Rubicon Hits New High-Grade Gold Northeast of F2 Zone, Phoenix Gold Project, Red Lake, Ontario



    
    - high-grade intercepts include 5.07 oz/ton over 8.2 feet (173.7 g/t gold
    over 2.5 metres)-

    TSX:RMX / NYSE Alternext US:RBY
    

    TORONTO, Feb. 11 /CNW/ - Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE
Alternext US) is pleased to announce new results from ongoing drilling at its
100%-controlled Phoenix Gold Project, located in the heart of the prolific Red
Lake gold district of Ontario. The Company is conducting drilling around the
F2 Gold Zone from which significant high-grade and bonanza-grade gold
intercepts have been reported laterally over 580 metres and to depths of up to
1101 metres below surface (see news releases from March 12, 2008, onwards).

    
    F2 Zone northeast extension drilling
    ------------------------------------
    

    Drilling 80 to 200 metres northeast of the core F2 Zone (Figure 1) has
intersected bonanza gold grades at shallow depths in a potential northeastern
extension of the F2 Zone. New intercepts include 5.07 oz/ton gold over 8.2
feet (173.7g/t gold over 2.5 metres), 7.60 oz/ton gold over 1.6 feet (260.5
g/t gold over 0.5 metres) and 1.25 oz/ton gold over 1.6 feet (43.0 g/t gold
over 0.5 metres). High-grade, gold-bearing veins are observed within broad
gold zones which include 0.15 oz/ton gold over 157.4 feet (5.1 g/t gold over
48.0 metres) and 0.18 oz/ton gold over 23.0 feet (6.2 g/t gold over 7.0
metres). Notably, host rocks to the mineralization are altered basalts similar
to those in the F2 Core Zone. Results are provided in Table 1, below.

    
    These new intercepts are significant because:

    1)  They confirm that the F2 system is developed some 200 metres
        northeast of the core F2 Zone (Figure 1).

    2)  They are developed at shallow depths and suggest significant
        potential for additional mineralization at depth. In the core of the
        F2 Zone, located to the southwest, gold mineralization occurs from
        surface to 1101 metres below surface and remains open at depth.

    3)  They contain both bonanza-grade and extensive gold-bearing sulphide
        mineralization suggesting the gold system continues to be well
        developed in this area of new drilling.

    Additional drilling is ongoing to the northeast of the core F2 Zone area.

    F2 Zone southwest extension drilling
    ------------------------------------
    

    New high grade results immediately southwest of the core F2 Zone include
3.49 oz/ton gold over 1.6 feet (119.6 g/t gold over 0.5 metres). Further to
the southwest, Rubicon has previously reported significant new gold
mineralization developed up to 380 metres to the southwest of the core F2 Zone
(see news release dated January 19, 2009). Two new drill holes in this area
have returned high-grade intercepts within broader sulphide systems that
continue to demonstrate high potential (Figure 1 and Table 1). Results include
0.79 oz/ton gold over 3.3 feet (26.9 g/t gold over 1.0 metre), 0.49 oz/ton
over 3.3 feet (16.7 g/t gold over 1.0 metres), 0.23oz/ton gold over 9.8 feet
(8.0g/t gold over 3.0 metres) and 0.20 oz/ton gold over 11.5 feet (6.8 g/t
gold over 3.5 metres).
    Bonanza grade mineralization previously reported near the top of hole
F2-39 (91.91 oz/ton over 1.6 feet ) may be related to gold-rich sections
observed at the top of hole F2-40 (0.79 oz/ton over 3.3 feet). This could be
significant because gold mineralization in this new area is spatially and
structurally distinct from the main F2 mineralization in that it is developed
above (rather than below) a major ultramafic unit yet is developed within host
rocks similar to those of the F2 Zone. As such it represents a new target
type. Taken together, the results from the three holes drilled to date in this
area suggest high potential for additional gold mineralization.
    "2009 drilling, which is part of a planned 120,000 foot surface and
underground drill program for this year is off to a great start. We continue
to extend the gold system and to observe a significant visible gold component.
The discovery of a shallow extension to F2 Zone means that we can readily
drill these target areas, all of which are within the shadow of our head frame
and other infrastructure." stated David Adamson, President and CEO.

    Rubicon Minerals Corporation is a well-funded exploration company,
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 district of Ontario which hosts
Goldcorp's high-grade, world class Red Lake Mine. In addition to its Red Lake
holdings, Rubicon controls over 380,000 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 29% of the
issued shares of the company.

    
    RUBICON MINERALS CORPORATION
    "David W. Adamson"
    President & CEO



                           Table 1:  Assay Results
    -------------------------------------------------------------------------
    Hole           Gold                  Gold
    Number        (g/t)     Metres     (oz/ton)       Feet
    -------------------------------------------------------------------------
    Northeast Extension Drilling
    -------------------------------------------------------------------------
    F2-41          43.0        0.5       1.25          1.6
    -------------------------------------------------------------------------
    F2-41           5.1       48.0       0.15        157.4
    -------------------------------------------------------------------------
    Incl.         260.5        0.5       7.60          1.6
    -------------------------------------------------------------------------
    F2-42(*)        5.7        7.8       0.17         25.7
    -------------------------------------------------------------------------
    Incl.           6.2        7.0       0.18         23.0
    -------------------------------------------------------------------------
    Incl.          15.7        1.1       0.46          3.6
    -------------------------------------------------------------------------
    F2-42(*)        6.1        6.0       0.18         19.7
    -------------------------------------------------------------------------
    Incl.          18.5        1.0       0.54          3.3
    -------------------------------------------------------------------------
    F2-42(*)        4.8       14.7       0.14         48.2
    -------------------------------------------------------------------------
    Incl.          20.1        0.7       0.59          2.3
    -------------------------------------------------------------------------
    F2-44(*)      173.7        2.5       5.07          8.2
    -------------------------------------------------------------------------
    Incl.         854.1        0.5      24.91          1.6
    -------------------------------------------------------------------------
    Southwest Extension Drilling
    -------------------------------------------------------------------------
    F2-42(*)      119.6        0.5       3.49          1.6
    -------------------------------------------------------------------------
    F2-40          26.9        1.0       0.79          3.3
    -------------------------------------------------------------------------
    F2-40           7.0        3.5       0.20         11.5
    -------------------------------------------------------------------------
    Incl.           8.0       3.00       0.23          9.8
    -------------------------------------------------------------------------
    F2-40           3.7        6.0       0.11         19.7
    -------------------------------------------------------------------------
    F2-40          16.7        1.0       0.49          3.3
    -------------------------------------------------------------------------
    F2-43(*)        6.8        3.5       0.20         11.5
    -------------------------------------------------------------------------
    Incl.           8.7        2.5       0.25          8.2
    -------------------------------------------------------------------------
    Incl.          16.6        0.5       0.48          1.6
    -------------------------------------------------------------------------
           (*)Assays pending for portions of the hole


    Figure 1: Plan Map of the F2 Zone is available at:
    http://files.newswire.ca/617/0211_fig1.pdf

    Assaying and Qualified Person
    -----------------------------
    

    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", "suggest" and
similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Forward-looking statements in this document include
statements regarding the timing and nature of future exploration programs
which are, in part, dependent on receiving permits from various governmental
agencies.
    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. Except as required
by applicable securities laws, 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, 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. Except as required by
applicable securities laws, 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.
    The description of mineralized zones is not intended to imply that 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, Rubicon
Minerals Corporation, Suite 1540-800 West Pender Street, Vancouver, BC,
CANADA, V6C 2V6


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