Rubicon closes $10 million bought deal financing



(RMX.TSX: RBY.AMEX), is pleased to announce the completion of the brokered
bought deal private placement previously announced on October 25, 2007, with
Research Capital Corporation acting as underwriter. The underwriter purchased
or placed 4,651,200 "flow-through" common shares at a price of $2.15 per share
for gross proceeds of $10,000,080.
    An underwriter's fee equal to 7% of the gross proceeds of the brokered
private placement was paid by the issuance of 393,262 non-flow through common
shares of the Company at a deemed price of $1.78.
    In addition to the foregoing, the Company completed a non-brokered
private placement of 185,698 "flow-through" common shares of the Company at
$2.15 per share for gross proceeds of $399,250.70. Directors and officers of
the Company purchased an aggregate of 91,628 the shares offered under the
non-brokered private placement. No commission was payable on the sale of the
non-brokered shares.
    All securities issued at closing are subject to a four-month hold period,
expiring March 16, 2008.
    Proceeds from the private placements will be used to incur CEE with
respect to the ongoing exploration and development of the Company's Red Lake
mineral property or other Ontario-based mineral projects. The Company will be
outlining its revised exploration plans in a subsequent news release.
    The private placement is subject to acceptance for filing by the TSX.

    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 facts, that address exploration activities and events
or developments that Rubicon Mineral Corporation expects to occur, are
forward-looking statements. Forward looking statements 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 with respect to
anticipated expenditures on the exploration and development of the of the
Company's Ontario mineral programs.
    Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in the forward-looking statements. Factors that
could cause the actual results to differ materially from those in
forward-looking statements include uncertainty with respect to findings under
exploration programs and general economic, market or business conditions.
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. 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 and the ability
of management to successfully implement the planned exploration. The foregoing
list of assumptions is not exhaustive. Events or circumstances could cause
results to differ materially.

    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: David Adamson - President and Chief Executive
Officer, Rubicon Minerals Corporation, (604) 623-3333 Or Bill Cavalluzzo,, Rubicon Minerals Corporation, VP Investor
Relations, Toll Free: 1-866-365-4706,

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