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News Releases

posted on Sep 14, 2009 02:09PM

News Releases

September 14, 2009
Rubicon Hits Significant New High-Grade Gold in Drilling Southwest of F2 Gold Zone, Red Lake, Ontario

- 0.40 oz/ton gold over 147.3 feet, including 0.83 oz/ton gold over 59.0 feet -
includes very high grade sections of 3.25 oz/ton gold over 6.6 feet and 3.82 oz/ton gold over 4.9 feet -

Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to provide an update of its drilling at its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario.

Drill hole 122-10, collared underground from the 122-metre level, has returned a significant interval of 0.40 oz/ton gold over 147.3 feet (13.7 g/t gold over 44.9 metres) including a higher grade section of 0.83 oz/ton gold over 59.0 feet (28.4 g/t gold over 18.0 metres) at a vertical depth of 2208 feet (673 metres) (see Table 1 and Figures 1 and 2, below). These intervals include bonanza grade sections of 3.25 oz/ton gold over 6.6 feet (111.5 g/t gold over 2.0 metres) and 3.82 oz/ton gold over 4.9 feet (130.9 g/t gold over 1.5 metres). Visible gold mineralization occurs in quartz veins, stockworks, breccias and in altered host rocks that closely resemble the best mineralized sections previously documented within the core of the F2 Zone located approximately 200 metres to the northeast (Figures 1 and 2).

"This impressive intercept opens up a new and large target area southwest of the F2 Zone and is one of our best holes drilled to date. Our current 9X drill program has been very successful to date in showing that the F2 system is growing and is displaying all of the key geological components documented in the core of the F2 Zone." said David Adamson, President and CEO.

Five drill rigs are currently in operation on the project, three on surface and two from underground on the 122-metre level. 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 from March 12, 2008 onwards and www.rubiconminerals.com for further details). On March 30, 2009, Rubicon announced an 80,000-metre drill program designed to expand the known extent of the F2 Zone gold system. This planned drill program is testing a 1200-metre by 1600-metre target area, and is referred to as the '9X drill plan' as outlined in Figures 1 and 2.

Table 1: Assay Results

Hole

Depth to centre of Intercept m

Gold
(g/t)

Metres

Gold
(oz/t)

Feet

F2-74

no significant assays

F2-75

no significant assays

122-7B

555

10.3

1.0

0.30

3.3

122-10

673

13.7

44.9

0.40

147.3

incl.

668

28.4

18.0

0.83

59.0

Or

661

111.5

2.0

3.25

6.6

Or

668

14.2

3.0

0.42

9.8

Or

674

130.9

1.5

3.82

4.9

Holes with the prefix ‘122’ were drilled from underground, all other holes are drilled from surface.
Assays are uncut. Results satisfy the following criteria: >10.0 gram gold x metre product and >3.0 g/t gold. Anomalous means at least one intercept >2.5g/t gram gold x metre product and greater than 2.0 g/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.
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