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Rubicon Minerals Announces Initial Delineation Drill Results From the F2 Core Zone within the F2 Gold System, Red Lake, Ontario

November 17, 2010

- includes 16.59 oz/ton gold over 8.2 feet in newly identified
northeast-trending subzone -

- cross-cuts expose F2 Core Zone and separate northwest hanging wall
zone -

TSX:RMX | NYSE AMEX:RBY

VANCOUVER, Nov. 17 /PRNewswire/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) is pleased to provide an update on its underground
delineation drill program being carried out on part of the F2 Core
Zone, part of the F2 Gold System at its 100%-owned Phoenix Gold Project
located in the heart of the prolific Red Lake Gold District of Ontario.
The results below pertain to the initial 4,277 metres of a 27,000 metre
delineation drill program. In addition, Rubicon is carrying out
approximately 40,000 metres of exploration drilling in the larger F2
Gold System. New delineation drill results are shown in Table 1 and
Figures 2, 3, 4 and 6. 

The majority of the initial drill results are focused within +/-15
metres of the 305 metre level below surface. The delineation drilling
is planned to further test a 150 metre (horizontal) x 200 metre
(vertical) area within the F2 Core Zone of the F2 Gold System (Figures
1 and 5). Initial drill results appear to be outlining several
structurally-hosted, discrete sub zones trending at multiple angles
including a significant northwest-trending component (parallel to the
regional F2 fold trend direction). The active cross-cuts now expose
areas of the initial delineation drilling in the F2 Core Zone and
separate northwest hanging wall zone (Figure 2, 3 and 4) and the
Company plans to post pictures of the cross cuts by the end of the week
on its website.

Delineation Drilling – Northwest Hanging Wall Area

Drilling northwest of the 305-05 drill station has intersected a
previously unrecognized northeast trending subzone to the northwest of
the main area of delineation drilling (Figure 2 and 6). Highlights
include hole D305-05-016 which returned 16.59 oz/ton gold over 8.2 feet (568.9 g/t
gold over 2.5 metres), including 41.03 oz/ton gold over 3.3 feet
(1,406.8 g/t gold over 1.0 metre) and hole D305-05-020 returned 2.74
oz/ton gold over 6.6 feet (93.8 g/t gold over 2.0 metres), including
5.34 oz/ton gold over 3.3 feet (183.0 g/t gold over 1.0 metre).
 The majority of the mineralization in this zone is hosted by quartz
veins, within a package of altered high titanium basalts and has
currently been defined over a 55 metres strike length.

Delineation Drilling – Below 305 metre level

Hole D305-04-015 intersected 0.92 oz/ton gold over 19.0 feet (31.4 g/t gold over 5.8 metres)
including a high-grade interval of 9.65 oz/ton gold over 1.6 feet
(330.8 g/t gold over 0.5 metres)
on the 310 metre level within strongly biotite-altered and
quartz-veined high-titanium basalts (Figure 3 and 6). Hole D305-05-003A
intersected a broad zone of 0.20 oz/ton gold over 72.2 feet (7.0 g/t gold over 22.0 metres)
containing two separate high-grade intervals of 0.93 oz/ton gold over
7.9 feet (31.9 g/t gold over 2.4 metres) and 0.73 oz/ton gold over 4.6
feet (25.0 g/t gold over 1.4 metres)
.

Delineation Drilling – Above 305 metre level

Above the 305 metre level (Figure 4 and 6), hole D305-04-017 intersected
1.35 oz/ton gold over 9.8 feet (46.3 g/t gold over 3.0 metres) within a
broader zone of 0.46 oz/ton gold over 31.2 feet (15.6 g/t gold over 9.5
metres)
southwest of the 305 level drift on the 293 metre level. Northeast of
the 305 level drift, drill hole D305-05-005 intersected 0.62 oz/ton gold over 16.4 feet (21.1 g/t gold over 5.0 metres)
including 4.27 oz/ton gold over 2.0 feet (146.3 g/t gold over 0.6
metres) within a broader zone of 0.15 oz/ton gold over 87.2 feet (5.0
g/t gold over 26.6 metres)
and D305-05-008 intersected 0.82 oz/ton gold over 9.8 feet (28.0 g/t gold over 3.0 metres) within
quartz breccias contained within a broader zone of 0.17 oz/ton gold
over 77.1 feet (5.7 g/t gold over 23.5 metres)
respectively centered on the 296 metre level.

