- Total geological potential of F2 Gold System 13.3 to 16.1 million ounces
grading 24.4 to 26.8 g/t -

TORONTO, Nov. 29 /CNW/ - Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) ("Rubicon") is pleased to provide a NI 43-101 compliant
inferred mineral resource estimate for the F2 Gold System, part of its
100%-owned Phoenix Gold Project located in the heart of the prolific
Red Lake Gold District of Ontario. The estimate is summarized below:

The inferred mineral resource estimate was prepared by Geoex Limited.
("Geoex") based on 166,886 metres of diamond drilling in 237 drill
holes carried out between February 27, 2008 (the date of the initial
discovery) and July 31, 2010. The estimate does not include
approximately 41,702 metres of drilling completed since July 31, 2010.
The inferred resource estimate was prepared using the polygonal
calculation method (see below for details) which, in the opinion of
Geoex, is the appropriate method and is typically used for this type of
deposit. The cut-off used is considered to be an economically
reasonable estimate of breakeven mining costs.

"We are very pleased with these initial results. They demonstrate that
the F2 Gold System is already a significant sized gold deposit.
Importantly, the gold grade of 20.1 g/t gold is high compared to most
major gold deposits around the world and is consistent with the overall
Red Lake camp average grade, which is Red Lake's key advantage. Our
objective now, through our ongoing delineation program is to upgrade
part of this large inferred resource, move towards development and to
continue to expand the gold system. Underground development on the
project has already cross-cut mineralized zones at the 305 metre level
and delineation drilling is underway. Photographs of the new zones are
available on the Company website at www.rubiconminerals.com." stated
David Adamson, President and CEO.

Geological Potential

In addition to the above referenced inferred resource estimate, Geoex
carried out an evaluation of geological potential based on an analysis
of the distribution of current drilling (strike length of 898 meters as
of July 31,2010) and opportunity for infill and expansion drilling to
depth. The system remains open along strike and to depth beyond the
current limit of drilling.

The geological potential is based on the projection and extrapolation of
the inferred resource present between 0 to 500 metres below surface as
this area is considered well drilled and contains an inferred resource
of 3,400,000 tonnes containing 2,680,000 oz at 24.4 g/t or 0.71 oz/ton.
In the area between 500 and 1500 metres below surface, drilling is
wider spaced and thus large parts of the system in this area have not
been adequately drill tested, however, in the opinion of Geoex, based
on a review of project data, experience from elsewhere in Red Lake and
general observations on lode gold deposits, the grade and tonnage
profile of the area above 500 metres is likely to be replicated to
depth with additional drilling. The results of this analysis are
summarized in the table below:

The potential tonnages, grades and ounces set forth in the analysis of
geological potential are conceptual in nature, as there has been
insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target being
delineated as a mineral resource.

"From the early days of the discovery, we have always recognized that we
are exploring a very robust and large mineralizing system, which is why
we have dedicated significant drilling efforts to the 9X target area.
As suggested by Geoex, the current 4.01 million ounce inferred gold
resource may be only a small part of the overall gold potential of the
F2 Gold System. Large areas remain to be infill-drilled and the system
is open in all directions. We should also point out, we own 40% of the
exploration real estate in Red Lake giving us a unique opportunity to
find the next F2 Gold Deposit," stated David Adamson, President and
CEO.

Geoex will prepare an NI 43-101 compliant technical report in respect of
the inferred resource estimate and geological potential discussed in
this release which Rubicon will file on SEDAR within 45 days of the
date this release was disseminated, and plans to complete a Preliminary
Economic Assessment in respect of the F2 Gold System by the end of Q1,
2011.

Resource Calculation Methodology

The construction of the polygonal and block models was a product of
collaboration between Rubicon and Geoex. Rubicon personnel included
Matt Wunder P.Geo, V.P. Exploration and Eric Hinton P.Eng., Project
Manager. All data in the resource evaluation were reviewed by Geoex
with Mr. Peter George of Geoex assuming responsibility for the resource
and geological potential estimates upon which the statements reported
herein are based.

Polygonal Resource calculation

Source assay data were audited by a third party consulting firm
(IoGlobal) specializing in data management and QA/QC analysis and
composite intervals were calculated utilizing a minimum three and also
a five gram cut-offand minimum 10 gram times metre product for all F2 system data to July
31, 2010. No top cut was applied to the data because, in the opinion of
Geoex there is insufficient geostatistical data to properly determine
an accurate top cut value at this time. The X, Y and Z centroid
points were calculated and horizontal thickness for each composite
interval was calculated utilizing a set of east-west cross sections
(local mine grid). The composite intervals were classified by
geological unit and centroid points for each composite interval were
plotted on long sections for each geological domain utilizing AMine
software. Individual zones were then interpreted in AMine.

The interpretation is largely based on a series of detailed cross
sections confirming geological continuity vertically down dip and along
strike (mine grid north-south). Polygons were plotted on long sections
for each sub zone with ellipse parameters for the inferred resource of
75 metre vertical radius and 37.5 metre horizontal radius. Polygons
were clipped where overlapping, clipped where the claim boundary and 15
metres below where the lake bottom surface was contacted. Polygon
areas were calculated for each centroid point, horizontal thickness was
applied to determine the volume, a specific gravity ("SG") of 2.85 g/cm3 was applied, being derived from the average SG in preliminary
metallurgical studies (see news release dated October 19, 2010). The
volume of each polygon was calculated and assigned a gold grade. The
sum of the polygons constitutes the inferred resource.

