- includes 16.59 oz/ton gold over 8.2 feet in newly identified northeast-trending subzone -

- cross-cuts expose F2 Core Zone and separate northwest hanging wall zone -

TSX:RMX | NYSE AMEX:RBY

VANCOUVER, Nov. 17 /CNW/ - Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) is pleased to provide an update on its underground delineation drill program being carried out on part of the F2 Core Zone, part of the F2 Gold System at its 100%-owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold District of Ontario. The results below pertain to the initial 4,277 metres of a 27,000 metre delineation drill program. In addition, Rubicon is carrying out approximately 40,000 metres of exploration drilling in the larger F2 Gold System. New delineation drill results are shown in Table 1 and Figures 2, 3, 4 and 6.

The majority of the initial drill results are focused within +/-15 metres of the 305 metre level below surface. The delineation drilling is planned to further test a 150 metre (horizontal) x 200 metre (vertical) area within the F2 Core Zone of the F2 Gold System (Figures 1 and 5). Initial drill results appear to be outlining several structurally-hosted, discrete sub zones trending at multiple angles including a significant northwest-trending component (parallel to the regional F2 fold trend direction). The active cross-cuts now expose areas of the initial delineation drilling in the F2 Core Zone and separate northwest hanging wall zone (Figure 2, 3 and 4) and the Company plans to post pictures of the cross cuts by the end of the week on its website.

Delineation Drilling - Northwest Hanging Wall Area

Drilling northwest of the 305-05 drill station has intersected a previously unrecognized northeast trending subzone to the northwest of the main area of delineation drilling (Figure 2 and 6). Highlights include hole D305-05-016 which returned 16.59 oz/ton gold over 8.2 feet (568.9 g/t gold over 2.5 metres), including 41.03 oz/ton gold over 3.3 feet (1,406.8 g/t gold over 1.0 metre) and hole D305-05-020 returned 2.74 oz/ton gold over 6.6 feet (93.8 g/t gold over 2.0 metres), including 5.34 oz/ton gold over 3.3 feet (183.0 g/t gold over 1.0 metre). The majority of the mineralization in this zone is hosted by quartz veins, within a package of altered high titanium basalts and has currently been defined over a 55 metres strike length.

Delineation Drilling - Below 305 metre level

Hole D305-04-015 intersected 0.92 oz/ton gold over 19.0 feet (31.4 g/t gold over 5.8 metres) including a high-grade interval of 9.65 oz/ton gold over 1.6 feet (330.8 g/t gold over 0.5 metres) on the 310 metre level within strongly biotite-altered and quartz-veined high-titanium basalts (Figure 3 and 6). Hole D305-05-003A intersected a broad zone of 0.20 oz/ton gold over 72.2 feet (7.0 g/t gold over 22.0 metres) containing two separate high-grade intervals of 0.93 oz/ton gold over 7.9 feet (31.9 g/t gold over 2.4 metres) and 0.73 oz/ton gold over 4.6 feet (25.0 g/t gold over 1.4 metres).

Delineation Drilling - Above 305 metre level

Above the 305 metre level (Figure 4 and 6), hole D305-04-017 intersected 1.35 oz/ton gold over 9.8 feet (46.3 g/t gold over 3.0 metres) within a broader zone of 0.46 oz/ton gold over 31.2 feet (15.6 g/t gold over 9.5 metres) southwest of the 305 level drift on the 293 metre level. Northeast of the 305 level drift, drill hole D305-05-005 intersected 0.62 oz/ton gold over 16.4 feet (21.1 g/t gold over 5.0 metres) including 4.27 oz/ton gold over 2.0 feet (146.3 g/t gold over 0.6 metres) within a broader zone of 0.15 oz/ton gold over 87.2 feet (5.0 g/t gold over 26.6 metres) and D305-05-008 intersected 0.82 oz/ton gold over 9.8 feet (28.0 g/t gold over 3.0 metres) within quartz breccias contained within a broader zone of 0.17 oz/ton gold over 77.1 feet (5.7 g/t gold over 23.5 metres) respectively centered on the 296 metre level.

The gold mineralization both above and below the level occurs in multiple sub-parallel zones typically hosted by quartz breccias and variably altered mineralized high titanium basalt. To date, delineation drilling demonstrates that the mineralization is vertically continuous over the 20 metres tested and, based on previous wider-spaced drilling below the current level, it is expected that continuity will extend to depth.

"The F2 Core Zone delineation holes confirm and extend results from wider spaced drilling and also provide evidence of new, previously unidentified sub-zones. We look forward to our initial resource estimate before month end as well as further results from the delineation drilling and additional exploration drilling designed to further test the limits of the large F2 Gold System," stated David Adamson, President and CEO.

Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp's high-grade, world class Red Lake Mine.

RUBICON MINERALS CORPORATION

"David W. Adamson"

President & CEO