- 11.41 oz/ton over 1.6 feet (391.3 g/t over 0.5 metres) at a vertical depth of 3,612 feet (1101 metres) below surface - - New intercepts are 778 feet (237 metres) vertically below the deepest reported intercept -

TORONTO, Oct. 30 /PRNewswire-FirstCall/ -- Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is pleased to announce new results from the F2 Zone, part of the 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario. Previous drilling has identified significant zones of gold mineralization including bonanza and high-grade gold intercepts (see news releases dated March 12, 2008 through October 21, 2008).

Hole F2-35 in which Rubicon recently announced an intercept of 1.22 oz/ton over 7.1 feet (41.9 g/t gold over 2.2 metres) (see October 21, 2008 news release) has intersected further gold mineralization 778 feet (237 metres below the deepest intercept previously reported at the F2 Zone). The interval contains a bonanza grade section of 11.41 oz/ton over 1.6 feet (391.3 g/t over 0.5 metre) at a vertical depth of 3612.2 feet (1101 metres) below surface plus a separate section grading 0.41 oz/ton over 4.3 feet (14.2 g/t over 1.3 metres including 1.01 oz/ton over 1.6 feet (34.6 g/t over 0.5 metres) at a vertical depth of 3664.7 feet (1117 metres) below surface. The latest intercepts are shown on Figure 1 (labeled as points 89 and 90, respectively) and a complete tabulation of results is listed in Table 1, attached to this release. This interval is developed within a 125 foot (38.1 metres) sulphide-rich section of which the remaining assays are pending.

The intercept is considered significant because:

1) It extends the vertical envelope of mineralization by a further 778 feet (237 metres) at the F2 zone to 1181 feet laterally by 3363 feet vertically (360 by 1025 metres respectively).

2) It confirms the presence of high grade gold to depth.

3) It suggests that multiple mineralized zones continue to depth.

"Our geological interpretation suggests the presence of multiple, sub-parallel gold zones at F2 and these latest deep intercepts indicate the system continues to depth. The limits of the F2 system are not known and drilling is continuing to further expand the system," stated David Adamson, President and CEO.

As stated in previous news releases, additional drilling is required to better understand the distribution of gold mineralization in three dimensions. Management believes this is best accomplished by drilling from underground utilizing the nearby shaft and workings situated approximately 450 metres from the core of the F2 Zone. The Company is in the permitting process to allow previously announced shaft dewatering and rehabilitation to commence during Q4 as planned, barring any unforeseen circumstances.

Rubicon Minerals Corporation is an exploration company with approximately $16.2 million in cash, 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 camp of Ontario which hosts Goldcorp's high-grade, world class Red Lake Mine. In addition to its Red Lake holdings, Rubicon controls over 500,000 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 31% of the company.

