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Rubicon Discovers New High-Grade Gold Zone at Phoenix Gold Project, Red Lake

- Intercepts include 283 g/t over 1.0 metre, 34.6 g/t over 2.0 metres and 36.0 g/t over 1.0 metre -

TORONTO STOCK EXCHANGE SYMBOL: RMX AMEX SYMBOL: RBY

TORONTO, March 12 - Rubicon Minerals Corp (RMX.TSX : RBY.AMEX) is pleased to announce that ongoing drill testing of priority targets at its 100% controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district, has led to the discovery of a new gold zone on the property, referred to as the "F2" zone.

The discovery hole, F2-01, (drilled at -70 degrees from surface), targeted a newly interpreted geological structure and intersected several
gold-bearing intervals related to intrusive units and silica flood zones within altered ultramafic and mafic volcanics. This drill hole intersected
thick gold-bearing zones that returned up to 6.8 g/t gold over 11.0 metres (0.20 oz/ton over 36.1 feet) and also contains higher grade intervals that returned up to 34.6 g/t gold over 2.0 metres (1.01 oz/ton gold over 6.6 feet), 11.6 g/t over 2.9 metres (0.34 oz/ton gold over 9.5 feet) and 9.1 g/t gold over 3.0 metres (0.27 oz/ton gold over 9.8 feet).

A second hole, F2-02, drilled from the same setup (drilled -80 degrees from surface) intersected thick gold-bearing sections including 3.3 g/t gold over 28 metres (0.10 oz/ton gold over 91.9 feet). The section contains several occurrences of visible gold and higher grade sections including 36.0 g/t gold over one metre (1.05 oz/ton over 3.3 feet) and 16.8 g/t over one metre (0.49 oz/ton gold over 3.3 feet).

A third hole drilled from the same setup (drilled at -85 degrees from surface) has been completed. Although assays are pending for the majority of samples, a low-angle vein containing appreciable visible gold in ultramafic rock has returned 283.2 g/t gold over a one metre core length (8.26 oz/ton gold over 3.3 feet).

"Initial results from F2 are encouraging. We have intersected a broad gold mineralizing system at modest, easily reachable depths which includes high grade gold zones in a classic Red Lake setting. This system warrants and will receive significant additional drilling. To this end, we are in the process of securing a barge (plus an option on a second) to allow the new zone to be drilled well beyond the end of this winter season. In addition to our Phoenix Gold project in Red Lake we own 100% of our Adams Lake and East Bay projects, both of which we consider to have high potential for further new discoveries. With a strong treasury and three drills turning, it's a great time to be making new gold discoveries in Red Lake!" stated David Adamson, President and CEO.

Two additional drill holes are in progress, 20 and 25 metres to the north and south of the discovery hole section, respectively.

Titan 24 Surveys
Along with the current drill program, Rubicon is planning to carry out additional Titan 24 geophysical surveys on the Phoenix and Adams Lake
properties. This relatively new technique is designed to penetrate deeper than conventional surveys and thus help develop deep drill targets. While not all results are final, the survey has detected several known near surface gold zones at Phoenix and appears to have detected the new F2 Zone, described above. Of additional interest, the survey has defined several new priority targets and structures ranging from depths of 200 to over 800 metres below surface which have never been drill tested. At Adams Lake, Titan 24 defines large structures extending to depth which are also priority targets for drilling since these are thought to be similar to structures which host gold
mineralization elsewhere in this prolific gold district.

Commenting on these surveys David Adamson said: "The challenge at Red Lake and for Canadian exploration in general, is to look deeper and to drill more effectively in order to make tomorrow's discoveries. Through a combination of experience and innovation, we have developed a number of exciting targets and we think we may be on the right track!"

With over $28 million in its treasury, Rubicon is well positioned to take up Red Lake's challenge to find its next orebody. Red Lake, where Rubicon is a significant landholder, combines low political risk and an outstanding track record of high grade gold deposits and represents one of the world's best exploration locations.

Rubicon expects drilling to continue at Phoenix essentially year round and has procured an additional drill rig to ensure priority targets at Adams Lake are drilled as soon as practicable without impacting on Phoenix project drilling. In the near term, Rubicon is planning to extend existing Titan 24 surveys at both Phoenix and at Adams Lake to supplement existing targets prior to further drilling beyond Phoenix itself.

All reported intercepts are core lengths and true widths are currently unknown. However, in general, and except as noted in this release, vein orientations are observed to be at high angle to the core axis in both holes but further drilling will be required to determine true thicknesses.

A Regional Map of the Phoenix Gold Project is shown in Figure 1, Figure 2 shows a detailed plan map, and Figure 3 shows the F2 section. A presentation is also available on the company's website at Rubicon Minerals Corporation - Home Page - Wed Mar 12, 2008. Close spaced drilling completed to date is considered appropriate for mineralization of this type in Red Lake.

To view Figure 1, Figure 2 and Figure 3 please visit: http://files.newswire.ca/617/Phoenix.doc

RUBICON MINERALS CORPORATION
"David W. Adamson"
President & CEO
All assays were conducted on sawn NQ-sized half core sections. Assays by SGS Minerals Services using the metallic screen fire assay procedure or fire assay gravimetric finish. Standards and blanks were included at regular intervals in each sample batch. Gold standards were prepared by CDN Resource Laboratories Ltd. Work programs are supervised by Terry Bursey, P.Geo. the project Qualified Persons under the definition of NI 43-101.

For further information: Bill Cavalluzzo, VP Investor Relations, Toll free: 1-866-365-4706, E-mail: bcavalluzzo@rubiconminerals.com; Rubicon Minerals Corporation, Suite 1540-800, West Pender Street, Vancouver BC,
CANADA, V6C 2V6