Rubicon Minerals Updates Delineation Drill Results From the F2 Core Zone, Phoenix Gold Project, Red Lake, Ontario

-results include 1.15 oz/ton gold over 56.8 feet including 5.25 oz/ton gold over 11.8 feet-

-update of project timelines-

TSX:RMX | NYSE AMEX: RBY

The Company is re-issuing its news release of April 8, 2011 to correct a typographical error.  The intercept in D305-05-059 of 1.15 oz/ton gold over 22.0 feet including 5.25 oz/ton over 11.8 feet should have read 1.15 oz/ton gold over 56.8 feet including 5.25 oz/ton gold over 11.8 feet.

VANCOUVER, April 11 /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, at its 100%-owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold District of Ontario. A total of 16,000 metres of the planned 27,000-metre delineation drill program has been completed. New delineation drill results are shown in Table 1 and 2, and Figures 1 through 5. The delineation drilling will test a total area of 150 metre (horizontal) x 200 metre (vertical) area within the F2 Core Zone (Figures 1 and 4).  The delineation drill results presented are from an ongoing four drill fence program covering approximately 90 metres of strike length and are focused within +/-100 metres of the 305 metre level (some results extend beyond this area as shown in Figure 2 and 3). In addition, Rubicon is carrying out approximately 40,000 metres of exploration drilling to continue to expand and infill the F2 Gold System.

Central area drilling

Delineation drilling continues to define the presence of northeast-trending (F1) gold mineralization associated with silicification, quartz veining and strong alteration within, and adjacent to, favourable host rock types.  Gold mineralization also occurs in northwest-trending structures that are generally confined within, or immediately adjacent to, northeast-trending bounding geological units and parallel to the regional F2 fold trend direction. Typically, this mineralization occurs as local quartz veining and brecciation.  The presence of multiple orientations of gold mineralization is encouraging in that it is interpreted to show similarities to other gold deposits in Red Lake. In the northern part of the central area (Figure 1), significant assays include 1.15 oz/ton gold over 56.8 feet (39.5 g/t gold over 17.3 metres) including a higher grade interval of 5.25 oz/ton gold over 11.8 feet (180.0 g/t gold over 3.6 metres) in hole D305-05-059. Based on examination of vein angles to core axis, the estimated true widths are interpreted to be approximately 65% of core length. As well, hole 305-05-53 intersected 1.59 oz/t gold over 4.6 feet (54.4 g/t gold over 1.4 metres) in hole D305-05-53, with the estimated true width interpreted to be approximately 85% of core length.

In the southwest part of the central area, significant assays include 0.75 oz/ton gold over 23.0 feet (25.8 g/t gold over 7.0 metres) including a higher grade interval of 2.03 oz/ton gold over 6.6 feet (69.7 g/t gold over 2.0 metres) in D305-04-041 (estimated true widths are interpreted to be approximately 95% of core length), 1.02 oz/ton gold over 13.4 feet (34.8 g/t gold over 4.1 metres) including higher grade interval of 3.60 oz/ton gold over 3.3 feet (123.5 g/t gold over 1.0 metres) in hole D305-04-044 (estimated true width is not yet known) and 2.27 oz/t gold over 6.6 feet (77.9 g/t gold over 2.0 metres) including 8.70 oz/t gold over 1.6 feet (298.4 g/t gold over 0.5 metres) in hole D305-04-045 (estimated true widths are interpreted to be approximately 70% of core length).

The current results show that the interpreted individual gold zones, limited to the area of delineation drilling completed to date, demonstrate a horizontal continuity of greater than 100 metres in strike length and a vertical extent of over 150 metres (Figure 1 and 3). When wider spaced drilling along strike and below the area of delineation is taken into account, the interpreted individual gold zones extend to approximately 150 metres in strike length and 300 metres vertical. To date the depth and lateral extent of most of these zones is open.  A tabulated summary of the recent results is presented in Table 1 and Table 2.  Note that the table presents the intercepts as core lengths as well as estimated true widths.  Figures 4 and 5 show the location and recent results in long section view.

"The F2 Core Zone delineation holes have identified the emergence of several high-grade sub-zones within areas of previous wider spaced drilling which display good vertical continuity. This bodes well for future delineation and expansion drilling," stated David Adamson, President and CEO.

