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Rubicon Reports New High Grade Gold Intercepts From Exploration Drilling at the F2 Gold System, Phoenix Project, Red Lake, Ontario

January 10, 2011

-intercepts include 39.43 oz/t gold over 3.6 feet (1351.8 g/t gold over
1.1 metres), 2.07 oz/t gold over 11.5 feet (70.9 g/t gold over 3.5
metres) and 1.46 oz/ton gold over 11.2 feet (50.0 g/t gold over 3.4
metres)

TSX:RMX | NYSE AMEX:RBY

VANCOUVER, Jan. 10 /PRNewswire/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) (“Rubicon”) is pleased to announce further drill results
from exploration drilling of the F2 Gold System, part of its 100% owned
Phoenix Gold Project in the heart of the prolific Red Lake gold
district of Ontario. Results in this release pertain to exploration
drilling that is focused outside the area of current delineation
drilling which Rubicon reports separately (Figures 1 and 2 and December
21, 2010
news release). The exploration drilling is designed to expand
limits of the large F2 Gold System, and is directed at a 1.2 x 1.5
kilometre target area referred to as the ’9X’ target area (See Figure
1). The 9X target area contains a previously announced NI-43-101
compliant, 4.0 million ounce inferred gold resource estimate grading
20.1 g/t gold (0.59 oz/t gold) which includes all drilling up to the
end of July, 2010. A total of over 38,000 metres of drilling has been carried out in the 9X
target area since July 31, 2010, results from which (including those in
the current news release) are
not incorporated into the resource estimate.

New results confirm extension into new target areas south of the 9X
target area

Several drill holes have extended gold mineralization south of the 9X
target area, confirming that the F2 Gold System is present over at
least a 600 metre (1970 feet) vertical extent in this area down to a
depth of 1357 metres (4452 feet) below surface where it has been
drill-tested to date. Signficant results include 2.07 oz/ton gold over 11.5 feet (70.9 g/t gold over 3.5 metres) in hole
F2-108 and 39.43 oz/ton gold over 3.6 feet (1351.8 g/t gold over 1.1
metres) in hole F2-108-W1.

These latest holes are significant because they demonstrate that the F2
Gold System geology extends south of the original 9X target area over a
considerable vertical extent and that the F2 Gold System continues to
be open in all directions for further drilling. A previously reported
intercept, located approximately 250 metres below surface (hole
PR-10-18 returned 102.7 g/t gold over 0.6 metres), also south of the 9X
target area, suggests that the vertical extent of the F2 Gold System
could be significant in this area.

Drilling in Target Area 1 continues to extend gold mineralization

A number of holes were completed between depths of approximately 350
metres to 550 metres below surface in target area 1 (Figure 2 and Table
1). These include numerous high-grade intercepts such at 1.46 oz/ton gold over 11.2 feet (50.0 g/t gold over 3.4 metres) in hole
305-39, and 1.31 oz/t gold over 6.9 feet (45.0 g/t gold over 2.1
metres) in drill hole 305-47
(see Table 1 and Figures 1 and 2 for complete results).

These results are significant because they show that the F2 Gold System
below the current area of delineation drilling is well developed and is
likely to be amenable to future delineation drilling. As well, it
provides confidence that the F2 Gold System will continue to fill in at
greater depths (target areas 2 and 7) where drilling is currently wider
spaced.

“These latest results continue to demonstrate both the very high hit
ratio of holes drilled to date since discovery in 2008 as well as the
continued presence of significant high-grade gold in newly tested
areas. Of particular note is the extension of the system south of the
already large 9X target area which bodes well for further expansion of
the 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 Gold 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 Gold

(g/t)

Width

(m)

Gold

(oz/ton)

Width

(ft)

