Rubicon Hits More High-Grade Gold at F2 Zone in Deepest Intercept to Date F2 Zone - Phoenix Gold Project, Red Lake, Ontario.



    
    - 11.41 oz/ton over 1.6 feet (391.3 g/t over 0.5 metres) at a vertical
    depth of 3,612 feet (1101 metres) below surface -
    - New intercepts are 778 feet (237 metres) vertically below the deepest
    reported intercept -

    TSX:RMX / AMEX:  RBY
    

    TORONTO, Oct. 30 /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 has identified significant zones of
gold mineralization including bonanza and high-grade gold intercepts (see news
releases dated March 12, 2008 through October 21, 2008).
    Hole F2-35 in which Rubicon recently announced an intercept of 1.22
oz/ton over 7.1 feet (41.9 g/t gold over 2.2 metres) (see October 21, 2008
news release) has intersected further gold mineralization 778 feet (237 metres
below the deepest intercept previously reported at the F2 Zone). The interval
contains a bonanza grade section of 11.41 oz/ton over 1.6 feet (391.3 g/t over
0.5 metre) at a vertical depth of 3612.2 feet (1101 metres) below surface plus
a separate section grading 0.41 oz/ton over 4.3 feet (14.2 g/t over 1.3 metres
including 1.01 oz/ton over 1.6 feet (34.6 g/t over 0.5 metres) at a vertical
depth of 3664.7 feet (1117 metres) below surface. The latest intercepts are
shown on Figure 1 (labeled as points 89 and 90, respectively) and a complete
tabulation of results is listed in Table 1, attached to this release. This
interval is developed within a 125 foot (38.1 metres) sulphide-rich section of
which the remaining assays are pending.

    
    The intercept is considered significant because:

    1)  It extends the vertical envelope of mineralization by a further 778
        feet (237 metres) at the F2 zone to 1181 feet laterally by 3363 feet
        vertically (360 by 1025 metres respectively).

    2)  It confirms the presence of high grade gold to depth.

    3)  It suggests that multiple mineralized zones continue to depth.
    

    "Our geological interpretation suggests the presence of multiple,
sub-parallel gold zones at F2 and these latest deep intercepts indicate the
system continues to depth. The limits of the F2 system are not known and
drilling is continuing to further expand the system," stated David Adamson,
President and CEO.
    As stated in previous news releases, additional 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
$16.2 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 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 and 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
    -------------------------------------------------------------------------
        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          41.9         2.2        1.22         7.1
    -------------------------------------------------------------------------
        88           Incl.          69.8         1.0        2.04         3.3
    -------------------------------------------------------------------------
        89          F2-35(*)       391.3         0.5       11.41         1.6
    -------------------------------------------------------------------------
        90          F2-35(*)        14.2         1.3        0.41         4.3
    -------------------------------------------------------------------------
    (*) New gold assays received (assays pending for portions of the hole)

    Please visit http://files.newswire.ca/617/Figure_1_Rubicon.doc to view
    Figure 1: 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.
    

    %SEDAR: 00009365E




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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