Rubicon Minerals provides operational and drilling update for F2 gold system, Phoenix Gold Project, Red Lake, Ontario

Wednesday, Nov 14, 2012

TORONTO, Nov. 13, 2012 /PRNewswire/ - Rubicon Minerals Corporation (TSX:RMX | NYSE-MKT:RBY) ("Rubicon") is pleased to provide an update of project activities conducted at its 100%-owned F2 Gold System, Phoenix Gold Project, located in the heart of the prolific Red Lake gold district.

Optimization Update

Rubicon is nearing completion of its optimization studies and currently expects to provide an update in Q4, 2012. The purpose of these studies is to evaluate different mining scenarios with a goal to optimizing the economic outputs in its existing PEA¹.

Operational Update

Following the successful completion of the 2012 underground infill drilling program, Rubicon is now in full shaft sinking mode. The shaft bottom is now at 552 metres (1810 feet) below surface, having advanced 186 metres since July 2012. As outlined in the news release dated July 16, 2012 Rubicon continues to evaluate the cost/benefit of extending the shaft to approximately 1000 metres.

The mill building foundation is progressing well (50% completed) and the steel erection is planned to start in November 2012.  Delivery of long lead items remains on schedule for Q3, 2013 and selection of the processing equipment is progressing on schedule.

Drilling Update

As announced in the July 16, 2012 news release, having completed its 2012 infill underground drill program, Rubicon elected to focus underground activities on shaft sinking and mill construction. Drilling of select targets from surface continued.

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an exploration and development company, focused on exploring and developing high margin gold deposits in politically safe jurisdictions such as its high-grade gold discovery at its Phoenix Gold Project in Red Lake, Ontario. Rubicon is well funded and its flagship Phoenix Gold Project is fully permitted to potential production.

In addition, Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district which hosts Goldcorp's high-grade, world class Red Lake Mine.  Rubicon's shares are listed on the NYSE.MKT (RBY) and the TSX (RMX) Exchanges. Rubicon's shares are included in the S&P/TSX Composite Index and Van Eck's Junior Gold Miners ETF.

SOURCE Rubicon Minerals Corporation