Minerals Corporation is an exploration company with approximately
$18 million in cash, 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: F2 Zone Gold Assay Results

    -------------------------------------------------------------------------
    Location ID   Hole Number    Gold (g/t)    Metres   Gold (oz/ton)   Feet
    -------------------------------------------------------------------------
         1           F2-10          19.5         1.0        0.57         3.3
    -------------------------------------------------------------------------
         2           F2-10          68.4         0.6        2.00         2.0
    -------------------------------------------------------------------------
         3           F2-12          20.8         0.5        0.61         1.6
    -------------------------------------------------------------------------
         4           F2-01           8.4         4.5        0.25        14.8
    -------------------------------------------------------------------------
         5           F2-02           5.4        10.3        0.16        33.8
    -------------------------------------------------------------------------
         5           Incl.          12.1         3.3        0.35        10.8
    -------------------------------------------------------------------------
         6           F2-22(*)       29.6         0.5        0.86         1.6
    -------------------------------------------------------------------------
         7           F2-06          49.0         0.8        1.43         2.5
    -------------------------------------------------------------------------
         8           F2-10          43.0         1.0        1.25         3.3
    -------------------------------------------------------------------------
         9           F2-04          21.5         0.5        0.63         1.6
    -------------------------------------------------------------------------
        10           F2-21           9.1         8.6        0.27        28.2
    -------------------------------------------------------------------------
        10           Incl.          97.9         0.5        2.85         1.6
    -------------------------------------------------------------------------
        10           Incl.          11.6         0.5        0.34         1.6
    -------------------------------------------------------------------------
        11           F2-08           4.2        24.0        0.12        78.7
    -------------------------------------------------------------------------
        11           Incl.          15.8         2.0        0.46         6.6
    -------------------------------------------------------------------------
        11           Incl.          24.8         1.0        0.72         3.3
    -------------------------------------------------------------------------
        12           F2-21          64.2         0.5        1.87         1.6
    -------------------------------------------------------------------------
        13           F2-21          18.9         1.0        0.55         3.3
    -------------------------------------------------------------------------
        14           F2-22(*)        5.6        50.7        0.16       166.3
    -------------------------------------------------------------------------
        14           Incl.          12.4         0.5        0.36         1.6
    -------------------------------------------------------------------------
        14           Incl.         106.4         0.5        3.10         1.6
    -------------------------------------------------------------------------
        14           Incl.          16.0         0.5        0.47         1.6
    -------------------------------------------------------------------------
        14           Incl.          13.4         1.0        0.39         3.3
    -------------------------------------------------------------------------
        14           Incl.          32.9         1.0        0.96         3.3
    -------------------------------------------------------------------------
        14           Incl.          12.2         2.0        0.36         6.6
    -------------------------------------------------------------------------
        15           F2-02          22.9         1.0        0.67         3.3
    -------------------------------------------------------------------------
        16           F2-07          19.6         1.0        0.57         3.3
    -------------------------------------------------------------------------
        17           F2-07          73.2         3.0        2.14         9.8
    -------------------------------------------------------------------------
        18           F2-03         283.2         1.0        8.26         3.3
    -------------------------------------------------------------------------
        19           F2-12           4.3         4.0        0.13        13.1
    -------------------------------------------------------------------------
        20           F2-01           6.8        11.0        0.20        36.1
    -------------------------------------------------------------------------
        20           Incl.          61.5         1.0        1.79         3.3
    -------------------------------------------------------------------------
        21           F2-10          13.9         3.0        0.41         9.8
    -------------------------------------------------------------------------
        21           F2-10          13.9         3.0        0.41         9.8
    -------------------------------------------------------------------------
        22           F2-10          29.4         1.0        0.86         3.3
    -------------------------------------------------------------------------
        23           F2-10          17.7         2.0        0.52         6.6
    -------------------------------------------------------------------------
