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News Release
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TSX:RMX | RBY:NYSE Alternext US
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March 2, 2009
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Rubicon Receives Permits for Underground Advanced Exploration
Program,
Phoenix
Gold Project, Red Lake Ontario
- shaft dewatering in progress-
Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE Alternext
US) is pleased to announce that pursuant to the Closure Plan approved by the
Ministry of Northern Development and Mines, it has received the necessary
permits to allow it to commence the planned underground advanced exploration
program. The previously approved shaft dewatering and shaft rehabilitation is
currently underway and is expected to be completed by the end of March. Once
completed, Rubicon will deepen the existing shaft from its current depth of
143 metres to 350 metres below surface where an exploration drift of 200-250
metres with drill stations, will be completed.
Underground drilling from the base of the shaft is expected to commence at
the end of Q2 to early Q3 2009 and completion of the exploration drift is
expected during Q3 2009, assuming no adverse ground conditions are
encountered. The Closure Plan includes an ongoing commitment on the part of
Rubicon to consult with aboriginal groups during the planning and execution
of the proposed exploration program.
Rubicon Minerals Corporation is an exploration company, focusing on
exploring and developing gold projects 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 controls large land positions in Nevada and
Alaska. Rob McEwen, President and CEO of McEwen Capital and former Chairman
and CEO of Goldcorp, owns 29% of the issued shares of the company.
RUBICON MINERALS CORPORATION
"David W. Adamson"
President & CEO
Forward Looking Statements
This news release contains certain statements that may be
deemed "forward-looking statements". All statements in this
release, other than statements of historical fact, that address events or
developments that the Company expects to occur, are forward looking
statements. Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates",
"believes", "intends", "estimates",
"projects", "potential", �suggest� and similar expressions,
or that events or conditions "will", "would",
"may", "could" or "should" occur.
Forward-looking statements in this document include statements regarding the
timing and nature of future exploration programs which are, in part,
dependent on receiving permits from various governmental agencies.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, investors are
cautioned that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those projected
in the forward-looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration successes, continued availability
of capital and financing, inability to obtain required shareholder or
regulatory approvals, and general economic, market or business conditions.
Forward looking statements are based on the beliefs, estimates and opinions
of the Company's management on the date the statements are made. Except as
required by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should change.
These statements are based on a number of assumptions, including,
among others, assumptions regarding general business and economic conditions,
and the ability of third-party service providers to deliver services in a
timely manner. The foregoing list of assumptions is not exhaustive. Events or
circumstances could cause results to differ materially. Except as required by
applicable securities laws, the Company undertakes no obligation to update
these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
The description of mineralized zones is not intended to imply that any
economically mineable estimate of reserves or resources exists on the Phoenix
project. Similarly, although geological features of the F2 Zone are
interpreted to show similarities to nearby gold producing mines owned by
third parties, this should not be interpreted to mean that the F2 zone has,
or that it will, generate similar reserves or resources. Significant
additional drilling is required at F2 to fully understand system size before
a meaningful resource calculation can be completed.
PR09-5
For more information, contact Bill Cavalluzzo, VP-Investor
Relations, Toll free: 1.866.365.4706
E-mail: bcavalluzzo@rubiconminerals.com
| www.rubiconminerals.com
Rubicon Minerals Corporation | Suite 1540�800 West Pender Street | Vancouver
BC, CANADA V6C 2V6
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