9X Target

Area

F2-107 676 3.0 22.5 0.09 73.8 5
Incl. 667 7.1 5.0 0.21 16.4 5
And Incl. 669 18.4 1.0 0.54 3.3 5
F2-108 888 70.9 3.5 2.07 11.5 South of 9X
Incl. 887 245.0 1.0 7.15 3.3 South of 9X
F2-108 975 10.8 1.0 0.32 3.3 South of 9X
F2-108-W1 730 9.2 1.2 0.27 3.9 South of 9X
F2-108-W1 1357 1351.8 1.1 39.43 3.6 South of 9X
F2-109 Anomalous
F2-110 250 3.9 5.8 0.11 19.0 4
F2-111 No Significant Assays
F2-112 719 16.1 1.0 0.47 3.3 South of 9X
F2-113 Anomalous
122-74 1025 19.0 1.0 0.55 3.3 5
122-74 1075 22.1 2.0 0.64 6.6 5
Incl. 1076 34.4 1.0 1.00 3.3 5
122-74 1207 11.7 1.0 0.34 3.3 8
122-75 No Significant Assays
305-20 Anomalous
305-22 No Significant Assays
305-23 307 8.5 1.4 0.25 4.6 1
305-24 Anomalous
305-25 Anomalous
305-26 No Significant Assays
305-27 287 37.8 3.0 1.10 9.8 1
Incl. 287 102.0 1.0 2.98 3.3 1
305-29 301 6.0 2.0 0.18 6.6 1
305-30 459 5.4 7.0 0.16 23.0 1
Incl. 460 11.9 2.0 0.35 6.6 1
305-31 432 7.7 2.2 0.22 7.2 1
305-32 583 3.0 6.0 0.09 19.7 1
305-33 503 5.1 3.0 0.15 9.8 1
Incl. 502 14.6 0.9 0.43 3.0 1
305-34 255 3.9 3.0 0.11 9.8 1
305-35 297 6.9 5.0 0.20 16.4 1
Incl. 297 19.6 1.5 0.57 4.9 1
305-35 298 6.3 1.8 0.18 5.9 1
305-35 308 5.7 6.1 0.17 20.0 1
Incl. 308 16.8 1.0 0.49 3.3 1
305-35 309 3.5 3.1 0.10 10.2 1
305-35 312 4.4 3.9 0.13 12.8 1
305-36 342 3.2 19.0 0.09 62.3 1
Incl. 340 13.9 1.0 0.41 3.3 1
Incl. 346 24.7 1.0 0.72 3.3 1
305-36 362 4.7 8.5 0.14 27.9 1
Incl. 360 16.6 1.5 0.48 4.9 1
305-37 Anomalous
305-38 326 3.9 6.0 0.11 19.7 1
Incl. 325 12.7 1.0 0.37 3.3 1
305-38 333 14.6 2.2 0.43 7.2 1
305-39 394 5.4 13.0 0.16 42.6 1
Incl. 394 18.8 2.0 0.55 6.6 1
305-39 417 6.0 4.0 0.18 13.1 1
Incl. 416 12.8 1.6 0.37 5.2 1
305-39 451 50.0 3.4 1.46 11.2 1
Incl. 451 160.5 1.0 4.68 3.3 1
305-39 475 5.5 3.4 0.16 11.2 1
305-39 526 12.8 1.0 0.37 3.3 1
305-40 947 14.8 1.0 0.43 3.3 2
305-40 975 7.3 2.0 0.21 6.6 2
Incl. 975 12.2 1.0 0.36 3.3 2
305-41 388 36.3 2.0 1.06 6.6 3
Incl. 388 71.5 1.0 2.09 3.3 3
305-42 No Significant Assays
305-43 1157 7.7 12.1 0.22 39.7 7
Incl. 1155 11.9 4.5 0.35 14.8 7
305-44 553 9.0 1.2 0.26 3.9 2
305-45 671 5.3 3.0 0.15 9.8 2
Incl. 670 24.1 0.5 0.70 1.6 2
305-46 973 11.6 2.0 0.34 6.6 2
305-46 986 5.6 5.8 0.16 19.0 2
Incl. 985 13.8 2.0 0.40 6.6 2
305-47 394 45.0 2.1 1.31 6.9 1
Incl. 394 90.0 1.0 2.63 3.3 1

Holes with the prefix ’122′ and ’305′ were drilled from underground.
Assays are uncut. Reported results satisfy the following criteria:
>10.0 gram gold x metre product and >3.0 g/t gold. Anomalous holes
satisfy the following criteria:  >2.5 gram gold x metre product and <
10.0 gram gold x metre product and > 2 g/t gold. A complete listing of
results to date for the F2 Zone is available at www.rubiconminerals.com.

To vew Figure 1: F2 Gold System Plan Map see:

http://files.newswire.ca/617/Figure1F2GoldSystem.pdf

To View Figure 2: Composite Long Section Looking Northwest and 9X Target
Outlines
see:

http://files.newswire.ca/617/Figure2Composite.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.

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



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