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Press Release: High-grade gold intercepts continue at Rubicon’s F2 Core Zone, Red Lake, Ontario

    <<
        - 0.54 oz/ton gold over 14.8 feet plus 22.0 oz/ton gold over 1.6 feet
                     at 4331 to 4580 feet below surface -
     - drift to F2 Core Zone reaches halfway point - on schedule to reach
                           target in October 2010 -
    >>

VANCOUVER, Aug. 18 /CNW/ – Rubicon Minerals Corporation (RMX:TSX: / RBY:NYSE-AMEX) is pleased to provide an update of the latest diamond drill results at its 100% owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. All new drill results are shown in Table 1 and Figures 1 and 2. Emerging gold zone outlines of the F2 Gold System are shown in Figure 3.

Deep drilling in target area 8 confirms gold mineralizing system continues to depth

Recent drilling of deep target area 8 from both underground and surface has returned positive gold results in the southwestern part of the F2 Gold System at depth (Figure 1 and 2). Underground drill hole 305-06 intersected 0.54 oz/ton gold over 14.8 feet (18.6 g/t gold over 4.5 metres), and is part of a wider intercept grading 0.32 oz/ton gold over 29.5 feet (10.9 g/t gold over 9.0 metres) at a vertical depth of 4580 feet (1396 metres) below surface. Surface holes F2-100A and F2-100A-W1, testing target areas 5 and 8 intersected multiple gold zones including a bonanza hit of 22.0 oz/ton gold over 1.6 feet (754.2 g/t gold over 0.5 metres) at a vertical depth of 4331 feet (1320 metres) below surface in drill hole F2-100A and 4.16 oz/t gold over 1.6 feet (142.6 g/t gold over 0.5m) within a broader zone grading 0.27 oz/t gold over 31.5 feet (9.2 g/t gold over 9.6 metres) at a vertical depth of 3563 feet (1086 metres) below surface in drill hole F2-100A-W1 (Table 1 and Figure 2).

These results begin to fill in the deep target areas and demonstrate that the robust F2 Gold System, as documented by over 492,000 feet (150,000 metres) of drilling to date, continues to depth.

Drilling in target area 5 expands the 122-10 Zone to depth

The F2 Gold System is comprised of several zones identified to date: the F2 Core Zone, the Crown Zone, the 102 Zone in the Northern Extension Area, the Hanging Wall Zone, the 122-40 Zone and the 122-10 Zone (Figure 3). Drill hole 122-67 was designed to test approximately 820 feet (250 metres) below the 122-10 Zone (named after the discovery hole announced September 14, 2009 that intersected 0.40 oz/ton gold over 147.3 feet (13.7 g/t gold over 44.9 metres) including a higher grade section of 0.83 oz/t gold over 59.0 feet (28.4 g/t gold over 18.0 metres)). Drill hole 122-67 intersected 0.48 oz/ton gold over 16.7 feet (16.3 g/t gold over 5.1 metres) including 1.16 oz/t gold over 3.3 feet (39.9 g/t gold over 1.0 metres) at a vertical depth of 3087 feet (941 metres) below surface (Table 1 and Figures 1 and 2) and further extends the 122-10 Zone to depth.

Underground drift on the 305 metre level at halfway point – on target to reach F2 Core Zone in October

The 305 metre level drift (1001 feet) is designed to provide access for both definition drilling and bulk sampling of the F2 Core Zone. As of July 31, the drift reached the halfway point and is on schedule to access the F2 Core Zone by October 2010. A new drill station was set-up at the halfway point and three drills are now turning on the 305 metre level. This latest drill station allows for more cost-efficient drilling due to its closer proximity to the gold bearing zones discovered to date in the central F2 Gold System. Upon completion of the drift in October, Rubicon plans to establish a cross drift and up to four drill stations to be used for the definition drilling of the F2 Core Zone.

Rubicon plans to commence in August, 2010 the excavation of a second egress (a second underground exit to surface) from the 305 metre level as this is a Provincial regulatory requirement to permit mining from underground. The Company has also secured an option to purchase a larger hoist than currently on site, to allow for the project’s potential mining capacity to be increased up to 2000 tonnes per day.

Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix project in Red Lake, Ontario. Rubicon controls over 65,000 acres (100 square miles) of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Mine. Rob McEwen, President and CEO of McEwen Capital and former Chairman and CEO of Goldcorp, owns 21.4% of the issued shares of the Company.

RUBICON MINERALS CORPORATION

“David W. Adamson”

