WHAT'S WITH THIS RED LAKE AREA ANYWAY?

TORONTO, Nov. 16 /PRNewswire-FirstCall/ - Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to outline plans for a major Phase II expansion of exploration programs at its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario. Positive results from its ongoing Phase I, '9X' drill program of the F2 Gold System (see news releases from March 12, 2008 onwards) demonstrate the presence of a large and growing gold mineralized system which remains open in all directions. In order to further test the system and to carry out detailed drilling in several areas, the Company has determined that a $60 million Phase II program is warranted. Following completion of its recent 'bought deal' financing (see news release dated November 12, 2009), Rubicon has approximately C$133 million in its treasury and is in the strong position of being able to fund planned exploration programs while still preserving significant unallocated funds for future use.

The Company plans the following:

- Completion of the remaining 38,500 metres of drilling under its current $25 million, Phase I 80,000-metre drill program which is expected to be completed around the end of Q1, 2010. Total drilling to date on the F2 Gold System is 91,100 metres.

    -   A 120,000-metre, Phase II surface and underground drill program to
        continue to test the 9X target area and also to accommodate closer
        spaced (delineation) drilling in several parts of the currently known
        gold system. Following completion of this drilling, approximately
        250,000 metres of drilling (820,000 feet) will have been completed on
        the F2 Gold System.

    -   Approximately 750 metres of underground excavation will be completed
        and drill stations established to provide new access to several parts
        of the 9X target area for Phase II underground drilling.

    -   Taking of a bulk sample, contingent on successful results from the
        delineation drilling. Bulk samples would be used for grade
        estimation, metallurgical and other studies.

    -   Exploration drilling outside of the F2 Gold System itself including
        preliminary drill testing on one or more of the Company's other gold
        projects in Red Lake.

"Our goal is to show that the F2 Gold System can be the next major high-grade gold deposit in the prolific Red Lake gold district. To do this, and in response to strong drill results to date, we are excited to outline our expanded Phase II program. With the closing of the financing, we now have the financial resources to match our ambitions." stated David Adamson, President and CEO.

It is estimated that the Phase II program will cost approximately C$60 million and that it will take approximately 12 months to complete. The program outlined above may be modified based on results and/or unexpected ground conditions.

Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring for gold in politically safe jurisdictions with high geological potential. Rubicon controls over 65,000 acres of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp's high-grade, world class Red Lake Mine. In addition to its Red Lake holdings, Rubicon also controls over 380,000 acres surrounding the Pogo Mine in Alaska as well as 225,000 acres in northeast Nevada. Rob McEwen, President and CEO of McEwen Capital and former Chairman and CEO of Goldcorp, owns 21.6% of the issued shares of the Company.

RUBICON MINERALS CORPORATION

"David W. Adamson"

President & CEO