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Rubicon remains committed to further discussions with Wabauskang First Nation

December 17, 2012

TSX:RMX | NYSE.MKT:RBY

TORONTO, Dec. 17, 2012 /PRNewswire/ – Rubicon Minerals Corporation (TSX: RMX | NYSE-MKT: RBY) (“Rubicon“) has learned via press reports that, on December 17, 2012, Wabauskang
First Nation (“WFN”) instructed its lawyers to file a lawsuit related
to Rubicon’s Phoenix Gold Project in Red Lake, Ontario. At this time,
since it has received no notice from WFN, the details of its lawsuit
are unknown to Rubicon.

By way of background, Rubicon has been engaged in discussions and
consultation with WFN since January of 2009.  As part its Closure Plan
obligations, Rubicon confirmed its intention to continue to consult with WFN with
respect to the Phoenix Gold Project.

Rubicon has, in good faith, met with the community representatives of
WFN and other Aboriginal Communities to ensure their interests have
been heard and incorporated into the planning process.  Some of the
efforts made by Rubicon with respect to WFN are as follows:

        --  as noted above, discussed and consulted WFN directly since
            January 2009;
        --  provided funding to WFN pursuant to its Consultation &
            Accommodation Protocol for environmental reviews, legal
            assistance, financial analyses, a traditional use study,
            travel, per diems and honorariums;
        --  worked with an independent environmental consultant selected by
            WFN and funded by Rubicon who completed an environmental review
            of the entire Phoenix Gold Project;
        --  in addition toaddressing impacts related to Aboriginal and
            Treaty rights, Rubicon has agreed to implement every
            recommended impact mitigation measure suggested by WFN through
            its environmental consultantand has incorporated these
            commitments in the Closure Plan. These commitments include, but
            are not limited to, hiring an Environmental Monitor, funding a
            Project Committee to facilitate ongoing consultation and
            funding independent reviews of future permit applications; and
        --  has been involved in good faith negotiations with WFN in an
            attempt to reach an economic accommodation under the terms of a
            benefits agreement.  While the content of these discussions
            remain confidential, Rubicon is intent in continuing these
            negotiation with WFN.

Rubicon has a strong history in engaging in consultations with other
Aboriginal Communities whose traditional territory encompasses the
Phoenix Gold Project.   In addition, Rubicon is providing considerable
benefit to Aboriginal Communities through the letting of key contracts,
hiring of workers and other initiatives.  Several of Rubicon’s
contractors are First Nation joint ventures and Rubicon’s underground
mining contractor is Métis owned.  The total value of these contracts
to date on the Project is over $30 million. Rubicon believes it has
demonstrated its good faith to date and values engagement with its
Aboriginal neighbours and will continue to pursue the sharing of
economic benefits.

Although Rubicon remains committed to the ongoing consultation process,
if necessary, it is prepared to vigorously defend its consultation
record in any legal dispute.

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an exploration and development company,
focused on responsible and environmentally sustainable development of
its Phoenix Gold Project in Red Lake, Ontario. Rubicon is well funded
and its flagship Phoenix Gold Project is fully permitted to potential
production.  In addition, 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 listed on the NYSE.MKT (RBY) and the TSX (RMX) Exchanges.
Rubicon’s shares are included in the S&P/TSX Composite Index and Van
Eck’s Junior Gold Miners ETF.

RUBICON MINERALS CORPORATION

“David W. Adamson”

CEO

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”, “look forward” and “intend” and
statements that an event or result “may”, “will”, “would”, “should”,
“could”, or “might” occur or be achieved and other similar expressions.

Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made and represent
management’s best judgment based on facts and assumptions that
management considers reasonable.  The material assumptions upon which
such forward-looking statements are based include, among others; that
the aspects of the transition will progress on a satisfactory basis;
that the demand for gold and base metal deposits will develop as
anticipated; that the price of gold will remain at levels that will
render the Phoenix Gold Project economic; that operating and capital
plans will not be disrupted by issues such as mechanical failure,
unavailability of parts and supplies, labour disturbances, interruption
in transportation or utilities, or adverse weather conditions; that
Rubicon will meet its estimated timeline for the development of the
Phoenix Gold Project; that Rubicon will continue to have the ability to
attract and retain skilled staff; that the mineral resource estimate as
disclosed in the PEA will be realized; and that there are no material
unanticipated variations in the cost of energy or supplies, or in the
pre-production capital and operating cost estimate as disclosed in the
PEA. Rubicon makes no representation that reasonable business people in
possession of the same information would reach the same conclusions. 

Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Rubicon to be materially different from
any future results, performance or achievements expressed or implied by
the forward-looking statements.  Such factors include, among others:
future prices of gold and other metals; possible variations in
mineralization, grade or recovery rates; actual results of current
exploration activities; actual results of reclamation activities;
conclusions of future economic evaluations; changes in project
parameters as plans continue to be refined; failure of equipment or
processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; delays and other risks related to
joint venture operations; timing and receipt of regulatory approvals of
operations; the ability of Rubicon and other relevant parties to
satisfy regulatory requirements; the availability of financing for
proposed transactions and programs on reasonable terms; the ability of
third-party service providers to deliver services on reasonable terms
and in a timely manner; and delays in the completion of development or
construction activities. Other 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.

It is important to note that the information provided in this news
release is preliminary in nature. There is no certainty that a
potential mine will be realized. A mine production decision based on a
preliminary economic assessment as opposed to a bankable feasibility
study carries additional potential risks which include, but are not
limited to, the inclusion of inferred mineral resources that are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized
as mineral reserves.  Mine design and mining schedules, metallurgical
flow sheets and process plant designs may require additional detailed
work to ensure satisfactory operational conditions.

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

SOURCE Rubicon Minerals Corporation


Source: PR Newswire