The gold mineralization both above and below the level occurs in
multiple sub-parallel zones typically hosted by quartz breccias and
variably altered mineralized high titanium basalt. To date, delineation
drilling demonstrates that the mineralization is vertically continuous
over the 20 metres tested and, based on previous wider-spaced drilling
below the current level, it is expected that continuity will extend to
depth.

“The F2 Core Zone delineation holes confirm and extend results from
wider spaced drilling and also provide evidence of new, previously
unidentified sub-zones. We look forward to our initial resource
estimate before month end as well as further results from the
delineation drilling and additional exploration drilling designed to
further test the limits of the large F2 Gold System,” stated David
Adamson
, President and CEO.

Rubicon Minerals Corporation is a well-funded exploration and
development company, focused on exploring and developing its high-grade
gold discovery at its Phoenix Project in Red Lake, Ontario. Rubicon
controls over 100 square miles of prime exploration ground in the
prolific Red Lake gold district of Ontario which hosts Goldcorp’s
high-grade, world class Red Lake Mine.

RUBICON MINERALS CORPORATION
“David W. Adamson”
President & CEO

Table 1:  Assay Results

Hole Elevation

Level

Gold (g/t) Width (m) Gold (oz/t) Width (ft) 9X Target

Area

Northwest Hanging Wall Area        
D305-05-013 304 17.0 1.8 0.50 5.9 1
  303 5.6 3.6 0.16 11.8 1
  303 26.5 1.0 0.77 3.3 1
D305-05-014 302 669.1 0.8 19.52 2.6 1
D305-05-015 303 5.2 4.1 0.15 13.4 1
D305-05-016 295 568.9 2.5 16.59 8.2 1
Incl. 295 1406.8 1.0 41.03 3.3 1
D305-05-017 304 6.7 6.3 0.20 20.7 1
Incl. 304 17.4 1.5 0.51 4.9 1
And Incl. 304 38.5 0.5 1.12 1.6 1
D305-05-018 Anomalous
D305-05-019 Anomalous
D305-05-020 297 93.8 2.0 2.74 6.6 1
Incl. 297 183.0 1.0 5.34 3.3 1
Below 305 metre Level in Core Area        
D305-05-003A 308 7.0 22.0 0.20 72.2 1
Incl. 308 17.6 5.0 0.51 16.4 1
And Incl. 309 31.9 2.4 0.93 7.9 1
Or 309 25.0 1.4 0.73 4.6 1
D305-05-009 308 5.3 2.5 0.15 8.2 1
  309 5.9 17.5 0.17 57.4 1
Incl. 309 18.6 1.0 0.54 3.3 1
or 310 16.0 4.3 0.47 14.1 1
And Incl. 310 31.8 1.7 0.93 5.6 1
  311 6.9 4.5 0.20 14.8 1
Incl. 311 10.2 2.7 0.30 8.9 1
D305-05-012 310 8.3 43.0 0.24 141.0 1
Incl. 309 16.1 4.0 0.47 13.1 1
Or 311 16.7 14.7 0.49 48.2 1
And Incl. 312 23.6 5.2 0.69 17.1 1
D305-05-012 313 5.4 3.9 0.16 12.8 1
D305-05-006 Anomalous
D305-04-003 311 5.2 16.0 0.15 52.5 1
Incl. 310 9.8 2.0 0.29 6.6 1
Or 311 17.5 1.6 0.51 5.2 1
D305-04-003 313 29.8 0.8 0.87 2.6 1
D305-04-006 309 32.5 0.5 0.95 1.6 1
  313 6.3 1.6 0.18 5.2 1
D305-04-009 311 5.0 2.2 0.15 7.2 1
D305-04-012 Anomalous
D305-04-015 310 31.4 5.8 0.92 19.0 1
Incl. 310 330.8 0.5 9.65 1.6 1
D305-04-018 Anomalous
Above 305 metre Level in Core Area        
D305-05-001 302 5.6 18.5 0.16 60.7 1
Incl. 302 17.9 3.6 0.52 11.6 1
And Incl. 302 38.7 1.6 1.13 5.1 1
D305-05-002 297 5.2 16.0 0.15 52.5 1
Incl. 296 16.4 3.7 0.48 12.1 1
And Incl. 296 37.2 1.0 1.09 3.3 1
D305-05-004 301 11.4 2.0 0.33 6.4 1
Incl. 301 21.0 1.0 0.61 3.3 1
D305-05-005 296 5.0 26.6 0.15 87.2 1
Incl. 297 21.1 5.0 0.62 16.4 1
And Incl. 297 146.3 0.6 4.27 2.0 1
D305-05-007 301 5.5 28.2 0.16 92.5 1
Incl. 302 19.5 1.8 0.57 5.9 1
Or 301 16.2 3.2 0.47 10.5 1
D305-05-008 296 5.7 23.5 0.17 77.1 1
Incl. 297 28.0 3.0 0.82 9.8 1
D305-05-010 303 5.0 9.5 0.15 31.2 1
Incl. 303 10.5 2.1 0.31 6.9 1
D305-05-011 303 6.5 3.7 0.19 12.1 1
Incl. 303 14.0 1.5 0.41 4.9 1
D305-05-011 295 5.8 2.7 0.17 8.9 1
D305-04-001 302 5.6 12.8 0.16 42.0 1
Incl. 302 22.9 1.9 0.67 6.2 1
D305-04-002 295 5.0 11.4 0.15 37.2 1
Incl. 295 12.4 3.0 0.36 9.8 1
D305-04-004 Anomalous
D305-04-005 296 12.0 1.0 0.35 3.3 1
  293 5.3 7.2 0.15 23.6 1
Incl. 293 16.3 1.0 0.48 3.3 1
D305-04-007 302 5.1 3.4 0.15 11.2 1
D305-04-008 Anomalous
D305-04-010 302 5.9 2.5 0.17 8.2 1
D305-04-011 295 18.5 1.0 0.54 3.3 1
D305-04-013 Anomalous
D305-04-014 293 9.8 2.8 0.29 9.2 1
D305-04-016 Anomalous
D305-04-017 294 15.6 9.5 0.46 31.2 1
Incl. 293 46.3 3.0 1.35 9.8 1
D305-04-019 289 5.7 2.3 0.17 7.5 1
D305-04-020 274 5.8 1.9 0.17 6.2 1

