Rubicon to Prepare Initial NI 43-101 Resource Estimate for the F2 Gold System, Red Lake, Ontario

November 2, 2010


TORONTO, Nov. 2 /PRNewswire/ – Rubicon Minerals Corporation (RMX:TSX: | RBY:NYSE-AMEX) is pleased to announce that, pursuant to the
recommendations in its recent NI 43 – 101 technical report filed on
September 27, 2010, it has retained Geoex Limited. (“Geoex”) to prepare
an initial NI 43-101 resource estimate for its F2 Gold System, part of
its 100%-owned Phoenix Gold Project, located in the heart of the
prolific Red Lake Gold Camp. The resource estimate is expected to be
completed on or before the end of November, 2010 and will be based on
161,000 metres of diamond drilling conducted up to July 31, 2010.
Accordingly, it will not include approximately 29,000 metres of
drilling completed since that date (total of 190,000m drilled to date).

The initial resource estimate is expected to focus on the Company’s F2
Gold System ’9X’ target area as well as outlining an estimate of
exploration target potential within the area of the F2 Gold System.

Geoex has over 40 years experience in similar gold systems including a
recent NI 43-101 resource report on the Rice Lake belt assets of San
Gold Resources. Geoex also has relevant experience in Red Lake and was
retained by Gold Eagle Mines Ltd. in 2008 to prepare an estimate of the
geological potential of the Bruce Channel gold deposit. Gold Eagle
Mines Ltd. was subsequently acquired by Goldcorp Inc. in late 2008.

“Since discovering the F2 Gold System in 2008, our approach has been to
aggressively explore in order to test what we believe to be a large
gold mineralizing system. This initial resource will allow us to
evaluate the success of that program in areas where sufficient drilling
has being carried out and also to assess further gold potential of
other parts of the F2 Gold System. Our underground development is
advancing on schedule, and our first cross cut is in progress, guided
by ongoing delineation drilling.” stated David Adamson, President and

Rubicon Minerals Corporation (“Rubicon”) is a well-funded exploration
and development company, focused on exploring and developing its
high-grade gold discovery at its Phoenix Gold project in Red Lake,
. 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 Gold 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.

“David W. Adamson”
President & 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” 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 expected completion
date of the resource estimate.

The forward-looking statements that are contained in this news release
are based on various assumptions and estimates by Rubicon Minerals
Corporation (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 the ability of GeoEx,
an independent service provider, to complete the resource estimate
within the time frame expected by the Company. These statements are
based on a number of assumptions, including that the drill density in
the Company’s F2 Gold System “9X” target area is sufficient to
determine a resource estimate, and that GeoEx has sufficient resources
to complete the resource estimate in the time frame expected by the
Company.  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.

SOURCE Rubicon Minerals Corporation

Source: newswire

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