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Rubicon Minerals Provides Update on Phoenix Gold Project, Ontario

Rubicon Minerals Corporation (RMX:TSX / RBY:NYSE-AMEX) has provided an update of the latest exploration diamond drill results from the 9X target area at its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario.

On October 12, 2010, Rubicon announced the initiation of a 27,000 metre underground delineation drill program on part of the Core Zone, within the F2 Gold System and its plans to carry out approximately 40,000 metres of exploration drilling in the larger F2 Gold System. Going forward Rubicon plans to batch release results from delineation and exploration drilling separately. The results below pertain to exploration drilling carried out prior to the commencement of the delineation drill program.

New deep zone emerging within and south of target area 8 - extends strike length of the F2 Gold System by 165 metres:

Hole F2-108-W1, drilled south of the 9X target area, intersected 66.71 oz/ton gold over 2.1 feet (2287.1 g/t gold over 0.6 metres) at a vertical depth of 4,219 feet (1,286 metres). This wedge hole was drilled off parent hole F2-108 that intersected 4.46 oz/ton gold over 1.6 feet (152.9 g/t gold over 0.5 metres) at a vertical depth of 4,088 feet (1,246 metres). Regional exploration drill hole PR-10-18, drilled further south of the F2 Gold System, intersected 3.00 oz/ton gold over 2.0 feet (102.7 g/t gold over 0.6 metres) at a vertical depth of 823 feet (251 metres) and 0.12 oz/t gold over 18.0 feet including 0.66 oz/t gold over 1.6 feet (4.1 g/t gold over 5.5 metres including 22.6 g/t gold over 0.5 metres) at a vertical depth of 2,533 feet (772 metres).

Also within 9X target area 8, wedge hole F2-100A-W2 intersected 1.02 oz/ton over 3.3 feet (35.0 g/t gold over 1.0 metres) at a vertical depth of 4,199 feet (1,280 metres) and drill hole 122-73 intersected 6.64 oz/ton gold over 1.6 feet (227.5 g/t gold over 0.5 metres) at a vertical depth of 4,199 feet (1,280 metres). Taken together with previously released drill holes 305-06 (0.54 oz/ton gold over 14.8 feet (18.6 g/t gold over 4.5 metres)) and F2-100A (22.0 oz/ton gold over 1.6 feet (754.2 g/t gold over 0.5 metres)) results to date indicate multiple sub-parallel zones of gold mineralization are present at depth and that a deep zone of mineralization within 9X target area 8 is both filling in and expanding to the south. Currently, the strike length of this deep zone is approximately 165 metres and it remains open both vertically and along strike.

"The extension of the F2 Gold System by 165 metres to the south and beyond the limits of the current 9X target area opens up a large new area for potential further discoveries. The gold-bearing host rocks in the southern area closely resemble other parts of the F2 Gold System where more detailed drilling has taken place," stated David Adamson, President and CEO.

122-40 Zone expanding:

Drill hole F2-105 intersected 2.17 oz/ton gold over 1.6 feet (74.3 g/t gold over 0.5 metres), part of a broader zone grading 0.25 oz/ton gold over 22.3 feet (8.6 g/t gold over 6.8 metres). F2-105 extends the limits of the 122-40 zone, to the south by 30 metres to approximately 260 metres in strike length and 358 metres in vertical extent. The zone remains open in all directions (See Figures 1, 2 and 3).

West Limb and HW Zones filling in:

Drill hole 305-28 intersected multiple intervals of gold mineralization, including 3.29 oz/ton gold over 3.3 feet (112.7 g/t gold over 1.0 metres) and 2.18 oz/ton gold over 1.6 feet (74.6 g/t gold over 0.5 metres) part of a broader zone grading 0.55 oz/ton gold over 8.2 feet (18.9 g/t gold over 2.5 metres) and further fills in the West Limb Zone, located northwest of the F2 Core Zone, within target area 1 (Figure 1 and 3). The West Limb zone continues to return high-grade intercepts and further drilling is planned to test this area. Other significant intercepts in the West Limb Zone include; 305-15 which returned 0.42 oz/ton gold over 11.5 feet (14.4 g/t gold over 3.5 metres), and 305-28 which returned 0.55 ounces per ton gold over 8.2 feet (18.9 g/t gold over 2.2 metres).

Drill hole 122-74 intersected 1.51 oz/ton gold over 1.6 feet (51.6 g/t gold over 0.5 metres) and drill hole 122-71 intersected 1.29 oz/t gold over 3.3 feet (44.1 g/t gold over 1.0 metres), both interpreted to be associated the HW Zone. The HW Zone has returned multiple high-grade gold intercepts to date and additional drilling is planned to further test this Zone.

F2 Core Zone

Drill hole 305-15 tested the F2 Core Zone. It returned a broad intercept grading 0.19 ounces per ton gold over 47.9 feet (6.5 g/t gold over 14.6 metres) including 0.64 ounces per ton gold over 5.6 feet (21.8 g/t gold over 1.7 metres). Since this drill hole was drilled close to horizontal, these intercepts represent approximate horizontal thicknesses.

Source: Rubicon Minerals Corporation

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