Update of Project timelines

The Company gives the following update on its project timelines:

1)      The Company now expects to complete its previously announced Preliminary Economic Assessment ('PEA') in Q2 of 2011.  AMC Mining Consultants, of Vancouver, has been retained to complete this study.
2)      Under guidance from the Company's mineral processing and metallurgical consultants (Soutex Inc.), and AMC Mining Consultants two bulk samples have been taken from both NE and NW trending zones, one from the WLB2 Zone (F1 - NE orientation) consisting of 976 tonnes and the second from the F2B Zone (F2 - NW orientation) consisting of 1107 tonnes (refer to Figure 1 and 2).  As per the consultant's recommended standard protocol, sub samples have been extracted for metallurgical evaluation.  As well, the Company has decided to expand the scope of this effort to allow processing of the entire bulk sample.  Processing of the entire sample will determine the entire recoverable gold content of the bulk samples.  The Company is in advanced discussions with a third party mill that can carry out this work according to the Company's specifications.  The Company anticipates results of metallurgical sampling to be completed during Q2, 2011.
3)      Since the Company will require additional capital to fund potential future development, and the ability to raise capital is dependent, in part, on completing a positive PEA and other studies, the securing of permits and the successful delineation of mineable resources, project timelines for a possible start up are revised to late Q1 of 2013.

Power and Permitting Update

Progress is being made in securing project power needs.  The Company has accepted an offer to connect from Hydro One for 1 MW of grid power.  The Company has received and intends to accept an additional offer to connect from Hydro One for 4.3 MW of grid power, bringing its total to 5.3MW.  The Company's current permits allow it to operate less than 1 MW of diesel power. Combining its grid power allotment with its current diesel operated power, the Company would have sufficient power to pursue exploration and development of a potential mine operation of an estimated 750 tpd. The provision of additional power would allow expansion of exploration and development of a potential mine operation with an estimated throughput to 1250 tpd.  This additional power may come in the form of new grid power, the use of existing grid capacity and/or additional diesel generated power. The Company is currently working with surface rights holders to allow an easement to deliver grid power to the project.

The Company has elected, as of April 4, 2011, to re-file its Closure Plan to provide for additional time to continue its consultations with First Nations whose traditional territory includes the project area. The Company expects that the Closure Plan would be filed (approved) during Q2 of this year.

Qualified Persons, T. Bursey, P.Geo. and E. Hinton, P.Eng. have read and approved the contents of this release.

As a result of the review by the British Columbia Securities Commission of the Company's January 11th NI 43-101 technical report (announced by the Company by news release on February 14, 2011), the Company is required to file an amended NI 43-101 compliant technical report in support of the amended resource and geological potential estimates announced by the Company by news release on March 31, 2011, together with an amended AIF, incorporating the amended technical report, confirming that the amended estimates supersede those contained in the January 11th technical report.

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:  Central Area Delineation Drilling Assay Results (>10 g/t gold)