Table 1: F2 Zone Gold Assay Results ------------------------------------... Location ID Hole Number Gold (g/t) Metres Gold (oz/ton) Feet ------------------------------------... 1 F2-10 19.5 1.0 0.57 3.3 ------------------------------------... 2 F2-10 68.4 0.6 2.00 2.0 ------------------------------------... 3 F2-12 20.8 0.5 0.61 1.6 ------------------------------------... 4 F2-01 8.4 4.5 0.25 14.8 ------------------------------------... 5 F2-02 5.4 10.3 0.16 33.8 ------------------------------------... 5 Incl. 12.1 3.3 0.35 10.8 ------------------------------------... 6 F2-22* 29.6 0.5 0.86 1.6 ------------------------------------... 7 F2-06 49.0 0.8 1.43 2.5 ------------------------------------... 8 F2-10 43.0 1.0 1.25 3.3 ------------------------------------... 9 F2-04 21.5 0.5 0.63 1.6 ------------------------------------... 10 F2-21 9.1 8.6 0.27 28.2 ------------------------------------... 10 Incl. 97.9 0.5 2.85 1.6 ------------------------------------... 10 Incl. 11.6 0.5 0.34 1.6 ------------------------------------... 11 F2-08 4.2 24.0 0.12 78.7 ------------------------------------... 11 Incl. 15.8 2.0 0.46 6.6 ------------------------------------... 11 Incl. 24.8 1.0 0.72 3.3 ------------------------------------... 12 F2-21 64.2 0.5 1.87 1.6 ------------------------------------... 13 F2-21 18.9 1.0 0.55 3.3 ------------------------------------... 14 F2-22* 5.6 50.7 0.16 166.3 ------------------------------------... 14 Incl. 12.4 0.5 0.36 1.6 ------------------------------------... 14 Incl. 106.4 0.5 3.10 1.6 ------------------------------------... 14 Incl. 16.0 0.5 0.47 1.6 ------------------------------------... 14 Incl. 13.4 1.0 0.39 3.3 ------------------------------------... 14 Incl. 32.9 1.0 0.96 3.3 ------------------------------------... 14 Incl. 12.2 2.0 0.36 6.6 ------------------------------------... 15 F2-02 22.9 1.0 0.67 3.3 ------------------------------------... 16 F2-07 19.6 1.0 0.57 3.3 ------------------------------------... 17 F2-07 73.2 3.0 2.14 9.8 ------------------------------------... 18 F2-03 283.2 1.0 8.26 3.3 ------------------------------------... 19 F2-12 4.3 4.0 0.13 13.1 ------------------------------------... 20 F2-01 6.8 11.0 0.20 36.1 ------------------------------------... 20 Incl. 61.5 1.0 1.79 3.3 ------------------------------------... 21 F2-10 13.9 3.0 0.41 9.8 ------------------------------------... 22 F2-10 29.4 1.0 0.86 3.3 ------------------------------------... 23 F2-10 17.7 2.0 0.52 6.6 ------------------------------------... 24 F2-21 17.0 2.5 0.50 8.2 ------------------------------------... 24 Incl. 41.4 1.0 1.21 3.3 ------------------------------------... 25 F2-21 10.3 1.0 0.30 3.3 ------------------------------------... 26 F2-08 42.4 11.0 1.24 36.1 ------------------------------------... 27 F2-06 20.0 0.5 0.58 1.6 ------------------------------------... 28 F2-11 20.2 0.5 0.59 1.6 ------------------------------------... 29 F2-02 36.0 1.0 1.05 3.3 ------------------------------------... 30 F2-07 15.1 1.0 0.44 3.3 ------------------------------------... 31 F2-07 11.1 0.5 0.32 1.6 ------------------------------------... 32 F2-22 17.1 0.5 0.50 1.6 ------------------------------------... 33 F2-21 5.2 6.0 0.15 19.7 ------------------------------------... 33 Incl. 35.8 0.5 1.04 1.6 ------------------------------------... 34 F2-04 13.9 2.0 0.41 6.6 ------------------------------------... 34 Incl. 22.4 1.0 0.65 3.3 ------------------------------------... 35 F2-07 3.5 16.0 0.10 52.5 ------------------------------------... 35 Incl. 23.0 0.5 0.67 1.6 ------------------------------------... 35 Incl. 18.8 0.5 0.55 1.6 ------------------------------------... 36 F2-07 16.0 7.0 0.47 23.0 ------------------------------------... 36 Incl. 25.6 1.5 0.75 4.9 ------------------------------------... 36 Incl. 22.2 3.0 0.65 9.8 ------------------------------------... 37 F2-10 8.3 30.0 0.24 98.4 ------------------------------------... 37 Incl. 48.2 0.5 1.41 1.6 ------------------------------------... 37 Incl. 216.1 0.5 6.30 1.6 ------------------------------------... 38 F2-09 10.0 3.5 0.29 11.5 ------------------------------------... 38 Incl. 53.1 0.5 1.55 1.6 ------------------------------------... 39 F2-06 4.9 8.5 0.14 27.9 ------------------------------------... 39 Incl. 10.7 1.0 0.31 3.3 ------------------------------------... 40 F2-21 14.2 1.5 0.41 4.9 ------------------------------------... 40 Incl. 19.6 1.0 0.57 3.3 ------------------------------------... 41 F2-07 24.4 17.0 0.71 55.8 ------------------------------------... 41 Incl. 36.5 8.0 1.06 26.2 ------------------------------------... 42 F2-11 3.0 12.1 0.09 39.7 ------------------------------------... 43 F2-11 25.7 1.6 0.75 5.2 ------------------------------------... 43 Incl. 40.3 1.0 1.18 3.3 ------------------------------------... 44 F2-10 56.5 0.5 1.65 1.6 ------------------------------------... 45 F2-10 20.2 0.5 0.59 1.6 ------------------------------------... 