RUBICON MINERALS ANNOUNCES CLOSING OF THE SECONDARY OFFERING OF ITS COMMON
SHARES

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TSX:RMX / NYSE Amex:RBY

TORONTO, Oct. 5 /CNW/ - Rubicon Minerals Corporation (RMX. TSX: RBY.NYSE-AMEX) (the "Company" or "Rubicon") is pleased to announce that the previously announced secondary offering (the "Offering") of 45,714,357 common shares of Rubicon by Evanachan Limited and McEwen Trading LP (the "Selling Shareholders"), entities owned or controlled by Robert R. McEwen, has closed. The Rubicon common shares were distributed at a price of C$4.16 per share for aggregate gross proceeds to the Selling Shareholders of approximately C$190,171,725. The Offering was conducted by GMP Securities L.P.

The common shares were offered by way of a short form prospectus filed in all of the provinces of Canada, other than Québec, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act").

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 or solicitation of sale would be unlawful. The securities offered and sold by the Selling Shareholders have not been and will not be registered under the U.S. Securities Act 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.

    
    RUBICON MINERALS CORPORATION

    "David W. Adamson"
    President and Chief Executive Officer
    

The Toronto Stock Exchange and the NYSE Amex Equities have not reviewed and do 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