Hole Elevation
Level
Gold
(g/t)
Width
(m)
Estimated
True Width
(m)
Gold
(oz/ton)
Width
(ft)
Estimated
True Width
(ft)
9X
Target
Area
D305-04-025 229 10.4 1.5 Not Yet Known 0.30 4.9 Not Yet Known 1
  226 11.4 1.7 Not Yet Known 0.33 5.6 Not Yet Known 1
D305-04-026 220 14.5 1.0 0.6 0.42 3.3 1.9 1
  217 11.3 1.0 0.6 0.33 3.3 1.9 1
  213 19.9 1.0 0.6 0.58 3.3 1.9 1
  173 12.8 1.0 0.6 0.37 3.3 1.9 1
  136 12.1 1.0 0.6 0.35 3.3 1.9 1
D305-04-027 195 14.1 1.0 0.5 0.41 3.3 1.7 1
  189 11.1 1.0 0.5 0.32 3.3 1.7 1
D305-04-030 365 19.8 3.8 3.2 0.58 12.5 10.6 1
Incl. 366 131.8 0.5 0.4 3.84 1.6 1.4 1
D305-04-031 365 14.2 2.2 1.7 0.41 7.2 5.6 1
  377 10.5 1.0 0.8 0.31 3.3 2.6 1
D305-04-032 360 12.7 1.7 1.2 0.37 5.6 4.0 1
  376 16.3 2.2 Not Yet Known 0.48 7.2 Not Yet Known 1
D305-04-033 384 14.4 2.3 1.4 0.42 7.5 4.7 1
Incl. 385 26 1.1 0.7 0.76 3.6 2.3 1
  394 11.1 1.4 0.9 0.32 4.6 2.9 1
  414 19.7 2.0 1.3 0.57 6.6 4.1 1
  439 26.3 1.1 Not Yet Known 0.77 3.6 Not Yet Known 1
D305-04-035 430 24.6 3.3 1.8 0.72 10.8 6.0 1
Incl. 429 56.2 1.0 0.6 1.64 3.3 1.8 1
D305-04-036 405 13.4 2.0 1.0 0.39 6.6 3.2 1
  484 17.7 1.0 0.5 0.52 3.3 1.6 1
D305-04-039 254 11.5 1.0 0.8 0.34 3.3 2.7 1
  249 11.2 1.9 Not Yet Known 0.33 6.2 Not Yet Known 1
D305-04-040 248 13.9 1.0 0.8 0.41 3.3 2.5 1
D305-04-041 322 33 1.0 1.0 0.96 3.3 3.1 1
  326 25.8 7.0 6.7 0.75 23.0 22.0 1
Incl. 325 69.7 2.0 1.9 2.03 6.6 6.3 1
D305-04-043 334 46.1 1.0 0.8 1.34 3.3 2.7 1
  363 13.7 1.0 0.8 0.40 3.3 2.7 1
D305-04-044 347 34.8 4.1 Not Yet Known 1.02 13.4 Not Yet Known 1
Incl. 346 123.5 1.0 Not Yet Known 3.60 3.3 Not Yet Known 1
  369 20.9 2.0 1.5 0.61 6.6 5.0 1
  371 14.9 2.0 1.5 0.43 6.6 5.0 1
D305-04-045 386 77.9 2.0 1.4 2.27 6.6 4.6 1
Incl. 386 298.4 0.5 0.4 8.70 1.6 1.2 1
  390 12.4 1.0 0.7 0.36 3.3 2.3 1
D305-04-046 366 10 3.0 1.9 0.29 9.8 6.2 1
  409 10.7 5.9 3.7 0.31 19.4 12.1 1
Incl. 408 34.3 1.1 0.7 1.00 3.6 2.3 1
Incl. 410 36.6 0.5 0.3 1.07 1.6 1.0 1
D305-04-047 245 10.7 1.0 0.7 0.31 3.3 2.3 1
  239 111.2 0.5 0.4 3.24 1.6 1.1 1
  215 12.3 1.0 0.7 0.36 3.3 2.3 1
D305-05-050 265 16.4 1.0 0.9 0.48 3.3 2.9 1
  261 31.2 1.0 0.9 0.91 3.3 2.9 1
D305-05-051 254 13.9 6.0 Not Yet Known 0.41 19.7 Not Yet Known 1
D305-05-052 314 17.3 2.5 2.3 0.50 8.2 7.7 1
Incl. 314 27.8 1.5 1.4 0.81 4.9 4.6 1
D305-05-053 321 54.5 1.4 1.2 1.59 4.6 4.0 1
D305-05-057 339 21.5 0.9 0.5 0.63 3.0 1.7 1
D305-05-058A 257 29.6 0.5 0.4 0.86 1.6 1.2 1
  238 30.7 0.6 0.4 0.90 2.0 1.4 1
D305-05-059 254 39.5 17.3 11.2 1.15 56.8 37.0 1
Incl. 254 180 3.6 2.4 5.25 11.8 7.8 1
  229 16.5 1.0 0.7 0.48 3.3 2.2 1
D305-06-009 243 22.1 2.9 1.8 0.64 9.5 5.8 1
Incl. 244 117 0.5 0.3 3.41 1.6 1.0 1
D305-06-016 362 10.9 1.5 0.8 0.32 4.9 2.7 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. All reported widths are core length.  Estimated true widths are based on visual examination of core angles and by calculating drill hole dip and azimuth relative to interpreted zone geometries. Such estimated true widths may be subject to change based on information from future drilling and underground mapping. Where the estimated true width is labelled 'not yet known', further drilling or other information is required to allow an interpretation of the estimated true widths.

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 (> 5.0 g/t gold and <10.0g/t gold)