President & CEO

    <<
                           Table 1: Assay Results
    -------------------------------------------------------------------------
    Hole     Depth to Centre  Gold       Width       Gold      Width     9X
              of Intercept    (g/t)       (m)       (oz/t)      (ft)   Target
                   (m)                                                  Area
    -------------------------------------------------------------------------
    F2-100        Anomalous - Auto-wedged and hole continued as F2-100A
    -------------------------------------------------------------------------
    F2-100A       1085         7.3        1.8        0.21        5.9       5
    -------------------------------------------------------------------------
    F2-100A       1129         3.1       14.0        0.09       45.9       5
    -------------------------------------------------------------------------
        Incl.     1127         6.8        5.0        0.20       16.4       5
    -------------------------------------------------------------------------
        Incl.     1129        17.4        1.0        0.51        3.3       5
    -------------------------------------------------------------------------
    F2-100A       1174         4.9        2.5        0.14        8.2       8
    -------------------------------------------------------------------------
    F2-100A       1276         4.6        8.0        0.13       26.2       8
    -------------------------------------------------------------------------
        Incl.     1275        15.1        1.0        0.44        3.3       8
    -------------------------------------------------------------------------
    And Incl.     1279        16.6        1.0        0.48        3.3       8
    -------------------------------------------------------------------------
    F2-100A       1320       754.2        0.5       22.00        1.6       8
    -------------------------------------------------------------------------
    F2-100A       1453        13.3        1.4        0.39        4.6       8
    -------------------------------------------------------------------------
    F2-100A-W1    1082         9.2        9.6        0.27       31.5       5
    -------------------------------------------------------------------------
        Incl.     1086       142.6        0.5        4.16        1.6       5
    -------------------------------------------------------------------------
    F2-100A-W1    1327         6.4        3.0        0.19        9.8       8
    -------------------------------------------------------------------------
    F2-102         515        24.8        1.0        0.72        3.3       4
    -------------------------------------------------------------------------
    F2-102         552         3.2        8.0        0.09       26.2       6
    -------------------------------------------------------------------------
        Incl.      555        11.9        1.0        0.35        3.3       6
    -------------------------------------------------------------------------
    F2-103          69       373.8        0.5       10.90        1.6       4
    -------------------------------------------------------------------------
    F2-103A        376        12.4        1.5        0.36        4.8       4
    -------------------------------------------------------------------------
    F2-103A        395         3.5        5.0        0.10       16.4       4
    -------------------------------------------------------------------------
    F2-103A        407        27.4        0.5        0.80        1.6       4
    -------------------------------------------------------------------------
    F2-103A        414         6.2        2.5        0.18        8.2       4
    -------------------------------------------------------------------------
    F2-104         486         3.2       12.4        0.09       40.7       4
    -------------------------------------------------------------------------
        Incl.      481         9.9        2.0        0.29        6.6       4
    -------------------------------------------------------------------------
    F2-104         582        40.0        1.0        1.17        3.3       6
    -------------------------------------------------------------------------
    122-67         824         3.0        6.0        0.09       19.7       5
    -------------------------------------------------------------------------
        Incl.      825        11.0        1.0        0.32        3.3       5
    -------------------------------------------------------------------------
    122-67         941        16.3        5.1        0.48       16.7       5
    -------------------------------------------------------------------------
        Incl.      940        21.8        3.6        0.64       12.0       5
    -------------------------------------------------------------------------
        Incl.      940        39.9        1.0        1.16        3.3       5
    -------------------------------------------------------------------------
    122-69         430        23.7        1.0        0.69        3.3       1
    -------------------------------------------------------------------------
    122-70         167       170.9        1.0        4.98        3.3       3
    -------------------------------------------------------------------------
    122-70         817        34.3        1.0        1.00        3.3       5
    -------------------------------------------------------------------------
    122-70         847         3.3        4.0        0.10       13.1       5
    -------------------------------------------------------------------------
    305-05         310         5.2        3.4        0.15       11.2       1
    -------------------------------------------------------------------------
        Incl.      310        11.6        1.2        0.34        3.9       1
    -------------------------------------------------------------------------
    305-05         311         3.1        7.5        0.09       24.6       1
    -------------------------------------------------------------------------
        Incl.      311        24.2        0.5        0.71        1.6       1
    -------------------------------------------------------------------------
    305-05-W1      310         3.9        6.0        0.11       19.7       1
    -------------------------------------------------------------------------
    305-05-W1      363         3.5        7.0        0.10       23.0       1
    -------------------------------------------------------------------------
        Incl.      362         6.0        3.0        0.18        9.8       1
    -------------------------------------------------------------------------
    305-05-W1      370         3.4        8.0        0.10       26.2       1
    -------------------------------------------------------------------------
    305-06        1398        10.9        9.0        0.32       29.5       8
    -------------------------------------------------------------------------
        Incl.     1396        18.6        4.5        0.54       14.8       8
    -------------------------------------------------------------------------
        Incl.     1394       104.7        0.5        3.05        1.6       8
    -------------------------------------------------------------------------
    305-10                           Anomalous
    -------------------------------------------------------------------------
    305-11         292         8.3        3.6        0.24       11.8       1
    -------------------------------------------------------------------------
        Incl.      292        25.7        1.1        0.75        3.6       1
    -------------------------------------------------------------------------
    Holes with the prefix '122' and '305' were drilled from underground.
    Assays are uncut. Reported results satisfy the following criteria:
    greater than 10.0 gram gold x metre product and greater than 3.0 g/t
    gold. Anomalous holes satisfy the following criteria: greater than 2.5
    gram gold x metre product and less than 10.0 gram gold x metre product
    and greater than 2 g/t gold. A complete listing of results to date for
    the F2 Zone is available at www.rubiconminerals.com.
    >>

To view Figure 1: F2 Gold System Plan Map, Figure 2: Composite Long Section Looking Northwest and 9X Target Outlines and Figure 3: F2 Gold System Plan Map with Emerging Outlines of Gold Zones, please visit: http://files.newswire.ca/617/rubiconfig123.pdf

Source: Company website

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