New Drilling Indicates More Than 20% Increase to Strike Length of Rubicon's F2 Gold System

    - Intercepts include 1.35 oz/ton over 6.6 feet, 0.70 oz/ton over
      3.3 feet and wide sections of sulphide mineralization -

    TSX:RMX / NYSE Amex:  RBY

    TORONTO, Aug. 31 /CNW/ - Rubicon Minerals Corporation (RMX.TSX:
RBY.NYSE-AMEX) is pleased to provide an update on its drilling on its
100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake
Gold District of Ontario. Five drill rigs are currently in operation on the
project, three on surface and two from underground on the 122-metre level as
part of the ongoing 80,000-metre drill program. Prior to this program, the
company had drilled approximately 65,000 metres on the high-grade F2 Zone
since its discovery in March, 2008 (see numerous releases since March 12, 2008
and for further details).

    Drilling Update

    In its March 30, 2009 news release, Rubicon announced an 80,000-metre
drill program designed to expand the known extent of the F2 Zone system. The
planned drilling will test a 1200-metre by 1600-metre target area, and is
referred to as the '9X drill plan' as outlined in Figures 1 and 2.

    Northeast extension

    New drilling to the northeast has intersected several units of
mineralized host F2 basalts which are up to 20 metres true thickness. New
intercepts occur between 150 metres and 450 metres below surface and are
outlined in Figures 1 and 2. They include both high-grade gold and broader
gold-bearing sulphide sections including 1.35 oz/ton over 6.6 feet at a
vertical depth of 709 feet (216 metres) below surface (46.4 g/t gold over 2.0
metres) and 0.19 oz/ton over 19.7 feet at a vertical depth of 1014 feet (309
metres) below surface (6.41 g/t gold over 6.0 metres) in hole F2-72 and 0.73
oz/ton over 3.3 feet at a vertical depth of 738 feet (225 metres) below
surface (24.95 g/t gold over 1.0 metre) in hole 122-08. Significant results
are presented in Table 1, below. The character of the mineralization and hosts
rocks is similar to that in the main F2 core zone, located to the southwest
and opens up a significant new area for additional exploration.
    "The 21% increase in strike length of the F2 gold system is very
encouraging and significantly expands its potential. Target areas 3 and 4 in
our 9X program are beginning to fill in and surface drilling will continue to
test for expansion of the system to the northeast. As we showed in our last
release, we know there are good gold hits at shallow levels up to two
kilometres to the north at our Island Zone, and we are interested to see if F2
continues to expand towards those areas" stated David Adamson, President and

    Southwest drilling

    New results confirm that the F2 system is present on both sides of a
fault previously intersected in Target area 3 (Figure 2). These results are
further confirmed by the presence of previous intercepts in holes F2-39 and
F2-66. The presence of faults in the F2 gold system is to be expected and is
considered to be a prerequisite for significant sized 'lode-gold' deposits of
his type.

    Deep Drilling

    Three master holes (F2 65 to F2-67) were terminated in hanging wall
ultramafic at depths ranging from 1260 metres to 1740 metres. They will be
used to carry out wedges at shallower elevations designed to penetrate the
footwall F2 target.

                           Table 1: Assay Results

    Northeast Drilling
              Depth to Centre      Gold                    Gold
    Hole      of Intercept (m)     (g/t)      Metres      (oz/t)      Feet
    F2-67                             anomalous
    F2-70            135           12.45        1.0        0.36       3.3
    F2-71            274            3.43        3.0        0.10       9.8
                     382            6.29        3.0        0.18       9.8
    F2-72            190            4.09        4.0        0.12      13.1
                     201            6.01        2.7        0.18       8.9
                     216           46.37        2.0        1.35       6.6
                     309            6.41        6.0        0.19      19.7
    incl.            309           23.31        1.0        0.68       3.3
    F2-73            565            3.58        2.9        0.10       9.5
    122-03                            anomalous
    122-05                          hole abandoned
    122-06           534            3.78        3.0        0.11       9.8
    122-08 (*)       225           24.95        1.0        0.73       3.3
    incl.            225            34.8        0.5        1.02       1.6
    122-08           243            3.21        9.0        0.09      29.5
    incl.            244           23.04        0.5        0.67       1.6
    Southwest Drilling
              Depth to Centre      Gold                    Gold
    Hole      of Intercept (m)    (g/t)      Metres      (oz/t)      Feet
    F2-68                             anomalous
    F2-69                        no significant assays
    122-01                            anomalous
    122-02A          105           12.24        1.0        0.36       3.3
    122-04           337            4.71        2.2        0.14       7.1
                     380            13.2        1.1        0.39       3.6
                     458           10.97        1.0        0.32       3.3
                     464            6.61        2.0        0.19       6.6

    Holes with the prefix '122' were from underground, all other holes are
    drilled from surface Assays are uncut. Results satisfy the following
    criteria: (greater than)10.0 gram gold x metre product and (greater than)
    3.0 g/t gold. Anomalous means at least one intercept
    (greater than)2/5g/t gram gold x metre product and
    greater than 2g/t gold. A complete listing of results to date for the
    F2 Zone is available at

    Rubicon Minerals Corporation is a well-funded exploration and development
company, focused 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 also 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 23.8% of the issued shares of the Company.

    "David W. Adamson"
    President & CEO

    Please visit: to view
    Figure 1: F2 Zone Plan Map and Figure 2: Composite Long Section Looking
    Northwest and 9X Target Area Outlines.

    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 in this release were
supervised by Terry Bursey, P.Geo. the  project Qualified Person under the
definition of NI 43-101.

    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 document include statements regarding the timing and nature
of future exploration programs which are dependent on projections which may
change as drilling continues. In addition, areas of exploration potential are
identified which will require substantial drilling to determine whether or not
they contain similar mineralization to areas which have been explored in more
detail. The description of the extent 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 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:,, Rubicon Minerals Corporation, Suite 1540-800 West
Pender Street, Vancouver BC, CANADA V6C 2V6

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