Hole Elevation
Level
Gold
(g/t)
Width
(m)
Estimated
True Width
(m)
Gold
(oz/ton)
Width
(ft)
Estimated
True Width
(ft)
9X
Target
Area
D305-04-025 234 8.9 2.0 Not Yet Known 0.26 6.6 Not Yet Known 1
  228 8.6 6.0 3.7 0.25 19.7 12.1 1
  193 5.5 3.5 2.2 0.16 11.5 7.1 1
D305-04-026 217 7.4 9.5 5.5 0.22 31.2 17.9 1
  135 5.5 5.0 2.9 0.16 16.4 9.4 1
D305-04-027 192 5.2 11.9 6.1 0.15 39.0 19.9 1
  109 9.7 28.1 14.3 0.28 92.2 47.0 1
D305-04-030 352 5.2 4.0 3.4 0.15 13.1 11.1 1
D305-04-031 363 5.3 11.7 9.1 0.15 38.4 29.9 1
  377 5.1 4.0 Not Yet Known 0.15 13.1 Not Yet Known 1
D305-04-032 374 5.6 8.2 5.9 0.16 26.9 19.2 1
  388 5 6.0 4.3 0.15 19.7 14.0 1
D305-04-033 397 5.2 11.5 7.2 0.15 37.7 23.6 1
  415 7.5 6.3 Not Yet Known 0.22 20.7 Not Yet Known 1
  424 5.6 3.0 1.9 0.16 9.8 6.2 1
D305-04-034 414 9.4 3.0 1.8 0.27 9.8 5.9 1
D305-04-036 483 5.2 4.7 2.3 0.15 15.4 7.6 1
  502 6.4 1.6 Not Yet Known 0.19 5.2 Not Yet Known 1
D305-04-039 250 6.8 4.9 4.1 0.20 16.1 13.3 1
D305-04-040 249 6.3 5.0 Not Yet Known 0.18 16.4 Not Yet Known 1
  236 5 4.9 3.8 0.15 16.1 12.3 1
D305-04-042 336 5.3 2.0 1.8 0.15 6.6 5.9 1
D305-04-043 364 5.8 4.4 3.6 0.17 14.4 11.7 1
D305-04-044 367 9.9 8.0 6.0 0.29 26.2 19.8 1
  388 5.3 2.0 1.5 0.15 6.6 5.0 1
D305-04-047 242 9 9.0 6.2 0.26 29.5 20.3 1
  217 5.1 10.9 7.5 0.15 35.8 24.6 1
D305-04-050 218 5.6 2.0 1.2 0.16 6.6 4.0 1
D305-05-034 302 5.2 2.9 2.6 0.15 9.5 8.4 1
D305-05-048 310 5.2 3.8 3.8 0.15 12.5 12.4 1
D305-05-049 280 5.2 3.2 3.0 0.15 10.5 9.9 1
D305-05-050 262 6.2 12.0 10.4 0.18 39.4 34.2 1
D305-05-054 343 5.8 3.5 2.7 0.17 11.5 8.9 1
D305-05-055 335 5.9 2.0 1.4 0.17 6.6 4.5 1
D305-05-056 365 5.9 2.0 1.3 0.17 6.6 4.2 1
D305-05-057 338 7.9 3.1 1.8 0.23 10.2 5.8 1
D305-05-058A 256 5.3 7.8 5.6 0.15 25.6 18.4 1
  237 5.2 5.6 4.0 0.15 18.4 13.2 1
D305-05-060 249 6.2 2.0 1.2 0.18 6.6 3.8 1
  245 5.5 2.8 1.6 0.16 9.2 5.3 1
  219 5.4 2.8 1.6 0.16 9.2 5.3 1
D305-05-061 246 6.8 4.0 2.1 0.20 13.1 6.7 1
D305-06-005 280 5.1 2.1 1.9 0.15 6.9 6.3 1
D305-06-017 381 5.2 5.1 2.8 0.15 16.7 9.1 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. All reported widths are core length.  Estimated true widths are based on visual examination of core angles and by calculating drill hole dip and azimuth relative to interpreted zone geometries. Such estimated true widths may be subject to change based on information from future drilling and underground mapping. Where the estimated true width is labelled 'not yet known', further drilling or other information is required to allow an interpretation of the estimated true widths.

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 136 through 485 metre levels)

http://files.newswire.ca/617/rubiconredlake1.pdf

Figure 2:  Composite cross section showing are of delineation drilling

http://files.newswire.ca/617/rubiconredlake2.pdf

Figure 3:  Detailed composite cross section of delineation drilling area

http://files.newswire.ca/617/rubiconredlake3.pdf

Figure 4:  F2 Gold System composite long section showing area of delineation drilling

http://files.newswire.ca/617/rubiconredlake4.pdf

Figure 5:  Detailed long section showing delineation drilling results >10 g/t gold

http://files.newswire.ca/617/rubiconredlake5.pdf

Assaying and Qualified Person
Drill core assays were conducted on sawn NQ-sized half core sections. Delineation drilling intercepts approximate horizontal thickness.  All reported intercepts are core lengths. 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. Phoenix Project Operations including the bulk sampling program, engineering studies and ongoing development are under the supervision of Eric Hinton, P. Eng., Project Manager for Rubicon and the 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", "would", "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




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