Rubicon Commences Underground Drilling at F2 Zone and Reports New High-Grade Results, Phoenix Gold Project, Red Lake, Ontario

    - 1.25 oz/ton gold over 6.6 feet and 3.6 oz/ton gold over 3.3 feet -

    - New lower grade hit at 4,714 feet (1437 metres) below surface suggests
    new depth potential. More deep drilling underway -

    TSX:RMX / NYSE Amex:  RBY

    VANCOUVER, June 8 /CNW/ - Rubicon Minerals Corporation (RMX.TSX:
RBY.NYSE-AMEX) is pleased to announce that it has commenced underground
drilling at its Phoenix Gold Project, located in the heart of the prolific Red
Lake Gold District of Ontario. Rehabilitation of existing underground levels
is complete and the hoist and shaft have been successfully re-commissioned.
Drilling is currently being carried out from the 122 metre (400 foot level)
from one drill station and two additional drill stations will be added over
the next month. Underground drilling is currently supplemented by drilling
with three rigs from surface. Shaft sinking to a depth of 350 metres (1148
feet) below surface is targeted to commence before the end of June to allow
for drilling from that level.
    During May, diamond drilling was restricted due to ongoing rehabilitation
of underground workings and ice break-up. Nevertheless, new high-grade gold
intercepts of 1.25 oz/ton gold over 6.6 feet (42.9 g/t gold over 2.0 metres)
and 3.60 oz/ton gold over 3.3 feet (123.5 g/t gold over 1.0 metre) were
returned (see Table 1) extending high-grade gold intercepts to a 700-metre
strike length (see Figures 1 and 2 for new assay locations). Also of note is a
new deep intercept of lower grade gold mineralization at a depth of 4,715 feet
(1437 metres) below surface, some 1,050 feet (320 metres) deeper than the
previous deepest intercept. The new intercept grades 0.10 oz/ton gold over
16.4 feet (3.3 g/t gold over 5.0 metre) and suggests high potential for
additional gold mineralization to depth. To this end Rubicon is currently
drilling two deep master holes to a depth of approximately 1600 metres below
surface in Areas 7 and 8 (see Figure 2). These holes will test the core of the
F2 Zone at depth and will be used to wedge off to test shallower levels.

    Objectives of Ongoing Drilling

    Figure 2 shows the distribution of known gold intercepts within the
larger F2 Zone target area (1000 metres x 1800 metres) which is divided into
nine target areas. To date, significant drilling (30,192 metres) has been
carried out in one of the nine areas (Area 1) which extends from surface to
approximately 550 metres below surface. The intent of the ongoing 80,000 metre
drill program, referred to as the '9X program', is to better understand the
size of the system and to systematically test an additional eight target areas
where wide-spaced high-grade intercepts have been intersected to date as
further drilling is clearly warranted.

                           Table 1: Assay Results
               Depth to Centre of     Gold                 Gold
    Hole          Intercept (m)      (g/t)     Metres     (oz/t)       Feet
    F2-62B            95              14.2       1.0       0.41         3.3
    F2-62B           190               4.0       3.0       0.12         9.8
    F2-63B            85              14.0       1.0       0.41         3.3
    F2-63B           381             123.5       1.0       3.60         3.3
    F2-64            180              42.9       2.0       1.25         6.6
     incl            181              78.9       1.0       2.30         3.3
    F2-64           1437               3.3       5.0       0.10        16.4
    All reported gold grades are uncut.
    Reported assay results satisfy the following cut-off criteria:
    greater than 10.0 gram gold x metre product and greater than 3.0 g/t gold

    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 23.8%
of the issued shares of the Company.

    "David W. Adamson"
    President & CEO

    Please visit: to view
    Figure 1: 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 are supervised by
Terry Bursey, P.Geo. the project Qualified Person under the definition of NI

    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 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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