Rubicon Minerals Corporation

Rubicon Minerals Corporation

March 29, 2006 08:00 ET

Rubicon Minerals Corporation Announces C$10 Million Bought Deal Financing

TORONTO, ONTARIO--(CCNMatthews - March 29, 2006) -


Rubicon Minerals Corporation (TSX:RMX)(AMEX:RBY) is pleased to announce that it has entered into an agreement with an underwriting syndicate led by TD Securities Inc. (the "Underwriters") pursuant to which the Underwriters have agreed to purchase 6,800,000 common shares of Rubicon at a price of C$1.48 per common share for aggregate proceeds to Rubicon of approximately C$10 million. Rubicon has granted the Underwriters the option to purchase up to an additional 1,000,000 common shares at C$1.48 per share at any time up to one business day prior to closing. Rubicon has agreed to pay to the Underwriters at closing a cash commission equal to 6% of the aggregate proceeds raised under the offering. The offering is scheduled to close on or about April 12, 2006 and closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX and AMEX. The securities issued pursuant to the offering will be subject to a four month hold period in Canada in accordance with applicable securities laws.

The proceeds raised from the offering will be used by Rubicon to finance the exploration of the Red Lake gold camp and for general working capital purposes, including costs related to the proposed Plan of Arrangement previously announced on November 21, 2005.

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 United States Securities Act of 1933, as amended (the "US 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 US Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward- Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration activities and events or developments that Rubicon Minerals Corporation expects to occur, are forward-looking statements. Such statements are identified in this release by the use of words such as "will" and "expected" as well as the use of the future or conditional tense. Although the Corporation 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing 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. The Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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