Rubicon Intersects Additional Gold Mineralization in F2 Zone Drilling Red Lake, Ontario

    - 121.7 g/t gold over one metre (3.5 oz/ton over 3.3 feet) and 25.7 g/t
    gold over 1.6 metres (0.75 oz/ton over 5.2 feet) -
    - broad zones include 6.9g/t over 7.0 metres -
    - scoping for underground exploration accelerated -


    TORONTO, June 16 /CNW/ - Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is
pleased to report further drill results from its new F2 Zone gold discovery at
the 100% controlled Phoenix Gold Project, located in the heart of the prolific
Red Lake gold district of Ontario.
    Previous drilling (see news releases dated May 5, 2008), has identified a
significant zone of mineralization (the F2 Zone) which includes high-grade
intercepts (e.g., 24.4 g/t gold over 17.0 metres including 36.5 g/t gold over
8.0 metres, 42.4 g/t gold over 11.0 metres, 28.7 g/t gold over 15.5 metres)
and extensive gold-bearing sulphide zones (e.g., 6.0 g/t gold over 17.0 metres
and 8.3 g/t gold over 30.0 metres). Subsequent drilling has been focused on
testing for extensions of both styles of mineralization beyond the core F2
    Ongoing drilling has successfully extended the mineralized envelope to
300 metres vertical by 120 metres strike length and is interpreted by Rubicon
to suggest that considerable potential exists to delineate new gold zones.
Significant new intercepts include 121.7 g/t gold over 1.0 metre (3.5 oz/ton
over 3.3 feet), 25.7g/t over 1.6 metres (0.75 oz/ton over 5.2 feet) and
thicker intercepts of sulphide-rich mineralization including 6.9 g/t gold over
7.0 metres (0.20 oz/ton gold over 30.0 feet), (See Table 1 for summary of
results and Figure 1 for a long section showing intercepts and projected TITAN
24 geophysical anomalies).
    Step out drilling demonstrates that the gold mineralizing environment is
present beyond the high grade core of the F2 zone. Importantly, mineralization
observed at the F2 Zone appears to be detected by TITAN 24 geophysical
surveys. These surveys suggest that a well developed and continuous anomaly
extends over 5,000 feet horizontally and up to 2,500 feet vertically (to the
depth limit of the system) beyond the current area of drilling. This large
anomaly is a high priority area for further drilling including ongoing
barge-mounted drilling.
    "We believe that the nature of gold systems at Red Lake and in the
Canadian shield in general, suggest that drilling from underground will be the
most effective and quickest way to advance exploration. The presence of our
existing shaft, close to the F2 Zone, provides us with a significant advantage
and opportunity to fast track exploration. By using TITAN 24, we are applying
a new technology that appears to detect known existing gold zones including
the F2 area itself. Our goal, through a combination of innovation and
underground drilling, is to unlock the depth potential of the Phoenix
project." stated David Adamson, President and CEO.

    Underground exploration program outline

    Underground access to the F2 Zone would be via the existing 142
metre-deep shaft that is located approximately 450 metres (horizontal
distance) from the F2 zone. A two-phase program is being evaluated. Phase One
would involve initial dewatering (estimated to take 30-40 days once commenced)
and re-commissioning of the shaft. A go-ahead decision on this is expected
before the end of July, 2008 and work would commence once the required permits
are in place. Phase Two would be an underground exploration program, involving
lateral drifting (excavation), drilling and a possible bulk sample of the F2
zone mineralization. This second phase is in the scoping stage and guidance on
this matter will be provided when additional details are known. The Company
will advise and consult with regional stakeholders to communicate its
exploration plans during the permitting process. It should be noted that the
purpose of conducting an underground exploration program is to more
effectively drill test the F2 Zone and that, at this time, no economically
mineable body of ore or resource has been defined.

    Additional TITAN 24 anomalies detected

    Following the discovery of the F2 Zone, TITAN 24 geophysical surveys were
completed over the entire four kilometre-long Phoenix project at a nominal
spacing of 100 metres. Results to date suggest that existing, near surface
gold-bearing zones on the property are detected by the survey including the F2
Zone itself (see Figure 2). In addition, TITAN 24 has detected numerous new
targets at depths ranging from 150 metres to 950 metres below surface that are
open at depth, thus considerably expanding exploration potential on the

    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 camp of Ontario which hosts Goldcorp's
high-grade, world class Red Lake Mine. In addition to its Red Lake holdings,
Rubicon also controls over 500,000 acres surrounding the Pogo Mine in Alaska
as well as 225,000 acres in northeast Nevada. Rob McEwen, President and CEO of
McEwen Capital, former Chairman and CEO of Goldcorp, owns 31% of the company.

    About TITAN 24

    Quantec's TITAN 24 system is an array based deep earth imaging system
that measures the parameters of resistivity (DC), chargeability (IP) and
magnetotelluric resistivity (MT). TITAN 24 measures to depths of 750 meters
with IP and can explore beyond 1.5 kilometers with MT data. The system is used
to obtain subsurface information associated with geologic structure and direct
detection of mineral deposits.

                                   TABLE 1

    Hole ID     Vertical depth       Gold       Metres      Gold        Feet
                    metres           g/t                   oz/ton
    F2-11            234             2.9         10.0       0.08        33.0
    Incl.            238             7.3          1.1       0.21         3.6
                     376             3.0         12.1       0.09        39.7
                     390            25.7          1.6       0.75         5.3
                     301             8.2          1.5       0.24         4.9
    F2-12            193             4.3          4.0       0.13        13.1
    F2-13            226             4.7          5.0       0.14        16.4
    F2-14            384             6.9          7.0       0.20        23.0
    Incl.            382            15.2          2.0       0.44         6.6
                     394            26.4          0.9       0.77         2.8
    F2-14-W1         451             5.7          4.0       0.17        12.8
                     469             2.5          7.0       0.07        23.0
    F2-17            297            62.0          1.0       1.81         3.3
    Incl.            297           117.7          0.5        3.4         1.6
                     326             8.6          2.0       0.25         6.6
                     456             3.1          6.8       0.09        22.3
    Step Out Drilling
    F2-15(*)         388             9.3          0.5       0.27         1.6
    F2-16            428             3.0         16.1       0.09        52.8
    Incl.            429             8.2          1.0       0.24         3.3
                     380            17.2          1.0       0.50         3.3
                     419             3.7          3.2       0.11        10.5
    F2-17-W1(*)      318             7.9           1        0.23         3.3
    F2-17-W3(*)      302            70.4          0.5       2.05        1.64
    F2-18       Assay Pending
    F2-19            377           121.7          1.0       3.5         3.3
    F2-20       Assays Pending
    Note: (*) denotes drill holes/wedges failed to reach target and were
    either terminated or abandoned

    To view Figure 1, Plan map of Phoenix Project with location of TITAN 24
section line, and Figure 2, TITAN 24 Chargeability Anomaly, please visit


    "David W. Adamson"
    President & CEO

    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. 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 future exploration programs and joint venture partner participation.
    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. 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, the
timing of the receipt of shareholder, regulatory and governmental approvals
for Rubicon's proposed transactions, the availability of financing for
Rubicon's proposed transactions and exploration and development programs on
reasonable terms 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 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,

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