Dec. 21, 2010 (Canada NewsWire Group) --

-intercepts include 15.88 oz/t gold over 7.5 feet (544.5 g/t gold over 2.3 metres) and 1.55 oz/t gold over 36.1 feet (53.3 g/t gold over 11.0 metres)-

TSX:RMX | NYSE AMEX:RBY

VANCOUVER, Dec. 21 /CNW/ - Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) ("Rubicon") is pleased to announce that bulk sampling has commenced within the core area of the F2 Gold System. Delineation drilling is being carried out in the core part of the previously announced NI 43-101 4.0 million ounce inferred gold resource estimate grading 20.1 g/t gold (0.59 oz/t gold). The bulk sampling has been initiated on one of the newly identified sub-zones (the "WLB2 Zone") within the F2 Core Zone area, approximately 300 metres below surface. The northeast-trending WLB2 Zone (Figure 1) has been successfully defined by 18 drill holes over a strike length of 55 metres and 20 metres vertically (the limit of current delineation drilling). Previous, wider spaced drilling in this area suggests a minimum depth potential of 230 metres which remains open both up and down dip.

Definition holes are at a nominal spacing of 7.5 metres and have a horizontal length-weighted average gold grade of 1.07 oz/ton gold over 6.6 feet (36.6 g/t gold over 2.0 metres) horizontal width (see Table 1 for additional assay results from the WLB2 zone). It is estimated that a bulk sample of approximately 1000 tonnes will be extracted from the WLB2 Zone from which grade reconciliation and metallurgical work will be completed during Q1, 2011.

A second, 1000 tonne bulk sample will be taken early in 2011 from one or more of the central area sub-zones currently being defined on the same level (Figure 1). Based on observations from underground mapping and sampling, drilling, and advice from metallurgical consultants Soutex Ltd., bulk samples from separate zones are preferred to a single sample from one zone in order to allow an assessment of potential differences between individual zones. Metallurgical test work on this bulk sample will also be completed during Q1, 2011.

WLB2 area

In the 360 cross cut in the WLB2 Zone (Figure 1), systematic face sampling indicates an average grade in two separate rounds taken of 0.86 oz/ton gold (29.4 g/t gold) and 0.35 oz/ton (11.96 g/t gold) gold, respectively from face and wall panel samples covering an area of 7.3 metres in length x 3.0 metres in height (24 x 10 feet) each round. This area was cut by a previous delineation drill hole which graded 6.7 g/t gold over 6.3 metres including 17.4 g/t gold over 1.5 metres. The systematic face sampling represents a volumetrically more significant sample compared to the single drill hole in this area.

Central area drilling

Definition drilling in this area is ongoing and is being extended to test for the presence of additional NW-trending (F2) zones within a NE trending (F1) mineralized corridor (Figure 1). Significant assays include drill hole D305-04-027 intercept 1.14 oz/t gold over 16.4 feet (39.1 g/t gold over 5.0 metres), drill hole D305-04-028 intercept 1.55 oz/t gold over 36.1 feet (53.3 g/t gold over 11.0 metres) and drill hole D305-05-023 intercept 15.88 oz/t gold over 7.5 feet (544.5 g/t gold over 2.3 metres). To date, multiple visible gold bearing zones have been identified that are oriented in both the F1 and F2 directions. A tabulated summary of results is presented in Table 2. When previous, wider spaced drilling is incorporated (see compilation plan map - Figure 1), mineralization in the central area can currently be inferred for approximately 300 metres vertically. Where delineation drilling has taken place, new sub-zones are being intersected where previously no holes were present or where only low grade gold was present. Future delineation drilling will test if this pattern repeats to depth.

"Although it is early days, we are encouraged that we are seeing more gold zones in the area of our drift and cross-cuts and also in our delineation drill holes than had been suggested by our initial wider spaced drilling. We are seeing clear evidence of at least two major structural trends both of which can host visible and high-grade gold. The zones we are defining are of similar dimensions to those documented from the Red Lake Mine and, based on drilling to date, they have good potential to continue to depth," stated David Adamson, President and CEO.

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: WLB2 Zone Delineation Drilling Assay Results

*previously released results

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.

Anomalous holes satisfy the following criteria: >2.5 gram gold x metre product and > 2 g/t gold. 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

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.

Anomalous holes satisfy the following criteria: >2.5 gram gold x metre product and > 2 g/t gold. 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 103 through 328 metre levels)

To view map please visit: http://files.newswire.ca/617/CentralAndWBL2.pdf