Rubicon Minerals announces closing of Cdn $86 million bought deal financing

TSX:RMX / NYSE Amex:RBY

TORONTO, Nov. 12 /PRNewswire-FirstCall/ - Rubicon Minerals Corporation
(RMX.TSX: RBY.NYSE-AMEX) (the "Company" or "Rubicon") is pleased to announce
that it has closed its previously announced bought deal equity financing of
18,975,000 common shares (which includes the exercise in full of the
over-allotment option of 2,475,000 common shares) at a price of Cdn$4.55 per
share for aggregate gross proceeds to the Company of Cdn$86,336,250.
The Company plans to use the net proceeds from the offering to advance the
development of the Phoenix Gold Project and for general working capital and
other corporate purposes.
The common shares were offered by way of a short form prospectus filed in all
of the provinces of Canada, other than Quebec, pursuant to National Instrument
44-101 - Short Form Prospectus Distributions and in the United States on a
private placement basis pursuant to an exemption from the registration
requirements of the United States Securities Act of 1933, as amended (the
"U.S. Securities Act").
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have
not been and will not be registered under the U.S. Securities Act or any state
securities laws and may not be offered or sold within the United States or to
US Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.

Forward Looking Statements

This news release contains certain statements that may be considered
"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" and similar
expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Forward looking statements in this news release include the
anticipated use of proceeds from the offering.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those 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 regulatory approvals, and general economic, market or business
conditions. 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. 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 law, 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, the
timing of the receipt of regulatory and governmental approvals for Rubicon's
proposed exploration and development programs, the availability of financing
for Rubicon's proposed exploration and development programs on reasonable
terms 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.

RUBICON MINERALS CORPORATION

"David W. Adamson"
President and Chief Executive Officer

-------------------------------------------------------------------
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

SOURCE Rubicon Minerals Corporation

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