GOLD DEVELOPMENT: Underground development update from Phoenix project

ONTARIO - Vancouver's Rubicon Minerals is making progress on the underground development of the F2 gold zone at the Phoenix project near Red Lake. The company has had spectacular results - as high as 3,151.1 g/t Au (91.91 opt) over 0.5 metres - and committed $60 million to development late last year.

The extension of the Phoenix shaft from 122 to 305 metres below surface has been completed and, following establishment of drill stations and services on the 305-metre level, Rubicon has one drill working from the base of the shaft. A second drill rig is expected to be added at the 305 metre level before the end of April 2010.

Driving an exploration drift on the 305 level will begin around mid-June 2010, the company added. This drift will provide access to several zones within the F2 zone for follow up and delineation before a decision is made bulk sampling.

Drilling of the F2 zone will continue from both the 122 and 305 levels as well as from surface as part of the ongoing 158,000 metre drill program. Approximately two thirds of this drilling is aimed at expanding and discovering new gold zones with the remainder earmarked for infill and delineation drilling.

Details of Rubicon's Phoenix project are available at www.RubiconMinerals.com.