46 F2-10 77.8 0.5 2.27 1.6 ------------------------------------... 47 F2-09 28.7 15.5 0.84 50.9 ------------------------------------... 47 Incl. 52.6 7.4 1.53 24.3 ------------------------------------... 48 F2-17 3.1 6.8 0.09 22.3 ------------------------------------... 49 F2-06 15.4 1.0 0.45 3.3 ------------------------------------... 50 F2-22 21.6 3.0 0.63 9.8 ------------------------------------... 50 Incl. 53.3 1.0 1.55 3.3 ------------------------------------... 50 Incl. 11.3 1.0 0.33 3.3 ------------------------------------... 51 F2-21 6.1 5.0 0.18 16.4 ------------------------------------... 52 F2-21 13.1 0.5 0.38 1.6 ------------------------------------... 53 F2-15 3.4 9.0 0.10 29.5 ------------------------------------... 54 F2-21 10.2 2.6 0.30 8.5 ------------------------------------... 54 Incl. 33.7 0.6 0.98 2.0 ------------------------------------... 55 F2-21 13.8 2.7 0.40 8.7 ------------------------------------... 56 F2-04 7.3 3.0 0.21 9.8 ------------------------------------... 57 F2-05 12.1 2.0 0.35 6.6 ------------------------------------... 57 Incl. 36.1 0.5 1.05 1.6 ------------------------------------... 58 F2-25 13.8 2.0 0.40 6.6 ------------------------------------... 59 F2-15-W1 11.4 1.0 0.33 3.3 ------------------------------------... 60 F2-05 6.0 17.0 0.18 55.8 ------------------------------------... 60 Incl. 42.6 0.5 1.24 1.6 ------------------------------------... 60 Incl. 14.5 0.5 0.42 1.6 ------------------------------------... 60 Incl. 15.8 1.0 0.46 3.3 ------------------------------------... 61 F2-14-W1 2.5 7.0 0.07 23.0 ------------------------------------... 62 F2-14-W1 5.7 4.0 0.17 13.1 ------------------------------------... 63 F2-25 17.1 1.0 0.50 3.3 ------------------------------------... 64 F2-24 9.2 7.4 0.27 24.3 ------------------------------------... 64 Incl. 16.2 0.6 0.47 2.0 ------------------------------------... 64 Incl. 31.6 1.0 0.92 3.3 ------------------------------------... 65 F2-16 3.0 16.1 0.09 52.8 ------------------------------------... 66 F2-16 3.7 3.2 0.11 10.5 ------------------------------------... 67 F2-19 58.8 2.1 1.72 6.9 ------------------------------------... 67 Incl. 240.4 0.5 7.01 1.6 ------------------------------------... 68 F2-05 7.6 2.0 0.22 6.6 ------------------------------------... 68 Incl. 14.2 1.0 0.41 3.3 ------------------------------------... 69 F2-25 6.4 5.0 0.19 16.4 ------------------------------------... 69 Incl. 13.5 2.0 0.39 6.6 ------------------------------------... 70 F2-25 21.4 1.0 0.62 3.3 ------------------------------------... 71 F2-17-W3 70.4 0.5 2.05 1.6 ------------------------------------... 72 F2-17 62.0 1.0 1.81 3.3 ------------------------------------... 72 Incl. 117.7 0.5 3.43 1.6 ------------------------------------... 73 F2-19 361.7 1.8 10.55 5.9 ------------------------------------... 73 Incl. 811.4 0.8 23.67 2.6 ------------------------------------... 74 F2-29 891.1 2.0 25.99 6.6 ------------------------------------... 75 F2-14 6.9 7.0 0.20 23.0 ------------------------------------... 75 Incl. 15.2 2.0 0.44 6.6 ------------------------------------... 76 F2-14 26.4 0.9 0.77 2.8 ------------------------------------... 77 F2-15-W1 7.5 3.7 0.22 12.1 ------------------------------------... 77 Incl. 17.6 1.3 0.51 4.3 ------------------------------------... 78 F2-15-W1 19.1 1.0 0.56 3.3 ------------------------------------... 79 F2-29 109.8 0.5 3.20 1.6 ------------------------------------... 80 F2-29 3.7 8.0 0.11 26.2 ------------------------------------... 80 Incl. 22.6 1.0 0.66 3.3 ------------------------------------... 81 F2-29 8.1 2.0 0.24 6.6 ------------------------------------... 82 F2-29 13.9 1.2 0.40 3.9 ------------------------------------... 83 F2-24 4.4 7.0 0.13 23.0 ------------------------------------... 83 Incl. 22.9 1.0 0.67 3.3 ------------------------------------... 84 F2-20 12.6 1.0 0.37 3.3 ------------------------------------... 85 F2-20 7.4 4.0 0.21 13.1 ------------------------------------... 85 Incl. 12.0 2.0 0.35 6.6 ------------------------------------... 86 F2-29 5.1 5.3 0.15 17.4 ------------------------------------... 86 Incl. 10.5 1.0 0.31 3.3 ------------------------------------... 87 F2-29 4.1 16.2 0.12 53.0 ------------------------------------... 87 Incl. 10.4 2.2 0.30 7.2 ------------------------------------... 88 F2-35 41.9 2.2 1.22 7.1 ------------------------------------... 88 Incl. 69.8 1.0 2.04 3.3 ------------------------------------... 89 F2-35* 391.3 0.5 11.41 1.6 ------------------------------------... 90 F2-35* 14.2 1.3 0.41 4.3 ------------------------------------... * New gold assays received (assays pending for portions of the hole)

Please visit http://files.newswire.ca/617/Figure_... to view Figure 1: Composite Cross Section Looking NE.

RUBICON MINERALS CORPORATION "David W. Adamson" President & CEO

Assays were conducted on sawn NQ-sized half core sections. Further drilling is required before the true widths of reported intercepts