Holes with the prefix ‘D305′ were drilled from underground on the 305
metre level and are part of the delineation program. Assays are uncut.
Reported results satisfy the following cut-off criteria: An intercept
equal to or greater than 10 g/t gold (gram) x (metre) product value and possessing an average grade of equal to or greater than 5.0 g/t gold.
Anomalous holes satisfy the following criteria: >2.5 gram gold x metre
product and > 2 g/t gold. A complete listing of results to date for the
F2 Gold System is available at www.rubiconminerals.com.

Figure 1: F2 Gold System Plan Map

http://files.newswire.ca/617/Rubicon_Fig1_Nov17.doc

Figure 2: Plan map showing the northwest hanging wall zone
(results included for the 265 through 305 metre levels)

http://files.newswire.ca/617/Rubicon_Fig2_Nov17.doc

Figure 3: Plan Map showing the core zone area delineation drill results
below the 305 metre level

(results included for the 305 through 345 metre levels)

http://files.newswire.ca/617/Rubicon_Fig3_Nov17.doc

Figure 4: Plan Map showing the core zone area delineation drill results
above the 305 metre level

(results included for the 265 through 305 metre levels)

http://files.newswire.ca/617/Rubicon_Fig4_Nov17.doc

Figure 5:  Composite Long Section Looking Northwest and 9X Target

http://files.newswire.ca/617/Rubicon_Fig5_Nov17.doc

Figure 6: Detailed Composite Long Section of Delineation Drill area,
Looking Northwest

(New results for 155m thick section only)

http://files.newswire.ca/617/Rubicon_Fig6_Nov17.doc

Assaying and Qualified Person
Assays were conducted on sawn NQ-sized half core sections. Delineation
drilling intercepts represent horizontal thickness which, at this time,
are interpreted to be true thickness. 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. Check assays on 5% of
samples are carried out at a third party independent laboratory. 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, or if unexpected ground conditions
are encountered. 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 Gold System are interpreted to
show similarities to nearby gold producing mines owned by third
parties, this should not be interpreted to mean that the F2 Gold System
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.

SOURCE Rubicon Minerals Corporation


Source: newswire



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