Mr. David Adamson reports

RUBICON ANNOUNCES 4.0 MILLION OUNCE INFERRED GOLD RESOURCE ESTIMATE GRADING 20.1 G/T GOLD (0.59 OZ/TON GOLD) AT ITS PHOENIX GOLD PROJECT, RED LAKE, ONTARIO

Rubicon Minerals Corp has released an NI 43-101-compliant inferred mineral resource estimate for the F2 gold system, part of its 100-per-cent-owned Phoenix gold project located in the heart of the prolific Red Lake gold district of Ontario.

                INFERRED RESOURCE (FIVE-GRAM-PER-TONNE CUT-OFF AND 10-GRAM X METRE PRODUCT MINIMUM)    

                                                                      Tonnes      Grade (g/t)         Contained ounces

Total inferred resource                                          6.2 million             20.1                4,007,000    

The inferred mineral resource estimate was prepared by Geoex Ltd. based on 166,886 metres of diamond drilling in 237 drill holes carried out between Feb. 27, 2008 (the date of the initial discovery), and July 31, 2010. The estimate does not include approximately 41,702 metres of drilling completed since July 31, 2010. The inferred resource estimate was prepared using the polygonal calculation method which, in the opinion of Geoex, is the appropriate method and is typically used for this type of deposit. The cut-off used is considered to be an economically reasonable estimate of break-even mining costs. "We are very pleased with these initial results. They demonstrate that the F2 gold system is already a significant-sized gold deposit. Importantly, the gold grade of 20.1 g/t gold is high compared with most major gold deposits around the world and is consistent with the overall Red Lake camp average grade, which is Red Lake's key advantage. Our objective now, through our continuing delineation program, is to upgrade part of this large inferred resource, move toward development and to continue to expand the gold system. Underground development on the project has already crosscut mineralized zones at the 305-metre level and delineation drilling is under way. Photographs of the new zones are available on the company website," stated David Adamson, president and chief executive officer.

Geological potential

In addition to the inferred resource estimate, Geoex carried out an evaluation of geological potential based on an analysis of the distribution of current drilling (strike length of 898 metres as of July 31, 2010) and opportunity for infill and expansion drilling to depth. The system remains open along strike and to depth beyond the current limit of drilling.

The geological potential is based on the projection and extrapolation of the inferred resource present between zero to 500 metres below surface as this area is considered well drilled and contains an inferred resource of 3.4 million tonnes containing 2.68 ounces ounces at 24.4 g/t or 0.71 ounce per ton. In the area between 500 and 1,500 metres below surface, drilling is wider spaced, and so large parts of the system in this area have not been adequately drill-tested; however, in the opinion of Geoex, based on a review of project data, experience from elsewhere in Red Lake and general observations on lode gold deposits, the grade and tonnage profile of the area above 500 metres is likely to be replicated to depth with additional drilling.

                Depth                              Potential tonnes    Potential grade                 Potential ounces    

Above 500 metres (well drilled)          3.4 million to 3.7 million   24.4 to 26.8 g/t     2.68 million to 3.19 million 
500-1500 metres (wide-spaced drilling)   6.8 million to 7.5 million   24.4 to 26.8 g/t     5.33 million to 6.46 million
1500-2500 metres (no drilling; open)     6.8 million to 7.5 million   24.4 to 26.8 g/t     5.33 million to 6.46 million 
Total to 2500 metres (open at depth)     17 million to 18.7 million   24.4 to 26.8 g/t   13.34 million to 16.11 million

The potential tonnages, grades and ounces set forth in the analysis of geological potential are conceptual in nature, as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. "From the early days of the discovery, we have always recognized that we are exploring a very robust and large mineralizing system, which is why we have dedicated significant drilling efforts to the 9X target area. As suggested by Geoex, the current 4.01-million-ounce inferred gold resource may be only a small part of the over all gold potential of the F2 gold system. Large areas remain to be infill-drilled, and the system is open in all directions. We should also point out that we own 40 per cent of the exploration real estate in Red Lake, giving us a unique opportunity to find the next F2 gold deposit," stated David Adamson, president and chief executive officer. Geoex will prepare an NI 43-101-compliant technical report in respect of the inferred resource estimate and geological potential discussed in this release, which Rubicon will file on SEDAR within 45 days, and plans to complete a preliminary economic assessment in respect of the F2 gold system by the end of the first quarter of 2011.

Qualified persons

Rubicon has implemented a rigorous quality assurance/quality control program to ensure best practices in the sampling and analysis of drill core. Assays were conducted on sawn NQ-sized half-core sections. Delineation drilling intercepts represent true horizontal width. The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. Assays were conducted by SGS Minerals Services using standard fire assay on a 30-gram (one 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 per cent of samples are carried out at a third-party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd. Exploration drill programs and all data forming the basis of the inferred resource estimate described in this release were supervised and verified by Terry Bursey, PGeo, regional manager for Rubicon and a qualified person as defined by NI 43-101. The inferred resource estimate and the geological-potential analysis were prepared by Peter George, PGeo, president and consulting geologist of Geoex, an independent qualified person as defined by NI 43-101; and Mr. George verified all data received from Rubicon in connection with same.