Rubicon Intersects New Broad Gold Zone 220 Metres Southwest of F2 Gold Zone

	    <<
	    - mineralized envelope expanded to 580 metres laterally by 1101 metres
	    vertically -
	    >>

	    VANCOUVER, Jan. 19 /CNW/ - Rubicon Minerals Corporation (RMX.TSX:
RBY.NYSE Alternext US) is pleased to announce new results of step-out drilling
at the 100%-controlled Phoenix Gold Project, located in the heart of the
prolific Red Lake gold district of Ontario. The Company is conducting drilling
at its F2 Zone which has returned significant high-grade and bonanza-grade
gold intercepts over an 1101 metre vertical range.

	    <<
	    F2-39 'Step-Out' Drilling
	    -------------------------
	    >>

	    On December 11, 2008 Rubicon reported a bonanza-grade gold intercept of
91.91 oz/ton gold over 1.6 feet (3151.1g/t gold over 0.5 metres) approximately
1020 feet (310 metres) southwest of the F2 core zone. This hole was
subsequently extended to test the southwestern extension of the F2 Zone gold
system at depth. Numerous broad gold zones were intersected between 765 metres
and 1075 metres down hole. Broad gold zones include 0.19 oz/ton gold over 19.7
feet (6.5 g/t gold over 6.0 metres), 0.26 oz/ton gold over 6.6 feet (9.1 g/t
gold over 2.0 metres), 0.11 oz/ton gold over 36.1 feet (3.9 g/t over 11.0
metres) with separate higher grade intervals of 1.03 oz/ton gold over 3.3 feet
(35.3 g/t gold over 1.0 metre) and 0.38 oz/ton gold over 3.3 feet (13.1 g/t
gold over 1.0 metre). Three additional follow-up drill holes are planned in
the F2-39 area, the first of which commenced on January 10, 2009. As well, a
second drill rig has commenced drilling to test new targets in the core F2
zone area. Complete results from F2-39 are tabulated below in Table 1:

	    <<
	                         Table 1: F2-39 assay results

	       -----------------------------------------------------------------
	         Hole     Depth to centre      Gold              Gold
	        Number    of intercept (m)    (g/t)    Metres   (Oz/t)     Feet
	       -----------------------------------------------------------------
	        F2-39*        119           3151.1     0.5    91.91       1.6
	       -----------------------------------------------------------------
	        F2-39           678             35.3     1.0     1.03       3.3
	       -----------------------------------------------------------------
	        F2-39           715              3.5     4.9     0.10      16.1
	       -----------------------------------------------------------------
	        F2-39           751              3.9    11.0     0.11      36.1
	       -----------------------------------------------------------------
	        F2-39           772              3.5     4.0     0.10      13.1
	       -----------------------------------------------------------------
	        F2-39           783              2.8     5.0     0.08      16.4
	       -----------------------------------------------------------------
	        F2-39           812              6.8     3.0     0.20       9.8
	       -----------------------------------------------------------------
	        Incl.           812              9.1     2.0     0.26       6.6
	       -----------------------------------------------------------------
	        F2-39           815              6.3     1.0     0.18       3.3
	       -----------------------------------------------------------------
	        F2-39           822              6.5     6.0     0.19      19.7
	       -----------------------------------------------------------------
	        Incl.           821              8.0     3.0     0.23       9.8
	       -----------------------------------------------------------------
	        And             824             13.1     1.0     0.38       3.3
	       -----------------------------------------------------------------
	        F2-39           959              5.2     2.0     0.15       6.6
	       -----------------------------------------------------------------
	        Incl.           959              9.3     1.0     0.27       3.3
	       -----------------------------------------------------------------
	       * previously released December 11, 2008

	    Hole F2-39 is considered significant because:

	    1)  The vertical extent of mineralization intersected by F2-39 is an
	        impressive 921 feet (281 metres). The broad gold zones observed in
	        the hole thus suggest the presence of a robust gold-mineralizing
	        system.

	    2)  The style of mineralization, host rocks and alteration observed in
	        F2-39 display close similarities to the discovery holes at the core
	        of the F2 Zone. Significant drilling to date in the core zone area
	        has documented multiple gold zones extending to at least 3600 feet
	        (1100 metres) below surface.

	    3)  It extends the known F2 system by 220 metres to the southwest. As a
	        result, as shown in Figure 1 attached to this release, significant
	        gold mineralization is now documented over a length of 1902 feet
	        (580 metres) and to a depth of 3612 feet (1101 metres).

	    4)  In common with other F2 Zone intercepts reported to date, the broad
	        gold zones in F2-39 are developed within an extensive Titan24
	        chargeability anomaly (see Figure 1).
	    >>

	    "Hole F2-39 confirms that the F2 gold system envelope continues to grow
and that it remains open in all directions. We are very encouraged that gold
is present over a wide vertical range in F2-39 and that observed features show
similarities to holes drilled in the core of the F2 Zone, where we have
drilled 35 holes. With the aggressive 120,000 foot 2009 drill program now
underway, we plan to focus on both the core F2 Zone as well as further testing
the limits of this large gold system." stated David Adamson, President and
CEO.
	    The Company wishes to also advise that it will be filing a new 43-101
technical report on www.sedar.com on or before January 23rd, 2009 which
incorporates results from its F2 zone drilling.

	    <<
	    Permitting update
	    -----------------
	    >>

	    Subsequent to the previous news release, Rubicon has addressed additional
elements related to certain permits as required by Government agencies.
Provided there are no additional unforeseen requests from permitting agencies,
the Company does not anticipate any adverse delay to the shaft dewatering
schedule and anticipates dewatering to commence in early February 2009. In
addition, the Company has submitted its Closure Plan to the Government of
Ontario. This Plan is required before Phase II underground development can
take place. Closure Plan approval and commencement of underground development
are anticipated to occur during the first half of 2009.

	    Rubicon Minerals Corporation is a well-funded exploration company,
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 district of Ontario which hosts
Goldcorp's high-grade, world class Red Lake Mine. In addition to its Red Lake
holdings, Rubicon controls over 380,000 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 29% of the
issued shares of the company.

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


	    Figure 1: Plan Map of F2 Gold Zone is available at