Rubicon Receives Permits to Commence Phoenix Shaft Dewatering and Rehabilitation; Closure Plan Filed for Underground Advanced Exploration Program - Phoenix Gold Project, Red Lake, Ontario

    -  work scheduled to commence week of February 2, 2009  -

    RMX.TSX / RBY.NYSE Alternext US

    TORONTO, Feb. 2 /CNW/ - Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE
Alternext US) is pleased to announce that it has received all of the necessary
permits and has provided notice to required government agencies that it will
commence dewatering and subsequent rehabilitation of the Phoenix shaft
(collectively referred to as Phase I work) during the week of February 2,
2009. It is estimated that Phase I dewatering and rehabilitation will take
approximately 40 days to complete. Work is being carried out by J.P.Whelan
Mining Contractors of Kirkland Lake, Ontario.
    In addition, Rubicon has submitted its Closure Plan to the Government of
Ontario. Subject to approval of the Closure Plan, Rubicon plans to commence
work to extend the existing three compartment shaft by approximately 200
metres and drift approximately 200 metres toward the F2 Gold Zone to be in
position to continue drilling the zone from underground. The F2 Gold Zone lies
approximately 450 metres to the southeast of the existing shaft (see for further information).
    "This is an important milestone for the Company. We are taking a key step
to allow us to more effectively explore and possibly develop the F2 Gold Zone.
Having existing infrastructure at surface provides us with an important
advantage compared to many other advanced exploration projects. Drilling from
underground is more effective and cheaper than drilling from surface and puts
us in a position to rapidly advance toward development should underground
drilling confirm and extend our positive, existing drill intercepts. We
commend the Ministry of Northern Development and Mines as lead agency, for
their role in co-coordinating our permit request," stated David Adamson,
President and CEO.
    The F2 Zone is best known in the core area where 35 drill holes have
documented several, sub-parallel gold zones extending to a depth of 1101
metres below surface. As well, wide-spaced step out drilling has shown that
the overall mineralized envelope extends 580 metres laterally to both the
northeast and southwest and remains open in all directions.

    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.

    "David W. Adamson"
    President & CEO

    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 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.
    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. 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.
    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:,; Rubicon Minerals Corporation, Suite 1540-800 West
Pender Street, Vancouver BC, CANADA, V6C 2V6

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