        24           F2-21          17.0         2.5        0.50         8.2
    -------------------------------------------------------------------------
        24           Incl.          41.4         1.0        1.21         3.3
    -------------------------------------------------------------------------
        25           F2-21          10.3         1.0        0.30         3.3
    -------------------------------------------------------------------------
        26           F2-08          42.4        11.0        1.24        36.1
    -------------------------------------------------------------------------
        27           F2-06          20.0         0.5        0.58         1.6
    -------------------------------------------------------------------------
        28           F2-11          20.2         0.5        0.59         1.6
    -------------------------------------------------------------------------
        29           F2-02          36.0         1.0        1.05         3.3
    -------------------------------------------------------------------------
        30           F2-07          15.1         1.0        0.44         3.3
    -------------------------------------------------------------------------
        31           F2-07          11.1         0.5        0.32         1.6
    -------------------------------------------------------------------------
        32           F2-22          17.1         0.5        0.50         1.6
    -------------------------------------------------------------------------
        33           F2-21           5.2         6.0        0.15        19.7
    -------------------------------------------------------------------------
        33           Incl.          35.8         0.5        1.04         1.6
    -------------------------------------------------------------------------
        34           F2-04          13.9         2.0        0.41         6.6
    -------------------------------------------------------------------------
        34           Incl.          22.4         1.0        0.65         3.3
    -------------------------------------------------------------------------
        35           F2-07           3.5        16.0        0.10        52.5
    -------------------------------------------------------------------------
        35           Incl.          23.0         0.5        0.67         1.6
    -------------------------------------------------------------------------
        35           Incl.          18.8         0.5        0.55         1.6
    -------------------------------------------------------------------------
        36           F2-07          16.0         7.0        0.47        23.0
    -------------------------------------------------------------------------
        36           Incl.          25.6         1.5        0.75         4.9
    -------------------------------------------------------------------------
        36           Incl.          22.2         3.0        0.65         9.8
    -------------------------------------------------------------------------
        37           F2-10           8.3        30.0        0.24        98.4
    -------------------------------------------------------------------------
        37           Incl.          48.2         0.5        1.41         1.6
    -------------------------------------------------------------------------
        37           Incl.         216.1         0.5        6.30         1.6
    -------------------------------------------------------------------------
        38           F2-09          10.0         3.5        0.29        11.5
    -------------------------------------------------------------------------
        38           Incl.          53.1         0.5        1.55         1.6
    -------------------------------------------------------------------------
        39           F2-06           4.9         8.5        0.14        27.9
    -------------------------------------------------------------------------
        39           Incl.          10.7         1.0        0.31         3.3
    -------------------------------------------------------------------------
        40           F2-21          14.2         1.5        0.41         4.9
    -------------------------------------------------------------------------
        40           Incl.          19.6         1.0        0.57         3.3
    -------------------------------------------------------------------------
        41           F2-07          24.4        17.0        0.71        55.8
    -------------------------------------------------------------------------
        41           Incl.          36.5         8.0        1.06        26.2
    -------------------------------------------------------------------------
        42           F2-11           3.0        12.1        0.09        39.7
    -------------------------------------------------------------------------
        43           F2-11          25.7         1.6        0.75         5.2
    -------------------------------------------------------------------------
        43           Incl.          40.3         1.0        1.18         3.3
    -------------------------------------------------------------------------
        44           F2-10          56.5         0.5        1.65         1.6
    -------------------------------------------------------------------------
        45           F2-10          20.2         0.5        0.59         1.6
    -------------------------------------------------------------------------
        46           F2-10          77.8         0.5        2.27         1.6
    -------------------------------------------------------------------------
        47           F2-09          28.7        15.5        0.84        50.9
    -------------------------------------------------------------------------
        47           Incl.          52.6         7.4        1.53        24.3
