Rubicon Increases Treasury by $16 million on Exercise of May 2007 Warrants



    TSX:RMX/NYSE Amex:  RBY

    VANCOUVER, May 21 /CNW/ - Rubicon Minerals Corporation (RMX.TSX;
RBY.NYSE-AMEX) is pleased to announce it has received proceeds of $16,024,265,
pursuant to the exercise of May 2007 warrants, priced at $1.50, which expired
May 19th, 2009. As a result of these exercises, the Company has issued
10,682,843 new common shares and has a cash position as of the date of this
release of approximately $68.6 million. As of May 20th, the Company had no
remaining warrants outstanding.
    "These warrant exercises further strengthen our treasury to allow us to
aggressively expand the F2 Gold Zone where we recently commenced a $25
million, 80,000-metre underground and surface diamond drill program", stated
David Adamson, President and CEO.

    Rubicon Minerals Corporation is a well-funded exploration and development
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 25% of
the issued shares of the Company.

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

    Forward Looking Statements
    --------------------------
    
    This news release contains statements that constitute "forward-looking
statements" within the meaning of Section 21E of the United States Securities
Exchange Act of 1934 and "forward looking information" within the meaning of
applicable Canadian provincial securities legislation (collectively,
"forward-looking statements"). Forward-looking statements often, but not
always, are identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect", "targeting" and "intend" and
statements that an event or result "may", "will", "should", "could", or
"might" occur or be achieved and other similar expressions. Forward-looking
statements in this news release include statements regarding the Company's
future exploration plans and expenditures.
    The forward-looking statements that are contained in this news release
are based on various assumptions and estimates by the Company and involve a
number of risks and uncertainties. As a consequence, actual results might
differ materially from results forecast or suggested in these forward-looking
statements. Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that could cause the actual results to
differ include market prices, results of exploration, availability of capital
and financing on acceptable terms, inability to obtain required regulatory
approvals, unanticipated difficulties or costs in any rehabilitation which may
be necessary, market conditions and general business, economic, competitive,
political and social conditions. These statements are based on a number of
assumptions, including assumptions regarding general market conditions, timing
and receipt of regulatory approvals, the ability of the Company and other
relevant parties to satisfy regulatory requirements, the availability of
financing for proposed transactions and programs on reasonable terms and the
ability of third-party service providers to deliver services in a timely
manner. Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those expressed or
implied in forward-looking statements, there may be other factors which cause
actual results to differ.
    Forward-looking statements contained herein are made as of the date of
this news release and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information, future
events or results or otherwise, except as required by applicable securities
laws. There can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.

    
    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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