Rubicon investors to sell shares for $190.17-million

Rubicon Minerals Corp (C:RMX)
Shares Issued 213,564,174
Last Close 9/16/2010 $4.25
Friday September 17 2010 - News Release

Mr. Bill Cavalluzzo reports

RUBICON ANNOUNCES TERMS OF C$190 MILLION SECONDARY OFFERING OF ITS COMMON SHARES

Rubicon Minerals Corp. has entered into an underwriting agreement with GMP Securities LP, Evanachan Ltd. and McEwen Trading LP, entities owned or controlled by Robert R. McEwen, setting out the terms of the previously announced overnight-marketed secondary offering. Pursuant to the underwriting agreement, a total of 45,714,357 common shares of Rubicon owned by the selling shareholders will be distributed at a price of $4.16 per common share for aggregate gross proceeds to the selling shareholders of approximately $190,171,725. Upon completion of the offering, the selling shareholders will own no common shares of the company. Rubicon will not receive any proceeds from this offering. The offering is being conducted by GMP Securities LP.

Closing of the offering is expected to occur on or about Oct. 5, 2010, and is subject to certain conditions, including the approval of the Canadian securities regulatory authorities, the Toronto Stock Exchange and the NYSE Amex Equities.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the company in any jurisdiction in which such offer, solicitation of sale would be unlawful. The securities being offered and sold by the selling shareholders have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

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