    -------------------------------------------------------------------------
        48           F2-17           3.1         6.8        0.09        22.3
    -------------------------------------------------------------------------
        49           F2-06          15.4         1.0        0.45         3.3
    -------------------------------------------------------------------------
        50           F2-22          21.6         3.0        0.63         9.8
    -------------------------------------------------------------------------
        50           Incl.          53.3         1.0        1.55         3.3
    -------------------------------------------------------------------------
        50           Incl.          11.3         1.0        0.33         3.3
    -------------------------------------------------------------------------
        51           F2-21           6.1         5.0        0.18        16.4
    -------------------------------------------------------------------------
        52           F2-21          13.1         0.5        0.38         1.6
    -------------------------------------------------------------------------
        53           F2-15           3.4         9.0        0.10        29.5
    -------------------------------------------------------------------------
        54           F2-21          10.2         2.6        0.30         8.5
    -------------------------------------------------------------------------
        54           Incl.          33.7         0.6        0.98         2.0
    -------------------------------------------------------------------------
        55           F2-21          13.8         2.7        0.40         8.7
    -------------------------------------------------------------------------
        56           F2-04           7.3         3.0        0.21         9.8
    -------------------------------------------------------------------------
        57           F2-05          12.1         2.0        0.35         6.6
    -------------------------------------------------------------------------
        57           Incl.          36.1         0.5        1.05         1.6
    -------------------------------------------------------------------------
        58           F2-25(*)       13.8         2.0        0.40         6.6
    -------------------------------------------------------------------------
        59           F2-15-W1       11.4         1.0        0.33         3.3
    -------------------------------------------------------------------------
        60           F2-05           6.0        17.0        0.18        55.8
    -------------------------------------------------------------------------
        60           Incl.          42.6         0.5        1.24         1.6
    -------------------------------------------------------------------------
        60           Incl.          14.5         0.5        0.42         1.6
    -------------------------------------------------------------------------
        60           Incl.          15.8         1.0        0.46         3.3
    -------------------------------------------------------------------------
        61           F2-14-W1        2.5         7.0        0.07        23.0
    -------------------------------------------------------------------------
        62           F2-14-W1        5.7         4.0        0.17        13.1
    -------------------------------------------------------------------------
        63           F2-25(*)       17.1         1.0        0.50         3.3
    -------------------------------------------------------------------------
        64           F2-24(*)        9.2         7.4        0.27        24.3
    -------------------------------------------------------------------------
        64           Incl.          16.2         0.6        0.47         2.0
    -------------------------------------------------------------------------
        64           Incl.          31.6         1.0        0.92         3.3
    -------------------------------------------------------------------------
        65           F2-16           3.0        16.1        0.09        52.8
    -------------------------------------------------------------------------
        66           F2-16           3.7         3.2        0.11        10.5
    -------------------------------------------------------------------------
        67           F2-19          58.8         2.1        1.72         6.9
    -------------------------------------------------------------------------
        67           Incl.         240.4         0.5        7.01         1.6
    -------------------------------------------------------------------------
        68           F2-05           7.6         2.0        0.22         6.6
    -------------------------------------------------------------------------
        68           Incl.          14.2         1.0        0.41         3.3
    -------------------------------------------------------------------------
        69           F2-25(*)        6.4         5.0        0.19        16.4
    -------------------------------------------------------------------------
        69           Incl.          13.5         2.0        0.39         6.6
    -------------------------------------------------------------------------
        70           F2-25(*)       21.4         1.0        0.62         3.3
    -------------------------------------------------------------------------
        71           F2-17-W3       70.4         0.5        2.05         1.6
    -------------------------------------------------------------------------
        72           F2-17          62.0         1.0        1.81         3.3
    -------------------------------------------------------------------------
        72           Incl.         117.7         0.5        3.43         1.6
    -------------------------------------------------------------------------
        73           F2-19         361.7         1.8       10.55         5.9
