GOLD TESTS: Phoenix metallurgical tests boast over 93% recoveries

ONTARIO - In preliminary metallurgical tests performed on composite samples from the F2 gold system at the Phoenix gold project had an average recovery rate of 93.8%. The Phoenix project is located in the heart of the Red Lake gold camp and 100% owned by Rubicon Minerals of Toronto.

The company reported further good news that there is no refractory gold component despite the presence of sulphide minerals and that the arsenic content is low.

Rubicon has dewatered the shaft and deepened it to 350 metres. The high-grade F2 zone was discovered in March 2008. Assays as high as 73.2 g/t Au over 3.0 metres have been obtained from the breccia zones, and as high as 3,151.1 g/t Au over 0.5 metres and 891.1 g/t over 2.0 metres from the bonanza style mineralization. Production may begin in 2012.

Please see the corporate website at www.Rubicon.Minerals.com.