Rubicon Minerals Corporation
AMEX : RBY
TSX : RMX

Rubicon Minerals Corporation

January 29, 2007 09:15 ET

Rubicon to Ramp Up Drilling and to Assess Viability of Underground Exploration at the Phoenix Gold Project in Red Lake, Ontario

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 29, 2007) - Rubicon Minerals Corporation (TSX:RMX)(AMEX:RBY) is pleased to announce that it will undertake an expansion of exploration programs at its 100% controlled Phoenix Gold Project in Red Lake, Ontario. This expansion includes an increase in surface drilling to include testing deep footwall targets and an evaluation of commencing exploration from underground.

Results at Phoenix have identified extensive, near surface gold zones and numerous other target areas which indicate considerable depth potential and merit aggressive follow up (see news releases dated January 8, 2007, September 20, 2006 and May 4, 2005 for summaries). The Phoenix Gold Project has significant physical assets including the McFinley shaft which currently extends to a depth of 450 feet (137 metres). To follow up currently known zones and to gain better access to deep drill targets, surface drill programs could be supplemented by underground drilling to afford year-round drill access. Accordingly, the Board of Directors has approved a review of the permitting and budgeting requirements relating to deepening the shaft to allow exploration from underground.

Associated with this exploration program expansion, Rubicon will carry out a planned 3,500-metre drill program during the first quarter of 2007. This program will include drilling newly identified footwall targets at the intersection of two major trends, (the Mine and the East Bay Trends). This intersection extends for over three kilometers and presents a "structural trap" which is largely untested. A summary of the project and this target area is available on the Rubicon website at www.rubiconminerals.com

The company will evaluate the results of upcoming drilling and review of underground costing and permitting during April, 2007 to determine whether to proceed with underground exploration and/or significantly increase surface based exploration. In any event, the Company is committed to ensuring that extensive exploration of the Phoenix Gold Project will take place during 2007 and beyond.

Although the Company believes that underground exploration could provide cost effective and year-round access to drill new and existing targets, several issues including, permitting and refinement of costs require further information before any decision to proceed can be made. Rubicon is advising shareholders and investors of this review since the review process involves consultations and disclosure to numerous outside parties.

In unrelated news, drilling at Sidace Lake with partner Solitaire has been suspended due to time sensitivity of the winter programs and mechanical limitations of the current drill rig. The existing rig will now move to ice based drilling targets including, the Humlin project currently under option to Solitaire, and the Sidace drill program will be resumed as soon as practicable following the end of winter drilling.

RUBICON MINERALS CORPORATION

David W. Adamson, President & CEO

Forward Looking Statement

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" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding future exploration programs and joint venture partner participation.

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 shareholder or 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. 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 shareholder, regulatory and governmental approvals for Rubicon's proposed transactions, the availability of financing for Rubicon's proposed transactions and 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.

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

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