Had to mention this Feb 11 News....

Hg

Rubicon drills 2.5 m of 173.7 g/t Au at Phoenix

2009-02-11 12:28 ET - News Release

Mr. David Adamson reports

RUBICON HITS NEW HIGH-GRADE GOLD NORTHEAST OF F2 ZONE, PHOENIX GOLD PROJECT, RED LAKE, ONTARIO

Rubicon Minerals Corp. has provided new results from continuing drilling at its 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 around the F2 gold zone from which significant high-grade and bonanza-grade gold intercepts have been reported laterally over 580 metres and to depths of up to 1,101 metres below surface (see news in Stockwatch on March 12, 2008, onward).

F2 zone northeast extension drilling

Drilling 80 to 200 metres northeast of the core F2 zone has intersected bonanza gold grades at shallow depths in a potential northeastern extension of the F2 zone.

New intercepts include

• 5.07 ounces per ton gold over 8.2 feet
• (173.7 grams per tonne (g/t) gold over 2.5 metres),
• 7.60 ounces per ton gold over 1.6 feet
• (260.5 g/t gold over 0.5 metre)
• and 1.25 ounces per ton gold over 1.6 feet
• (43.0 g/t gold over 0.5 metre).

High-grade, gold-bearing veins are observed within broad gold zones which include

• 0.15 ounce per ton gold over 157.4 feet
• (5.1 g/t gold over 48.0 metres) and
• 0.18 ounce per ton gold over 23.0 feet
• (6.2 g/t gold over 7.0 metres).

Notably, host rocks to the mineralization are altered basalts similar to those in the F2 Core zone. Results are provided in the table.

These new intercepts are significant because:

1. They confirm that the F2 system is developed about 200 metres northeast of the core F2 zone.
2. They are developed at shallow depths and suggest significant potential for additional mineralization at depth. In the core of the F2 zone, located to the southwest, gold mineralization occurs from surface to 1,101 metres below surface and remains open at depth.
3. They contain both bonanza-grade and extensive gold-bearing sulphide mineralization suggesting the gold system continues to be well developed in this area of new drilling.

Additional drilling is continuing to the northeast of the core F2 zone area.

F2 zone southwest extension drilling

New high-grade results immediately southwest of the core F2 zone include 3.49 ounces per ton gold over 1.6 feet (119.6 g/t gold over 0.5 metre). Farther to the southwest, Rubicon has previously reported significant new gold mineralization developed up to 380 metres to the southwest of the core F2 zone (see news in Stockwatch on Jan. 19, 2009). Two new drill holes in this area have returned high-grade intercepts within broader sulphide systems that continue to demonstrate high potential (see table).

Results include:

• 0.79 ounce per ton gold over 3.3 feet
• (26.9 g/t gold over 1.0 metre),
• 0.49 ounce per ton over 3.3 feet
• 16.7 g/t gold over 1.0 metre),
• 0.23 ounce per ton gold over 9.8 feet
• (8.0 g/t gold over 3.0 metres) and
• 0.20 ounce per ton gold over 11.5 feet
• (6.8 g/t gold over 3.5 metres).

Bonanza grade mineralization previously reported near the top of hole F2-39 (91.91 ounces per ton over 1.6 feet) may be related to gold-rich sections observed at the top of hole F2-40 (0.79 ounce per ton over 3.3 feet).

This could be significant because gold mineralization in this new area is spatially and structurally distinct from the main F2 mineralization in that it is developed above (rather than below) a major ultramafic unit yet is developed within host rocks similar to those of the F2 zone. As such it represents a new target type. Taken together, the results from the three holes drilled to date in this area suggest high potential for additional gold mineralization.

"2009 drilling, which is part of a planned 120,000-foot surface and underground drill program for this year, is off to a great start.

We continue to extend the gold system and to observe a significant visible gold component. The discovery of a shallow extension to F2 zone means that we can readily drill these target areas, all of which are within the shadow of our head frame and other infrastructure," stated David Adamson, president and chief executive officer.

Assays are uncut as is standard practice in Red Lake. Standards, blanks and check assays were included at regular intervals in each sample batch. Gold standards were prepared by CDN Resource Laboratories Ltd. Work programs are supervised by Terry Bursey, PGeo, the project qualified person under the definition of NI 43-101.

Hg