Rubicon Intersects New Broad Gold Zone 220 Metres Southwest of F2 Gold Zone



    
    - mineralized envelope expanded to 580 metres laterally by 1101 metres
    vertically -
    

    VANCOUVER, Jan. 19 /CNW/ - Rubicon Minerals Corporation (RMX.TSX:
RBY.NYSE Alternext US) is pleased to announce new results of step-out drilling
at the 100%-controlled Phoenix Gold Project, located in the heart of the
prolific Red Lake gold district of Ontario. The Company is conducting drilling
at its F2 Zone which has returned significant high-grade and bonanza-grade
gold intercepts over an 1101 metre vertical range.

    
    F2-39 'Step-Out' Drilling
    -------------------------
    

    On December 11, 2008 Rubicon reported a bonanza-grade gold intercept of
91.91 oz/ton gold over 1.6 feet (3151.1g/t gold over 0.5 metres) approximately
1020 feet (310 metres) southwest of the F2 core zone. This hole was
subsequently extended to test the southwestern extension of the F2 Zone gold
system at depth. Numerous broad gold zones were intersected between 765 metres
and 1075 metres down hole. Broad gold zones include 0.19 oz/ton gold over 19.7
feet (6.5 g/t gold over 6.0 metres), 0.26 oz/ton gold over 6.6 feet (9.1 g/t
gold over 2.0 metres), 0.11 oz/ton gold over 36.1 feet (3.9 g/t over 11.0
metres) with separate higher grade intervals of 1.03 oz/ton gold over 3.3 feet
(35.3 g/t gold over 1.0 metre) and 0.38 oz/ton gold over 3.3 feet (13.1 g/t
gold over 1.0 metre). Three additional follow-up drill holes are planned in
the F2-39 area, the first of which commenced on January 10, 2009. As well, a
second drill rig has commenced drilling to test new targets in the core F2
zone area. Complete results from F2-39 are tabulated below in Table 1:

    
                         Table 1: F2-39 assay results

       -----------------------------------------------------------------
         Hole     Depth to centre      Gold              Gold
        Number    of intercept (m)    (g/t)    Metres   (Oz/t)     Feet
       -----------------------------------------------------------------
        F2-39(*)        119           3151.1     0.5    91.91       1.6
       -----------------------------------------------------------------
        F2-39           678             35.3     1.0     1.03       3.3
       -----------------------------------------------------------------
        F2-39           715              3.5     4.9     0.10      16.1
       -----------------------------------------------------------------
        F2-39           751              3.9    11.0     0.11      36.1
       -----------------------------------------------------------------
        F2-39           772              3.5     4.0     0.10      13.1
       -----------------------------------------------------------------
        F2-39           783              2.8     5.0     0.08      16.4
       -----------------------------------------------------------------
        F2-39           812              6.8     3.0     0.20       9.8
       -----------------------------------------------------------------
        Incl.           812              9.1     2.0     0.26       6.6
       -----------------------------------------------------------------
        F2-39           815              6.3     1.0     0.18       3.3
       -----------------------------------------------------------------
        F2-39           822              6.5     6.0     0.19      19.7
       -----------------------------------------------------------------
        Incl.           821              8.0     3.0     0.23       9.8
       -----------------------------------------------------------------
        And             824             13.1     1.0     0.38       3.3
       -----------------------------------------------------------------
        F2-39           959              5.2     2.0     0.15       6.6
       -----------------------------------------------------------------
        Incl.           959              9.3     1.0     0.27       3.3
       -----------------------------------------------------------------
       (*) previously released December 11, 2008

    Hole F2-39 is considered significant because:

    1)  The vertical extent of mineralization intersected by F2-39 is an
        impressive 921 feet (281 metres). The broad gold zones observed in
        the hole thus suggest the presence of a robust gold-mineralizing
        system.

    2)  The style of mineralization, host rocks and alteration observed in
        F2-39 display close similarities to the discovery holes at the core
        of the F2 Zone. Significant drilling to date in the core zone area
        has documented multiple gold zones extending to at least 3600 feet
        (1100 metres) below surface.

    3)  It extends the known F2 system by 220 metres to the southwest. As a
        result, as shown in Figure 1 attached to this release, significant
        gold mineralization is now documented over a length of 1902 feet
        (580 metres) and to a depth of 3612 feet (1101 metres).

    4)  In common with other F2 Zone intercepts reported to date, the broad
        gold zones in F2-39 are developed within an extensive Titan24
        chargeability anomaly (see Figure 1).
    

    "Hole F2-39 confirms that the F2 gold system envelope continues to grow
and that it remains open in all directions. We are very encouraged that gold
is present over a wide vertical range in F2-39 and that observed features show
similarities to holes drilled in the core of the F2 Zone, where we have
drilled 35 holes. With the aggressive 120,000 foot 2009 drill program now
underway, we plan to focus on both the core F2 Zone as well as further testing
the limits of this large gold system." stated David Adamson, President and
CEO.
    The Company wishes to also advise that it will be filing a new 43-101
technical report on www.sedar.com on or before January 23rd, 2009 which
incorporates results from its F2 zone drilling.

    
    Permitting update
    -----------------
    

    Subsequent to the previous news release, Rubicon has addressed additional
elements related to certain permits as required by Government agencies.
Provided there are no additional unforeseen requests from permitting agencies,
the Company does not anticipate any adverse delay to the shaft dewatering
schedule and anticipates dewatering to commence in early February 2009. In
addition, the Company has submitted its Closure Plan to the Government of
Ontario. This Plan is required before Phase II underground development can
take place. Closure Plan approval and commencement of underground development
are anticipated to occur during the first half of 2009.

    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


    Figure 1: Plan Map of F2 Gold Zone is available at
    http://files.newswire.ca/617/Rubicon_Figure_1.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" 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.
    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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