http://www.goldinvestmentnews.com/news.aspx?NewsID=65427

Intercepts include 1.35 oz/ton over 6.6 feet, 0.70 oz/ton over
3.3 feet and wide sections of sulphide mineralization -

TSX:RMX / NYSE Amex:RBY

TORONTO, Aug. 31 /CNW/ - Rubicon Minerals Corporation (RMX.TSX:
RBY.NYSE-AMEX) is pleased to provide an update on its drilling on its
100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake
Gold District of Ontario. Five drill rigs are currently in operation on the
project, three on surface and two from underground on the 122-metre level as
part of the ongoing 80,000-metre drill program. Prior to this program, the
company had drilled approximately 65,000 metres on the high-grade F2 Zone
since its discovery in March, 2008 (see numerous releases since March 12, 2008
and www.rubiconminerals.com for further details).

Drilling Update
---------------

In its March 30, 2009 news release, Rubicon announced an 80,000-metre
drill program designed to expand the known extent of the F2 Zone system. The
planned drilling will test a 1200-metre by 1600-metre target area, and is
referred to as the '9X drill plan' as outlined in Figures 1 and 2.

Northeast extension
-------------------

New drilling to the northeast has intersected several units of
mineralized host F2 basalts which are up to 20 metres true thickness. New
intercepts occur between 150 metres and 450 metres below surface and are
outlined in Figures 1 and 2. They include both high-grade gold and broader
gold-bearing sulphide sections including 1.35 oz/ton over 6.6 feet at a
vertical depth of 709 feet (216 metres) below surface (46.4 g/t gold over 2.0
metres) and 0.19 oz/ton over 19.7 feet at a vertical depth of 1014 feet (309
metres) below surface (6.41 g/t gold over 6.0 metres) in hole F2-72 and 0.73
oz/ton over 3.3 feet at a vertical depth of 738 feet (225 metres) below
surface (24.95 g/t gold over 1.0 metre) in hole 122-08. Significant results
are presented in Table 1, below. The character of the mineralization and hosts
rocks is similar to that in the main F2 core zone, located to the southwest
and opens up a significant new area for additional exploration.
"The 21% increase in strike length of the F2 gold system is very
encouraging and significantly expands its potential. Target areas 3 and 4 in
our 9X program are beginning to fill in and surface drilling will continue to
test for expansion of the system to the northeast. As we showed in our last
release, we know there are good gold hits at shallow levels up to two
kilometres to the north at our Island Zone, and we are interested to see if F2
continues to expand towards those areas" stated David Adamson, President and
CEO.

Southwest drilling
------------------

New results confirm that the F2 system is present on both sides of a
fault previously intersected in Target area 3 (Figure 2). These results are
further confirmed by the presence of previous intercepts in holes F2-39 and
F2-66. The presence of faults in the F2 gold system is to be expected and is
considered to be a prerequisite for significant sized 'lode-gold' deposits of
his type.

Deep Drilling
-------------

Three master holes (F2 65 to F2-67) were terminated in hanging wall
ultramafic at depths ranging from 1260 metres to 1740 metres. They will be
used to carry out wedges at shallower elevations designed to penetrate the
footwall F2 target.

Table 1: Assay Results

Northeast Drilling
-------------------------------------------------------------------------
Depth to Centre Gold Gold
Hole of Intercept (m) (g/t) Metres (oz/t) Feet
-------------------------------------------------------------------------
F2-67 anomalous
-------------------------------------------------------------------------
F2-70 135 12.45 1.0 0.36 3.3
-------------------------------------------------------------------------
F2-71 274 3.43 3.0 0.10 9.8
-------------------------------------------------------------------------
382 6.29 3.0 0.18 9.8
-------------------------------------------------------------------------
F2-72 190 4.09 4.0 0.12 13.1
-------------------------------------------------------------------------
201 6.01 2.7 0.18 8.9
-------------------------------------------------------------------------
216 46.37 2.0 1.35 6.6
-------------------------------------------------------------------------
309 6.41 6.0 0.19 19.7
-------------------------------------------------------------------------
incl. 309 23.31 1.0 0.68 3.3
-------------------------------------------------------------------------
F2-73 565 3.58 2.9 0.10 9.5
-------------------------------------------------------------------------
122-03 anomalous
-------------------------------------------------------------------------
122-05 hole abandoned
-------------------------------------------------------------------------
122-06 534 3.78 3.0 0.11 9.8
-------------------------------------------------------------------------
122-08 (*) 225 24.95 1.0 0.73 3.3
-------------------------------------------------------------------------
incl. 225 34.8 0.5 1.02 1.6
-------------------------------------------------------------------------
122-08 243 3.21 9.0 0.09 29.5
-------------------------------------------------------------------------
incl. 244 23.04 0.5 0.67 1.6
-------------------------------------------------------------------------
Southwest Drilling
-------------------------------------------------------------------------
Depth to Centre Gold Gold
Hole of Intercept (m) (g/t) Metres (oz/t) Feet
-------------------------------------------------------------------------
F2-68 anomalous
-------------------------------------------------------------------------
F2-69 no significant assays
-------------------------------------------------------------------------
122-01 anomalous
-------------------------------------------------------------------------
122-02A 105 12.24 1.0 0.36 3.3
-------------------------------------------------------------------------
122-04 337 4.71 2.2 0.14 7.1
-------------------------------------------------------------------------
380 13.2 1.1 0.39 3.6
-------------------------------------------------------------------------
458 10.97 1.0 0.32 3.3
-------------------------------------------------------------------------
464 6.61 2.0 0.19 6.6
-------------------------------------------------------------------------

Holes with the prefix '122' were from underground, all other holes are
drilled from surface Assays are uncut. Results satisfy the following
criteria: (greater than)10.0 gram gold x metre product and (greater than)
3.0 g/t gold. Anomalous means at least one intercept
(greater than)2/5g/t gram gold x metre product and
greater than 2g/t gold. A complete listing of results to date for the
F2 Zone is available at www.rubiconminerals.com.

Rubicon Minerals Corporation is a well-funded exploration and development
company, focused 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 also 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 23.8% of the issued shares of the Company.

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

Please visit: http://files.newswire.ca/617/RubiconFigure.doc to view
Figure 1: F2 Zone Plan Map and Figure 2: Composite Long Section Looking
Northwest and 9X Target Area Outlines.

Assaying and Qualified Person
-----------------------------

Assays were conducted on sawn NQ-sized half core sections. Further
drilling is required before the true widths of reported intercepts can be
determined. The saw blade is routinely cleaned between samples when visible
gold is noted during logging and sampling of the drill core. Assays were
conducted by SGS Minerals Services using standard fire assay on a 30 gram (1
assay ton) sample with a gravimetric finish procedure. 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 in this release were
supervised by Terry Bursey, P.Geo. the project Qualified Person under the
definition of NI 43-101.