    -------------------------------------------------------------------------
        73           Incl.         811.4         0.8       23.67         2.6
    -------------------------------------------------------------------------
        74           F2-29         891.1         2.0       25.99         6.6
    -------------------------------------------------------------------------
        75           F2-14           6.9         7.0        0.20        23.0
    -------------------------------------------------------------------------
        75           Incl.          15.2         2.0        0.44         6.6
    -------------------------------------------------------------------------
        76           F2-14          26.4         0.9        0.77         2.8
    -------------------------------------------------------------------------
        77           F2-15-W1        7.5         3.7        0.22        12.1
    -------------------------------------------------------------------------
        77           Incl.          17.6         1.3        0.51         4.3
    -------------------------------------------------------------------------
        78           F2-15-W1       19.1         1.0        0.56         3.3
    -------------------------------------------------------------------------
        79           F2-29(*)      109.8         0.5        3.20         1.6
    -------------------------------------------------------------------------
        80           F2-29(*)        3.7         8.0        0.11        26.2
    -------------------------------------------------------------------------
        80           Incl.          22.6         1.0        0.66         3.3
    -------------------------------------------------------------------------
        81           F2-29(*)        8.1         2.0        0.24         6.6
    -------------------------------------------------------------------------
        82           F2-29(*)       13.9         1.2        0.40         3.9
    -------------------------------------------------------------------------
        83           F2-24(*)        4.4         7.0        0.13        23.0
    -------------------------------------------------------------------------
        83           Incl.          22.9         1.0        0.67         3.3
    -------------------------------------------------------------------------
        84           F2-20          12.6         1.0        0.37         3.3
    -------------------------------------------------------------------------
        85           F2-20           7.4         4.0        0.21        13.1
    -------------------------------------------------------------------------
        85           Incl.          12.0         2.0        0.35         6.6
    -------------------------------------------------------------------------
        86           F2-29(*)        5.1         5.3        0.15        17.4
    -------------------------------------------------------------------------
        86           Incl.          10.5         1.0        0.31         3.3
    -------------------------------------------------------------------------
        87           F2-29(*)        4.1        16.2        0.12        53.0
    -------------------------------------------------------------------------
        87           Incl.          10.4         2.2        0.30         7.2
    -------------------------------------------------------------------------
        88           F2-35(xx)      41.9         2.2        1.22         7.1
    -------------------------------------------------------------------------
        88           Incl.          69.8         1.0        2.04         3.3
    -------------------------------------------------------------------------
      Step Out       F2-30-W1(xx)    7.2         3.0        0.21         9.8
    -------------------------------------------------------------------------
      Step Out       Incl.           8.0         2.6        0.23         8.5
    -------------------------------------------------------------------------
      Step Out       F2-32(xx)       4.4         2.6        0.13         8.5
    -------------------------------------------------------------------------
      Step Out       F2-33(xx)       5.2         9.0        0.15        29.5
    -------------------------------------------------------------------------
      Step Out       Incl.           8.4         3.0        0.24         9.8
    -------------------------------------------------------------------------
      Step Out       F2-33(xx)       3.7        16.0        0.11        52.5
    -------------------------------------------------------------------------
      Step Out       Incl.           7.0         3.0        0.20         9.8
    -------------------------------------------------------------------------
    (*)  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/Rubicon_F2_Gold.doc
    to view Figure 1: Composite Plan Map of F2 Zone Drilling Results
    and Figure 2: Composite Cross Section Looking NE


    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.
    The description of mineralized zones is not intended to imply any
economically mineable estimate of reserves or resources exists on the Phoenix
project. Similarly, although geological features of the F2 Zone are
interpreted to show similarities to nearby gold producing mines owned by third
parties, this should not be interpreted to mean that the F2 zone has, or that
it will, generate similar reserves or resources, Significant additional
drilling is required at F2 to fully understand system size before a meaningful
resource calculation can be completed.

    
    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,
www.rubiconminerals.com; Rubicon Minerals Corporation, Suite 1540-800 West
Pender Street, Vancouver BC, CANADA, V6C 2V6


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