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Rubicon Minerals provides drilling update F2 Gold System, Phoenix Gold Project, Red Lake, Ontario
Friday, Mar 30, 2012

TORONTO, March 29, 2012 /PRNewswire/ - Rubicon Minerals Corporation (TSX: RMX) (NYSE-AMEX: RBY) ("Rubicon") is pleased to provide an update of its exploration activities at its 100%-owned F2 Gold System, Phoenix Gold Project, located in the heart of the prolific Red Lake gold district. Rubicon is carrying out a 12-month, $55 million program designed to optimize certain aspects of its Preliminary Economic Assessment ("PEA")1. This program contemplates a total of 68,000 metres of drilling of which 41,000 metres remain to be drilled before the end of Q3, 2012.  This program has two objectives: infill drilling designed to confirm and potentially extend existing gold zones and expansion drilling designed to test for further extensions of known gold mineralization. The majority of drilling to date has been focused on infill drilling from ice-based drill pads and from underground. The majority of the remaining drilling in this program will focus on extending known mineralization and expanding the mineralized system. The latest drilling results are tabulated in Table 1, along with a plan and sections depicting these results in Figures 1, 2 and 3.

Drilling Highlights

Crown Zone

Drilling was carried out to further test the near-surface Crown Zone on nominal 40-50 metre spacing on six sections over a strike length of 225 metres. This drilling has demonstrated good continuity of mineralization along strike and down dip between sections. Highlights include, 113.8 g/t gold over 2.9 metres (3.32 oz/ton gold over 9.5 feet), including 323.5 g/t gold over 1.0 metre (9.44 oz/ton gold over 3.3 feet) in CZD-2012-19 (when a 270 g/t gold top cut is applied to the extreme grade in this interval the result would be 95.3 g/t gold over 2.9 metres) and 10.6 g/t gold over 5.5 metres (0.31 oz/ton gold over 18.0 feet), including 41.2 g/t over 1.0 metre (1.20 oz/ton gold over 3.3 feet) in hole CZD-2012-06 (see Table 1 for all results). Grades and thicknesses reported in Table 1 are generally in line with those previously intersected in the Crown Zone areas. Host rocks are typical F2 basalts and subordinate felsic units.

West Limb Basalt 2 (WLB 2)

The winter drilling campaign also focused on infill drilling of the near surface WLB2 area and expansion of this zone to the northeast. This program was successful in discovering a shallow zone of strong mineralization in the northeastern portion of the 9X block which is an area that previously had been the subject of limited drilling (Figures 1, 2 and 3). Highlights include 446.4g/t gold over 2.0 metres (13.02 oz/ton gold over 6.6 feet), including1770.0 g/t gold over 0.5 metres (51.63 oz/ton gold over 1.6 feet)(when a 270 g/t gold top cut is applied to the extreme grade in this interval the result would be 71.3 g/t gold over 2.0 metres) situated below multiple down-hole gold results including a broad zone of 4.1g/t gold over 17.4 metres (0.12 oz/ton gold over 57.1 feet) including 21.4 g/t gold over 1.0 metre (0.62 oz/ton gold over 3.3 feet) in CZD-2012-26, and 28.8 g/t gold over 5.0 metres (0.84 oz/ton gold over 16.4 feet) including 134.97 g/t gold over 0.9 metres (3.94 oz/ton gold over 3.0 feet ) in CZD-2012-15.

The thick mineralization and associated alteration discovered in hole CZD-2012-26 has expanded the previous limits of the WLB2 zone.  Further follow-up infill drilling will be conducted in this area.

122-10 Area

Infill drilling is ongoing in the vicinity of the 122-10 zone and has returned positive results.  Highlights include 13.5 g/t gold over 13.8 metres (0.39 oz/ton gold over 45.3 feet) including 21.2 g/t gold over 2.2 metres (0.62 oz/ton gold over 7.2 feet), and 25.5 g/t gold over 4.5 metres (0.74 oz/ton gold over 14.8 feet) in hole 305-03-162. Mineralization is hosted by strongly altered and locally brecciated F2 basalts with multiple occurrences of visible gold.

Southern Breakout Area

The Southern Breakout Area ('SBA') is so named because it lies south of the '9X target area' (Figures 1, 2 and 3). Encouraging results have been obtained at depths between 550 and 760 metres below surface. Hole F2-2011-04A returned 42.0 g/t gold over 1.2 metres (1.23 oz/ton gold over 3.9 feet), and 26.3 g/t gold over 1.0 metre (0.77 oz/ton gold over 3.3 feet). Hole F2-2011-04B in the same area returned 27.6 g/t gold over 0.6 metres (0.81 oz/ton gold over 2.0 feet).  Also south of the 9X target area and at greater depth, the same hole returned 25.6 g/t gold over 0.5 metres (0.75 oz/ton gold over 1.6 feet) at 1511 metres below surface hosted by mineralized F2 basalts and porphyritic felsics. To date, 1511 metres is the deepest intercept in the F2 system. The presence of prospective host rocks at this depth is important since this confirms a significant new target area that will receive additional follow-up drilling (Figure 3).

Sub 1,200 metre Area

Drilling in this area is designed to infill and potentially extend previously intersected gold mineralization. A conservative approach was used by AMC Mining Consultants (Canada) Inc. in the PEA which elected, in the potential mine plan, to apply the average diluted resource grade to the bottom five mining horizons (bottom 305 metres of the resource). Rubicon is carrying out selective drilling in this area designed to test whether the existing area with elevated resource grade holds up with more drilling. Since the PEA, four new intercepts have been returned, all of which are gold bearing and developed within typical altered host basaltic sequences. New holes in this news release both contain visible gold, and continue to display impressive gold grade below the 1,200 metre depth as seen in F2-2011-04B. Drilling of this sub 1,200 metre level target area is ongoing.

"Our stated objectives in this program of drilling were to carry out infill drilling and to explore for extensions to the F2 Gold System. Our infill drilling near surface has been successful to date and has also identified extensions to known zones. The remaining drilling in the current budget will focus on our target of expanding the known limits of the F2 Gold System. Initial results from expansion drilling are encouraging in several new target areas," stated David Adamson, President and CEO.

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an 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 which hosts Goldcorp's high-grade, world class Red Lake Mine. Rubicon's shares are included in the S&P/TSX Composite Index and Van Eck's Junior Gold Miners ETF.

SOURCE Rubicon Minerals Corporation

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