Block Model calculation

In addition to the polygonal resource calculation, as a means of
validating the inferred resource estimate by an independent method, a
block model was calculated utilizing Surpac software resulting in
5,830,000 tonnes, 3,210,000 ounces at 17.2 g/t or 0.50 opt. The block
model results are within 6.7% of the tonnage, 17.1% of the contained
ounces and 24.9% of the grade of the polygonal estimate (6,200,000
tonnes, 4,007,000 ounces at 20.1g/t gold or 0.59 opt). While Geoex does
not consider the block model the most appropriate method for this type
of deposit, the results are considered to provide strong supporting
validation for the preferred polygonal estimate reported above. It
should be noted that the block model results do not differ
significantly regardless of whether a northeast (East Bay trend) or
northwest (F2 trend) oriented search ellipse is used in the block
model.

Data were audited prior to completion of the block model. For this
inferred resource estimate, the data were treated as one domain. Assay
data were composited at 1.0 metre intervals (no top cut was applied)
and variogram analysis was completed. Two times the variogram range was
utilized for oriented search ellipse parameters (list parameters) for
the inferred resource calculation. A block size of 2m (E-W) by 4m
(N-S) by 12m (vertical) was selected through an optimization process.
Data were constrained by the lake bottom surface, the claim boundary
and a western boundary was included to exclude any unrelated drilling
carried out prior to February 2008. A SG of 2.85 g/cm3 was utilized.

Rubicon 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

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,
sociopolitical, marketing, or other relevant issues. The quantity and
grade of reported inferred resources in this estimation are uncertain
in nature and there has been insufficient exploration to define these
inferred resources as an indicated or measured mineral resource and it
is uncertain if further exploration will result in upgrading them to an
indicated or measured mineral resource category. The mineral resources
in this press release were estimated using CIM Standards.

Qualified Persons

Rubicon has implemented a rigorous QA/QC program to ensure best
practices in the sampling and analysis of drill core. Assays were
conducted on sawn NQ-sized half core sections. Delineation drilling
intercepts represent true horizontal width. The saw blade is routinely
cleaned between samples when visible gold is noted during logging and
sampling of the drill core. Assays were conducted by SGS Minerals
Services using standard fire assay on a 30 gram (1 assay ton) sample
with a gravimetric finish procedure. Assays are uncut as is standard
practice in Red Lake. Standards, blanks and check assays were included
at regular intervals in each sample batch. Check assays on 5% of
samples are carried out at a third party independent laboratory. Gold
standards were prepared by CDN Resource Laboratories Ltd. Exploration
drill programs and all data forming the basis of the inferred resource
estimate described in this release were supervised and verified by
Terry Bursey, P.Geo,. Regional Manager for Rubicon and a Qualified
Person as defined by NI 43-101. All data required for the block
calculation described in this release was prepared and verified by Eric
Hinton, P.Eng, Project Manager of Rubicon and a Qualified Person as
defined by NI 43-10. The inferred resource estimate, including the
polygonal resource calculation and the block model calculation, and the
geological potential analysis were prepared by Peter George, P.Geo.,
President and consulting geologist of Geoex, an independent Qualified
Person as defined by NI 43-101, and he verified all data received from
Rubicon in connection with same.

Cautionary Note to U.S. Readers Regarding Estimates of Measured,
Indicated and Inferred Resources

This press release uses the term "inferred resources." We advise U.S.
investors that while this term is recognized and required by Canadian
regulations, it is not recognized by the SEC. "Inferred resources" have
a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an "inferred mineral resource" will
ever be upgraded to a higher category. Under Canadian rules, estimates
of "inferred mineral resources" may not form the basis of a feasibility
study or prefeasibility studies, except in rare cases. The SEC
normally only permits issuers to report mineralization that does not
constitute "reserves" as in-place tonnage and grade without reference
to unit measures. The term "contained gold ounces" used in this press
release is not permitted under the rules of the SEC. U.S. investors are cautioned not to assume that any part or all of a
measured, indicated or inferred resource exists or is economically or
legally mineable.

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" and "intend" and statements that an
event or result "may", "will", "should", "could", or "might" occur or
be achieved and other similar expressions. Forward-looking statements
in this document include statements regarding estimates of mineral
resources, estimates of gold grades and in-place ounces, the
preparation and timing of a technical report in respect of the inferred
resource estimate and the proposed Preliminary Economic Assessment and
the timing and nature of future exploration programs. Our exploration
programs are dependent on projections which may change as drilling
continues, or if unexpected ground conditions are encountered. In
addition, areas of exploration potential are identified which will
require substantial drilling to determine whether or not they contain
similar mineralization to areas which have been explored in more
detail. The description of the extent of mineralized zones is not
intended to imply that any economically mineable estimate of reserves
or resources exists on the Phoenix project. Similarly, although
geological features of the F2 Gold System are interpreted to show
similarities to nearby gold producing mines owned by third parties,
this should not be interpreted to mean that the F2Gold System has, or
that it will generate similar reserves or resources. Significant
additional drilling is required at F2 to fully understand system size
before a meaningful resource calculation can be completed.