Mr. David Adamson reports

RUBICON MINERALS ANNOUNCES $200 MILLION BOUGHT DEAL FINANCING

Rubicon Minerals Corp. has entered into an agreement with a syndicate of underwriters co-led by GMP Securities LP and TD Securities Inc., which has agreed to purchase, on a bought-deal basis, 49 million common shares of the company at a price of $4.10 per share for total gross proceeds of $200.9-million. The underwriters will also have the option, exercisable in whole or in part at any time up to 30 days after the closing of the offering, to purchase up to an additional 7.35 million shares. In the event that the option is exercised in its entirety, the total gross proceeds of the offering will be $231,035,000.

The company plans to use the net proceeds from the offering to advance the development of the Phoenix gold project, and for working capital and general corporate purposes.

The shares will be offered by way of a short-form prospectus to be filed in all of the provinces of Canada (other than the province of Quebec) pursuant to National Instrument 44-101 -- Short Form Prospectus Distributions and in the United States on a private-placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

The offering is scheduled to close on or about Feb. 29, 2012, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange, New York Stock Exchange Amex and the securities regulatory authorities.

We seek Safe Harbor.