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

-results include 36.4 g/t gold over 4.1 metres-

TSX:RMX | NYSEAMEX:RBY

VANCOUVER, June 1, 2011 /PRNewswire/ - Rubicon Minerals Corporation (TSX: RMX) (NYSE-AMEX: RBY) is pleased to provide final delineation results from its planned 27,000-metre delineation program 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. The delineation program was designed to infill an area 100 meters above and below the 305 metre level (below surface), over a strike length of 150 metres at a nominal drill spacing of 15 metres. To this end, 264 holes were drilled from three underground drill stations for a total of over 35,000 metres.  The '9X' exploration drill program to continue to expand and infill the F2 Gold System is ongoing.

Latest delineation drill results received since the April 11, 2011 news release are shown in Table 1 and 2, and Figures 1 through 6. A complete listing of results from the delineation drill program is available on the Company's website at www.rubiconminerals.com.

Highlights of the drilling include 1.06 oz/ton gold over 13.4 feet (36.4 g/t gold over 4.1 metres) in drill hole D305-04-069 (estimated true width is interpreted to be approximately 70% of core length), 4.32 oz/ton gold over 11.5 feet (148.1 g/t gold over 3.5 metres) in drill hole D305-04-093 (estimated true width is interpreted to be approximately 25% of core length), 0.66 oz/ton gold over 16.7 feet (22.5 g/t over gold 5.1 metres) in drill hole D305-06-072 (estimated true width is interpreted to be approximately 60% of core length) and 0.45 oz/ton gold over 20.0 feet (15.4 g/t gold over 6.1 metres) in drill hole D305-05-088 (estimated true width is interpreted to be approximately 50% of core length).

Figure 5 is a composite long section showing the gold intercepts in the delineation area before and after the delineation drill program. This figure shows that the main objective of the program, to in-fill the target area, has been met. The success and experience gained from this program provides encouragement for future delineation programs. The in-fill drilling has confirmed the presence of multiple gold zones trending dominantly northeast (F1). The main trend is locally cross-cut by northwest (F2) structures which can contain appreciable visible gold. In general, mineralization is hosted within the main basaltic package of rocks and within locally adjacent felsic intrusive rocks and their associated contacts.

Figure 6 is a composite cross section illustrating the geometry and interpreted continuity of zones in the delineation area.

"The delineation program has been very successful in confirming the continuity of the mineralization in this part of the F2 Gold system. We plan to apply this approach to other shallow parts of the F2 Gold System, most obviously above and below the current delineation area with the objective of upgrading our current inferred resources in these areas." stated David Adamson, President and CEO.

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.

RUBICON MINERALS CORPORATION
"David W. Adamson"
President & CEO

Table 1:  Delineation Drilling Assay Results (>10 g/t gold)

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:  Delineation Drilling Assay Results (> 5.0 g/t gold and <10.0g/t gold)

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:  F2 Gold System Plan Map
http://files.newswire.ca/617/RubiconFig1.pdf

Figure 2:  F2 Gold System composite long section showing area of delineation drilling
http://files.newswire.ca/617/RubiconFig2.pdf

Figure 3:  Detailed composite long section showing delineation drilling results >5g/t gold and <10 g/t gold
http://files.newswire.ca/617/RubiconFig3.pdf

Figure 4:  Detailed composite long section showing delineation drilling results >10 g/t gold
http://files.newswire.ca/617/RubiconFig4.pdf

Figure 5:  Long Section (composite of 50m) comparison prior to and post delineation drill program
http://files.newswire.ca/617/RubiconFig5.pdf

Figure 6:  Cross Section (through 50,000N ± 40m) comparison prior to and post delineation drill program
http://files.newswire.ca/617/RubiconFig6.pdf

Assaying, Data Verification and Qualified Person
All reported intercepts (widths) are core lengths except as indicated by estimating the approximate true width of the reported interval. True width estimates are based on the on-going geological and structural interpretation of the host units and the relation to the gold mineralization based on drill core analysis, including core angles and hole orientation to the host unit, in conjunction with underground observations. Drill core assays were conducted on sawn NQ-sized half core sections. The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. All assays were conducted by SGS Minerals Services using standard fire assay on a 50 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. Phoenix Project exploration, drill work programs and all data forming the basis of this release were supervised and verified by Terry Bursey, P.Geo., Regional Manager for Rubicon and a 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", "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 F2 Gold 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.

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The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Rubicon Minerals Corporation