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Rubicon Minerals Provides Drilling Update For F2 Gold System, Phoenix Gold Project, Red Lake, Ontario

Rubicon Minerals Corporation (TSX:RMX | NYSE-MKT:RBY) is pleased to provide an update of exploration activities conducted at its 100%-owned F2 Gold System, Phoenix Gold Project, located in the heart of the prolific Red Lake gold district.

Following the successful completion of its underground infill drilling programs, underground drilling has been halted to allow shaft sinking to the 610 metre level to continue at a faster pace and without interruption. This release summarizes assays from these successful underground infill drilling campaigns. Surface drilling, primarily targeting expansions to the existing gold deposit, is ongoing and results to date are also included in this release.

The latest drill results are tabulated in Table 1 along with a plan and section depicting these results in Figures 1 and 2.  Final results for all infill drilling are presented in Table 2 and Sub 1,200 metre target area results are summarized in Table 3.

Drilling Highlights

West Limb Basalt 2 (WLB2)

Final results from winter drilling on the WLB2 Zone are presented in Tables 1 and 2.  Continued infill and down dip expansion drilling of the WLB2 Zone (Table 1) has increased the confidence in the interpretation and continuity of developed mineralization in this zone. The latest WLB2 highlights include: 198.6 g/t gold over 1.0 metre (5.79 oz/ton gold over 3.3 feet) in hole 305-03-172, 55.8 g/t gold over 2.0 metres (1.63 oz/t gold over 6.6 feet) in hole 305-03-173 and 18.9 g/t gold over 5.0 metres (0.55 oz/t gold over 16.4 feet) in hole 305-03-176.

Based on all results to date (Table 2), the WLB2 Zone is currently developed between the crown pillar and 750 metres below surface and over an interpreted strike length of 580 metres.

122-10 Zone

New results continue to expand and infill mineralization in the 122-10 Zone (Table 1): 15.8 g/t gold over 2.9 metres (0.46 oz/ton gold over 9.5 feet) in hole 305-03-172, part of a broader intercept grading 5.3 g/t gold over 11.9 metres (0.15 oz/ton gold over 39.0 feet) intersected between vertical depths of 952 to 963 metres below surface. The 122-10 Zone is interpreted as the down plunge extension to the south of the Core Zone and is a prime target for continued exploration and future infill drilling. Complete results from the 122-10 drilling are provided in Table 2.

Sub 1,200 metre Area

Drilling in this area is designed to infill and potentially extend previously intersected gold mineralization. A conservative approach was used by AMC Mining Consultants (Canada) Inc. in the Preliminary Economic Assessment of August 8, 2011 ("PEA")1 where they elected in the proposed mine plan, to apply the average diluted resource grade to the bottom five mining horizons (bottom 305 metres of the resource). Rubicon is carrying out selective drilling in this area to test whether the existing area may support an elevated resource grade with more drilling. New results from this area include: 18.8g/t gold over 2.7 metres (0.55 oz/ton gold over 8.9 feet) in drill hole F2-2012-06A-W1. Results to date and all historical results in the sub 1200 metre area are provided in Table 3.  Taken as a whole, these results continue to demonstrate good geological continuity and gold grades. Rubicon plans to complete additional holes in this target area.

"We are pleased with the latest results which, when combined with previously released infill drilling results, justify our decision to temporarily halt underground drilling to facilitate shaft sinking to the 610 metre level at a faster pace without interruption. Also, as part of our ongoing optimization of the PEA1, we are evaluating the cost/benefit of extending the shaft beyond its currently envisaged 610 metres to better facilitate drill access to the sub 1,200 metre target area." stated Mike Lalonde, President and COO.

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an exploration and development company, focused on exploring and developing high margin gold deposits in politically safe jurisdictions such as its high-grade gold discovery at its Phoenix Gold Project in Red Lake, Ontario. Rubicon is well funded and its flagship Phoenix Gold Project is fully permitted to potential production.  In addition, Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district which hosts Goldcorp's high-grade, world class Red Lake Mine.  Rubicon's shares are listed on the NYSE.MKT (RBY) and the TSX (RMX) Exchanges. Rubicon's shares are included in the S&P/TSX Composite Index and Van Eck's Junior Gold Miners ETF.

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