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Rubicon to Prepare Initial NI 43-101 Resource Estimate for the F2 Gold System, Red Lake, Ontario

TORONTO, Nov. 2 /CNW/ – Rubicon Minerals Corporation (RMX:TSX: | RBY:NYSE-AMEX) is pleased to announce that, pursuant to the recommendations in its recent NI 43 – 101 technical report filed on September 27, 2010, it has retained Geoex Limited. (“Geoex”) to prepare an initial NI 43-101 resource estimate for its F2 Gold System, part of its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold Camp. The resource estimate is expected to be completed on or before the end of November, 2010 and will be based on 161,000 metres of diamond drilling conducted up to July 31, 2010. Accordingly, it will not include approximately 29,000 metres of drilling completed since that date (total of 190,000m drilled to date).

The initial resource estimate is expected to focus on the Company’s F2 Gold System ’9X’ target area as well as outlining an estimate of exploration target potential within the area of the F2 Gold System.

Geoex has over 40 years experience in similar gold systems including a recent NI 43-101 resource report on the Rice Lake belt assets of San Gold Resources. Geoex also has relevant experience in Red Lake and was retained by Gold Eagle Mines Ltd. in 2008 to prepare an estimate of the geological potential of the Bruce Channel gold deposit. Gold Eagle Mines Ltd. was subsequently acquired by Goldcorp Inc. in late 2008.

“Since discovering the F2 Gold System in 2008, our approach has been to aggressively explore in order to test what we believe to be a large gold mineralizing system. This initial resource will allow us to evaluate the success of that program in areas where sufficient drilling has being carried out and also to assess further gold potential of other parts of the F2 Gold System. Our underground development is advancing on schedule, and our first cross cut is in progress, guided by ongoing delineation drilling.” stated David Adamson, President and CEO.

Rubicon Minerals Corporation (“Rubicon”) is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Gold project in Red Lake, Ontario. 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 Gold Mine. In addition to its Red Lake holdings, Rubicon also controls over 380,000 acres surrounding the Pogo Mine in Alaska as well as 225,000 acres in northeast Nevada.

“David W. Adamson”
President & CEO

Source: Company website

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