Rubicon Continues to Expand F2 Gold Zone, Red Lake, Ontario

-Intercepts include multiple high-grade gold values plus broad intervals of economic significance-

TSX:RMX / NYSE Amex:RBY

TORONTO , Nov. 19 /CNW/ - Rubicon Minerals Corporation (RMX. TSX: RBY.NYSE-AMEX) is pleased to provide a further update of drill results from its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. New results continue to expand the F2 Gold system, where 91,100 metres of drilling have been completed to date (see news releases since March 12, 2008 and www.rubiconminerals.com for details). The current drill program is testing a 1200-metre by 1600-metre target area, and is referred to as the '9X drill plan'. Significant new results are summarized below and all new results are presented in Table 1 and Figures 1 and 2.

Northeastern Area

    
    -   Underground drill hole 122-17, located in the northeast area of the
        F2 system intersected a broad gold zone grading 0.26 oz/ton gold over
        32.8 feet (8.9 g/t gold over 10.0 metres) including 1.07 oz/ton gold
        over 3.3 feet (36.9 g/t gold over 1.0 metre) and 0.73 oz/ton gold
        over 3.3 feet (25.2 g/t gold over 1.0 metre).

    -   Underground drill hole 122-23 also in the northeast area intersected
        1.42 oz/ton gold over 3.3 feet (48.8 g/t gold over 1.0 metre)
        including 2.59 oz/ton gold over 1.6 feet (88.8 g/t gold over 0.5
        metres) plus 0.70 oz/ton gold over 1.6 feet (24.1 g/t gold over 0.5
        metres) and 0.37 oz/ton gold over 4.9 feet (12.9 g/t gold over 1.5
        metres) including 1.02 oz/ton gold over 1.6 feet (34.8 g/t gold over
        0.5 metres).

    -   These latest results confirm the presence of broad mineralized zones
        and high-grade intercepts which continue to expand the target area in
        the northeast part of the system.
    

122-10 Zone

The 122-10 zone is named for the drill hole first reported from this zone on September 14, 2009 (see also news release dated October 22, 2009 for subsequent results). Two new holes reported in this release continue to expand the gold zone in this area. New results include:

    
    -   Drill hole F2-80-W2 intersected 0.35 oz/ton gold over 16.4 feet (12.0
        g/t gold over 5.0 metres) which is part of a broader zone grading
        0.12 oz/ton gold over 134.5 feet (4.1 g/t gold over 41.0 metres).
        F2-80-W2 also intersected a second broad gold zone containing 0.29
        oz/ton gold over 26.2 feet (9.8 g/t gold over 8.0 metres) including
        0.63 oz/ton gold over 6.6 feet (21.7 g/t gold over 2.0 metres) as
        well as 1.28 oz/ton gold over 2.3 feet (44.0 g/t gold over 0.7
        metres) further downhole.

    -   Underground drill hole 122-16, located approximately 50 metres
        southwest of the 122-10 intercept, returned 0.33 oz/ton gold over
        26.2 feet (11.4 g/t gold over 8.0 metres) including 0.49 oz/ton gold
        over 9.8 feet (16.8 g/t gold over 3.0 metres) which includes 1.54
        oz/ton over 1.6 feet (52.8 g/t gold over 0.5 metres).
    

"This latest drilling continues to identify new gold zones, expands our target area and provides important infill in areas such as the 122-10 zone. As recently announced, we expect to complete an additional 158,000 metres or 518,000 feet of drilling over the next 14 months as we continue our aggressive exploration program to expand the F2 gold system" said David Adamson , President and CEO.

    
                           Table 1: Assay Results
    -------------------------------------------------------------------------
              Depth to Centre
    Hole        of Intercept     Gold       Metres         Gold         Feet
                    (m)          (g/t)                    (oz/t)
    -------------------------------------------------------------------------
    F2-80-W2         598          4.1         41.0         0.12        134.5
    -------------------------------------------------------------------------
    incl.            608         12.0          5.0         0.35         16.4
    -------------------------------------------------------------------------
    F2-80-W2         662          9.8          8.0         0.29         26.2
    -------------------------------------------------------------------------
    incl.            662         21.7          2.0         0.63          6.6
    -------------------------------------------------------------------------
    F2-80-W2         724         44.0          0.7         1.28          2.3
    -------------------------------------------------------------------------
    122-14           111         16.8          1.0         0.49          3.3
    -------------------------------------------------------------------------
    122-14           335          4.5          8.3         0.13         27.1
    -------------------------------------------------------------------------
    incl.            334         10.0          1.0         0.29          3.3
    -------------------------------------------------------------------------
    122-16           525          5.1          3.0         0.15          9.8
    -------------------------------------------------------------------------
    122-16           608         11.4          8.0         0.33         26.2
    -------------------------------------------------------------------------
    incl.            608         16.8          3.0         0.49          9.8
    -------------------------------------------------------------------------
    And incl.        607         52.8          0.5         1.54          1.6
    -------------------------------------------------------------------------
    122-16           618         33.6          1.0         0.98          3.3
    -------------------------------------------------------------------------
    122-16           656          3.5         10.0         0.10         32.8
    -------------------------------------------------------------------------
    122-17           330          4.6         25.0         0.13         82.0
    -------------------------------------------------------------------------
    incl.            334          8.9         10.0         0.26         32.8
    -------------------------------------------------------------------------
    And incl.        331         36.9          1.0         1.07          3.3
    -------------------------------------------------------------------------
    And incl.        336         25.2          1.0         0.73          3.3
    -------------------------------------------------------------------------
    122-23           291         12.9          1.5         0.37          4.9
    -------------------------------------------------------------------------
    incl.            291         34.8          0.5         1.02          1.6
    -------------------------------------------------------------------------
    122-23           476         24.1          0.5         0.70          1.6
    -------------------------------------------------------------------------
    122-23           496         48.8          1.0         1.42          3.3
    -------------------------------------------------------------------------
    incl.            496         88.8          0.5         2.59          1.6
    -------------------------------------------------------------------------
    Holes with the prefix '122' were drilled from underground, all other
    holes are drilled from surface. Assays are uncut. Results satisfy the
    following criteria: (greater than)10.0 gram gold x metre product and
    (greater than)3.0 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 21.6% of the issued shares of the Company.

    
    RUBICON MINERALS CORPORATION
    "David W. Adamson"
    President & CEO
    

Please visit: http://files.newswire.ca/617/Red_Lake_Figures.pdf to view Figure 1: F2 Zone Plan Map and Figure 2: Composite Long Section Looking Northwest and 9X Target Area Outlines.

    
    Assaying and Qualified Person
    -----------------------------
    

Assays were conducted on sawn NQ-sized half core sections. Further drilling is required before the true widths of reported intercepts can be determined. 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. Gold standards were prepared by CDN Resource Laboratories Ltd. Work programs in this release were supervised by Terry Bursey , P.Geo. Regional Manager for Rubicon and the project Qualified Person under the definition of NI 43-101.

    
    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 the timing and nature of future exploration programs which are dependent on projections which may change as drilling continues. 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 Zone are interpreted to show similarities to nearby gold producing mines owned by third parties, this should not be interpreted to mean that the F2 zone 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.

The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. 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. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ.

Forward-looking statements contained herein are made as of the date of this news release and the Company 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.

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

For further information: Bill Cavalluzzo, VP-Investor Relations, Toll free: 1-866-365-4706, E-mail: [email protected], www.rubiconminerals.com, Rubicon Minerals Corporation, Suite 1540-800 West Pender Street, Vancouver BC, CANADA, V6C 2V6