Rubicon drills 19.7 ft of 0.19 opt Au at Phoenix

2009-01-19 09:35 ET - News Release

Mr. Bill Cavalluzzo reports

RUBICON INTERSECTS NEW BROAD GOLD ZONE 220 METRES SOUTHWEST OF F2 GOLD ZONE

Rubicon Minerals Corp. has provided new results of step-out drilling at the 100-per-cent-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

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         Hole     Depth to centre      Gold              Gold
        Number    of intercept (m)    (g/t)    Metres   (Oz/t)     Feet
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        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
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        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.

We seek Safe Harbor.