-intercepts include 39.43 oz/t gold over 3.6 feet (1351.8 g/t gold over 1.1 metres), 2.07 oz/t gold over 11.5 feet (70.9 g/t gold over 3.5 metres) and 1.46 oz/ton gold over 11.2 feet (50.0 g/t gold over 3.4 metres)

TSX:RMX | NYSE AMEX:RBY

VANCOUVER - Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) ("Rubicon") is pleased to announce further drill results from exploration drilling of the F2 Gold System, part of its 100% owned Phoenix Gold Project in the heart of the prolific Red Lake gold district of Ontario. Results in this release pertain to exploration drilling that is focused outside the area of current delineation drilling which Rubicon reports separately (Figures 1 and 2 and December 21, 2010 news release). The exploration drilling is designed to expand limits of the large F2 Gold System, and is directed at a 1.2 x 1.5 kilometre target area referred to as the '9X' target area (See Figure 1). The 9X target area contains a previously announced NI-43-101 compliant, 4.0 million ounce inferred gold resource estimate grading 20.1 g/t gold (0.59 oz/t gold) which includes all drilling up to the end of July, 2010. A total of over 38,000 metres of drilling has been carried out in the 9X target area since July 31, 2010, results from which (including those in the current news release) are not incorporated into the resource estimate.

New results confirm extension into new target areas south of the 9X target area

Several drill holes have extended gold mineralization south of the 9X target area, confirming that the F2 Gold System is present over at least a 600 metre (1970 feet) vertical extent in this area down to a depth of 1357 metres (4452 feet) below surface where it has been drill-tested to date. Signficant results include 2.07 oz/ton gold over 11.5 feet (70.9 g/t gold over 3.5 metres) in hole F2-108 and 39.43 oz/ton gold over 3.6 feet (1351.8 g/t gold over 1.1 metres) in hole F2-108-W1.

These latest holes are significant because they demonstrate that the F2 Gold System geology extends south of the original 9X target area over a considerable vertical extent and that the F2 Gold System continues to be open in all directions for further drilling. A previously reported intercept, located approximately 250 metres below surface (hole PR-10-18 returned 102.7 g/t gold over 0.6 metres), also south of the 9X target area, suggests that the vertical extent of the F2 Gold System could be significant in this area.

Drilling in Target Area 1 continues to extend gold mineralization

A number of holes were completed between depths of approximately 350 metres to 550 metres below surface in target area 1 (Figure 2 and Table 1). These include numerous high-grade intercepts such at 1.46 oz/ton gold over 11.2 feet (50.0 g/t gold over 3.4 metres) in hole 305-39, and 1.31 oz/t gold over 6.9 feet (45.0 g/t gold over 2.1 metres) in drill hole 305-47 (see Table 1 and Figures 1 and 2 for complete results).

These results are significant because they show that the F2 Gold System below the current area of delineation drilling is well developed and is likely to be amenable to future delineation drilling. As well, it provides confidence that the F2 Gold System will continue to fill in at greater depths (target areas 2 and 7) where drilling is currently wider spaced.

"These latest results continue to demonstrate both the very high hit ratio of holes drilled to date since discovery in 2008 as well as the continued presence of significant high-grade gold in newly tested areas. Of particular note is the extension of the system south of the already large 9X target area which bodes well for further expansion of the 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 Gold 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

Table 1: Assay Results

Holes with the prefix '122' and '305' were drilled from underground. Assays are uncut. Reported results satisfy the following criteria: >10.0 gram gold x metre product and >3.0 g/t gold. Anomalous holes satisfy the following criteria: >2.5 gram gold x metre product and < 10.0 gram gold x metre product and > 2 g/t gold. A complete listing of results to date for the F2 Zone is available at www.rubiconminerals.com.

To vew Figure 1: F2 Gold System Plan Map see:

To View Figure 2: Composite Long Section Looking Northwest and 9X Target Outlines see: