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Rubicon Commences Bulk Sample and Updates Delineation Drilling F2 Gold System, Phoenix Project, Red Lake, Ontario

December 21, 2010

-intercepts include 15.88 oz/t gold over 7.5 feet (544.5 g/t gold over
2.3 metres) and 1.55 oz/t gold over 36.1 feet (53.3 g/t gold over 11.0
metres)-

TSX:RMX | NYSE AMEX:RBY

VANCOUVER, Dec. 21 /PRNewswire/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) (“Rubicon”) is pleased to announce that bulk sampling
has commenced within the core area of the F2 Gold System. Delineation
drilling is being carried out in the core part of the previously
announced NI 43-101 4.0 million ounce inferred gold resource estimate
grading 20.1 g/t gold (0.59 oz/t gold). The bulk sampling has been
initiated on one of the newly identified sub-zones (the “WLB2 Zone”)
within the F2 Core Zone area, approximately 300 metres below surface.
The northeast-trending WLB2 Zone (Figure 1) has been successfully
defined by 18 drill holes over a strike length of 55 metres and 20
metres vertically (the limit of current delineation drilling).
Previous, wider spaced drilling in this area suggests a minimum depth
potential of 230 metres which remains open both up and down dip.

Definition holes are at a nominal spacing of 7.5 metres and have a
horizontal length-weighted average gold grade of 1.07 oz/ton gold over
6.6 feet (36.6 g/t gold over 2.0 metres) horizontal width (see Table 1
for additional assay results from the WLB2 zone). It is estimated that
a bulk sample of approximately 1000 tonnes will be extracted from the
WLB2 Zone from which grade reconciliation and metallurgical work will
be completed during Q1, 2011.

A second, 1000 tonne bulk sample will be taken early in 2011 from one or
more of the central area sub-zones currently being defined on the same
level (Figure 1).  Based on observations from underground mapping and
sampling, drilling, and advice from metallurgical consultants Soutex
Ltd., bulk samples from separate zones are preferred to a single sample
from one zone in order to allow an assessment of potential differences
between individual zones. Metallurgical test work on this bulk sample
will also be completed during Q1, 2011.

WLB2 area

In the 360 cross cut in the WLB2 Zone (Figure 1), systematic face
sampling indicates an average grade in two separate rounds taken of
0.86 oz/ton gold (29.4 g/t gold) and 0.35 oz/ton (11.96 g/t gold) gold,
respectively from face and wall panel samples covering an area of 7.3
metres in length x 3.0 metres in height (24 x 10 feet) each round. This
area was cut by a previous delineation drill hole which graded 6.7 g/t
gold over 6.3 metres including 17.4 g/t gold over 1.5 metres. The
systematic face sampling represents a volumetrically more significant
sample compared to the single drill hole in this area.

Central area drilling

Definition drilling in this area is ongoing and is being extended to
test for the presence of additional NW-trending (F2) zones within a NE
trending (F1) mineralized corridor (Figure 1). Significant assays
include drill hole D305-04-027 intercept 1.14 oz/t gold over 16.4 feet (39.1 g/t gold over
5.0 metres), drill hole D305-04-028 intercept 1.55 oz/t gold over 36.1
feet (53.3 g/t gold over 11.0 metres) and drill hole D305-05-023
intercept 15.88 oz/t gold over 7.5 feet (544.5 g/t gold over 2.3
metres)
. To date, multiple visible gold bearing zones have been identified that
are oriented in both the F1 and F2 directions. A tabulated summary of
results is presented in Table 2. When previous, wider spaced drilling
is incorporated (see compilation plan map – Figure 1), mineralization
in the central area can currently be inferred for approximately 300
metres vertically. Where delineation drilling has taken place, new sub-zones are being intersected where previously no holes were
present or where only low grade gold was present
. Future delineation drilling will test if this pattern repeats to
depth.

“Although it is early days, we are encouraged that we are seeing more
gold zones in the area of our drift and cross-cuts and also in our
delineation drill holes than had been suggested by our initial wider
spaced drilling. We are seeing clear evidence of at least two major
structural trends both of which can host visible and high-grade gold.
The zones we are defining are of similar dimensions to those documented
from the Red Lake Mine and, based on drilling to date, they have good
potential to continue to depth,” 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:  WLB2 Zone Delineation Drilling Assay Results

Hole Elevation

Level

Gold

(g/t)

Width

(m)

Gold

(oz/ton)

Width

(ft)

9X

Target

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
D305-05-037 303 13.6 1.7 0.40 5.6 1
  302 8.7 1.5 0.25 4.9 1
D305-05-038 Anomalous
D305-05-039 300 9.8 5.5 0.29 18.0 1
Incl. 301 20.8 1.9 0.61 6.2 1
D305-05-040 Anomalous
D305-05-041 Anomalous
D305-05-042 302 78.6 0.5 2.29 1.6 1
D305-05-043 283 19.5 2.0 0.57 6.6 1
Incl. 282 39.5 1.0 1.15 3.3 1
D305-05-044 292 16.2 1.0 0.47 3.3 1
D305-05-045 293 7.8 2.0 0.23 6.6 1
Incl. 293 13.5 1.0 0.39 3.3 1
D305-05-046 293 5.1 4.0 0.15 13.1 1
  289 5.4 3.8 0.16 12.5 1
Incl. 288 14.1 0.9 0.41 3.0 1

*previously released results

(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)(.)

Table 2:  Central Area Delineation Drilling Assay Results

Hole Elevation

Level

Gold

(g/t)

Width

(m)

Gold

(oz/ton)

Width

(ft)

9X

Target

Area

D305-04-021 Anomalous
D305-04-023 Anomalous
D305-04-023 251 24.2 1.4 0.71 4.6 1
Incl. 251 36.3 0.9 1.06 3.0 1
D305-04-023 226 5.3 4.0 0.15 13.1 1
D305-04-024 248 14.8 2.0 0.43 6.6 1
Incl. 248 27.6 1.0 0.81 3.3 1
D305-04-024 242 178.0 0.7 5.19 2.3 1
  218 6.1 4.0 0.18 13.1 1
Incl. 217 18.3 1.0 0.53 3.3 1
D305-04-024 209 6.2 5.0 0.18 16.4 1
Incl. 210 16.3 1.0 0.48 3.3 1
D305-04-026 231 126.4 0.5 3.69 1.6 1
D305-04-027 103 39.1 5.0 1.14 16.4 1
Incl. 104 361.8 0.5 10.55 1.6 1
D305-04-028 326 53.3 11.0 1.55 36.1 1
Incl. 327 92.9 6.1 2.71 20.0 1
And Incl. 327 162.5 3.2 4.74 10.5 1
And Incl. 328 676.7 0.7 19.74 2.3 1
D305-04-029 Anomalous
D305-05-021 303 6.0 14.8 0.18 48.6 1
Incl. 303 16.3 1.8 0.48 5.9 1
  303 31.8 1.0 0.93 3.3 1
D305-05-022 295 5.1 4.5 0.15 14.8 1
Incl. 293 19.7 1.5 0.57 4.9 1
And Incl. 293 26.8 1.0 0.78 3.3 1
  293 11.4 2.9 0.33 9.5 1
D305-05-023 308 11.1 1.1 0.32 3.6 1
  309 5.0 14.0 0.15 45.9 1
Incl. 309 15.2 2.0 0.44 6.6 1
  311 5.0 2.2 0.15 7.2 1
  311 544.5 2.3 15.88 7.5 1
Incl. 311 1240.9 1.0 36.19 3.3 1
  312 20.8 4.0 0.61 13.1 1
Incl. 312 34.7 2.0 1.01 6.6 1
D305-05-024 303 5.3 5.0 0.15 16.4 1
Incl. 303 13.1 1.5 0.38 4.9 1
  303 6.0 4.0 0.18 13.1 1
Incl. 303 19.5 1.0 0.57 3.3 1
D305-05-025 298 7.3 4.9 0.21 16.1 1
Incl. 298 39.5 0.7 1.15 2.3 1
D305-05-026 308 8.1 2.0 0.24 6.6 1
Incl. 308 13.9 1.0 0.41 3.3 1
  311 11.9 15.1 0.35 49.5 1
Incl. 311 56.7 3.0 1.65 9.8 1
D305-05-027 303 25.9 1.0 0.76 3.3 1
D305-05-028 296 10.1 1.0 0.29 3.3 1
  293 22.4 3.0 0.65 9.8 1
Incl. 293 41.8 1.5 1.22 4.9 1
D305-05-028 292 5.1 7.0 0.15 23.0 1
Incl. 292 11.3 2.0 0.33 6.6 1
D305-05-029 310 9.1 6.5 0.27 21.3 1
Incl. 310 29.4 1.5 0.86 4.9 1
  311 15.1 1.0 0.44 3.3 1
  313 28.6 6.1 0.83 20.0 1
Incl. 313 162.0 1.0 4.73 3.3 1
  315 74.8 3.0 2.18 9.8 1
Incl. 315 217.3 1.0 6.34 3.3 1
D305-05-030 Anomalous
D305-05-031 Anomalous
D305-05-032 Anomalous
D305-05-047 300 5.0 2.6 0.15 8.5 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:  Plan Map of Central and WBL2 Areas of Drilling
(Results included for the 103 through 328 metre levels)

To view map please visit: http://files.newswire.ca/617/CentralAndWBL2.pdf

Assaying and Qualified Person

Drill core assays were conducted on sawn NQ-sized half core sections.
Delineation drilling intercepts represent horizontal thickness which at
this time is 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 from
underground are conducted on face samples that employ a panel sample
technique. This technique marks out intervals on the face or walls
defined by geological or mineralogical boundaries taking no more than a
one metre square for any panel. All 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. Drill
work programs in this release were supervised by Terry Bursey, P.Geo.
Regional Manager for Rubicon and the project exploration Qualified
Person under the definition of NI 43-101. Bulk sample and underground
face panel sampling programs in this release were supervised by Eric
Hinton
, P.Eng, Project Manager for Rubicon and the operations Qualified
Person under the definition of the 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 F2Gold System
has, or that it will, generate similar reserves or resources.
Significant additional drilling is required at F2 to fully understand
system size.

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