Completed Optimization Studies and New Preliminary Economic Assessment

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TSX:RMX | NYSE.MKT:RBY


TORONTO, April 8, 2013 /PRNewswire/ - Rubicon Minerals Corporation (TSX: RMX | NYSE.MKT: RBY) ("Rubicon" or the "Company") announces that a new mineral resource model currently being developed
by SRK Consulting (Canada) Inc. ("SRK") for the F2 Gold System, which comprises part of the Phoenix Gold
Project ("Project"), will be based on a revised geological interpretation of gold
mineralization trends on the Project. The new interpretation will allow
Rubicon to better evaluate various potential mining extraction options
and will also facilitate the selection of an appropriate cut-off grade
for an updated mineral resource estimate, with the goal of optimizing
Project economics. Accordingly, Rubicon plans to update Project
economics in a new Preliminary Economic Assessment ("New PEA"), which will include an updated mineral resource estimate and
incorporate completed optimization studies. SRK has informed the
Company that it expects to complete the New PEA in late May to early
June of this year.


About Rubicon Minerals Corporation


Rubicon Minerals Corporation is an advanced stage gold development
company, focused on responsible and environmentally sustainable
development of its Phoenix Gold Project in Red Lake, Ontario towards
projected gold production in 2014. Rubicon is well-funded and its
flagship Phoenix Gold Project is fully permitted for production. In
addition, Rubicon controls over 100 square miles of prime exploration
ground in the prolific Red Lake gold district which hosts Goldcorp's
high-grade, world class Red Lake Mine. Rubicon's shares are listed on
the NYSE.MKT (RBY) and the TSX (RMX) Exchanges. Rubicon's shares are
included in the S&P/TSX Composite Index.




RUBICON MINERALS CORPORATION
"Mike Lalonde"
President and Chief Executive Officer


Forward Looking Statements
This news release contains statements that constitute "forward-looking
statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934 and "forward looking information"
within the meaning of applicable Canadian provincial securities
legislation (collectively, "forward-looking statements").
Forward-looking statements often, but not always, are identified by the
use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect", "targeting", "look forward" and "intend" and
statements that an event or result "may", "will", "would", "should",
"could", or "might" occur or be achieved and other similar expressions.



Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made and represent
management's best judgment based on facts and assumptions that
management considers reasonable. The material assumptions upon which
such forward-looking statements are based include, among others; that
the demand for gold and base metal deposits will develop as
anticipated; that the price of gold will remain at levels that will
render the Phoenix Gold Project economic; that operating and capital
plans will not be disrupted by issues such as mechanical failure,
unavailability of parts and supplies, labour disturbances, interruption
in transportation or utilities, or adverse weather conditions; that
Rubicon will meet its estimated timeline for the development of the
Phoenix Gold Project; that Rubicon will continue to have the ability to
attract and retain skilled staff; that the mineral resource estimate as
disclosed in the Preliminary Economic Assessment dated August 8, 2011
("PEA") will be realized; and that there are no material unanticipated
variations in the cost of energy or supplies, or in the pre-production
capital and operating cost estimate as disclosed in the PEA and other
disclosure by Rubicon. Rubicon makes no representation that reasonable
business people in possession of the same information would reach the
same conclusions.


Capital expenditures and time required to develop new mines are
considerable and changes in cost or construction schedules can
significantly increase both the time and capital required to build and
complete a development project. Additional capital costs may have to be
incurred in respect of the Phoenix Gold Project, but the amount of any
such capital cost increase cannot be accurately estimated until the New
PEA, an updated mineral resource estimate and ongoing optimization
studies are completed.


The PEA is preliminary in nature as it includes inferred mineral
resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves and there is no certainty that the PEA
will be realized. Mineral resources that are not mineral reserves do
not have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant
issues. The quantity and grade of reported inferred resources referred
to in the PEA are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource category. The PEA is a technical report under
NI 43-101, was prepared by AMC Mining Consultants with metallurgical
and processing contributions from Soutex Inc., and has an effective
date of August 8, 2011.


Forward-looking statements in this news release include, but are not
limited to statements regarding the planned release of an updated
mineral resource estimate, completed optimization studies and the New
PEA in late May to early June 2013, and the projected gold production
in 2014. The Company believes that the new methods being considered in
the New PEA and optimization studies will potentially improve the
efficiency and productivity of the Phoenix Gold Project. However, the
implementation of the new methods will likely increase the initial
capital cost of developing the Phoenix Gold Project compared to the
cost outlined in the PEA. Rubicon is not able to provide an accurate
estimate of the capital cost increase for the Phoenix Gold Project
prior to the completion of the New PEA and these studies. Management
plans to evaluate financing alternatives upon the completion of the New
PEA, an updated mineral resource estimate and optimization studies, to
address any potential increase in the capital cost of the Phoenix Gold
Project.


Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Rubicon to be materially different from
any future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others:
future prices of gold and other metals; possible variations in
mineralization, grade or recovery rates; actual results of current
exploration activities; actual results of reclamation activities;
conclusions of future economic evaluations; changes in new mineral
resource models and revised geological interpretations; changes in
project parameters as plans continue to be refined; failure of
equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; delays and other risks
related to joint venture operations; timing and receipt of regulatory
approvals of operations; the ability of Rubicon and other relevant
parties to satisfy regulatory requirements; the availability of
financing for proposed transactions and programs on reasonable terms;
the ability of third-party service providers to deliver services on
reasonable terms and in a timely manner; and delays in the completion
of development or construction activities. Other factors that could
cause the actual results to differ include market prices, results of
exploration, availability of capital and financing on acceptable terms,
inability to obtain required regulatory approvals, unanticipated
difficulties or costs in any rehabilitation which may be necessary,
market conditions and general business, economic, competitive,
political and social conditions.


Forward-looking statements contained herein are made as of the date of
this news release and Rubicon disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by applicable
securities laws. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.


It is important to note that the information provided in the PEA is
preliminary in nature. There is no certainty that a potential mine will
be realized or that a production decision will be made. A mine
production decision that is made without a bankable feasibility study
carries additional potential risks which include, but are not limited
to, the inclusion of inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to
them that would enable them to be categorized as mineral reserves. Mine
design and mining schedules, metallurgical flow sheets and process
plant designs may require additional detailed work to ensure
satisfactory operational conditions.


The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release








SOURCE Rubicon Minerals Corporation