August 11, 2011

Rubicon Minerals Files Technical Report for F2 Gold System, Phoenix Gold Project, Red Lake, Ontario

TORONTO, Aug. 11, 2011 /PRNewswire/ - (RMX:TSX) (RBY:NYSE-AMEX) ("Rubicon") has filed a NI 43-101 Technical Report today on SEDAR entitled "F2
Gold System - Phoenix Gold Project Bateman Township Red Lake, Canada
Technical Report" (the "Technical Report"), pursuant to the press release of Rubicon dated June 29, 2011
announcing the results of a Preliminary Economic Assessment (the "June 29 News Release"). There are no material differences between the results of the
Technical Report filed today and the disclosure provided in the June 29
News Release.

The Technical Report dated effective August 8, 2011 was prepared by AMC
Mining Consultants (Canada) Ltd. with metallurgical sections prepared
by Soutex Inc., both of which are independent of Rubicon.

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an 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.


"David W. Adamson"

President & CEO

Forward Looking Statements
This news release, the Technical Report and June 29 News Release
referred to herein contain 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 these documents include statements regarding estimates of mineral
resources, estimates of gold grades and in-place ounces, estimates of
costs, estimates of mine development and construction, estimates of
economic potential and returns, projections of future optimization and
the timing and nature of future exploration programs.  The description
of the extent of mineralized zones is not intended to imply that any
economically mineable estimate of reserves 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.

The forward-looking statements that are contained in these documents are
based on various assumptions and estimates by Rubicon 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 Rubicon 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; risks relating to fluctuations in the
price of gold; the inherently hazardous nature of mining-related
activities; uncertainties concerning reserve and resource estimates;
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 Rubicon 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 Rubicon 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 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.

SOURCE Rubicon Minerals Corporation