Rubicon Minerals Corporation

Rubicon Minerals Corporation

March 02, 2005 09:15 ET

Rubicon Options Slate Bay Project, Red Lake, Ontario, to King's Bay Gold


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RUBICON MINERALS CORPORATION

TSX SYMBOL: RMX
AMEX SYMBOL: RBY

MARCH 2, 2005 - 09:15 ET

Rubicon Options Slate Bay Project, Red Lake, Ontario,
to King's Bay Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2005) - Rubicon
Minerals Corporation (TSX:RMX)(AMEX:RBY)

- $2.75 million earn-in, $250,000 work commitment in first year -

David W. Adamson, President and CEO of Rubicon Minerals Corporation is
pleased to announce that the company has optioned its Slate Bay gold
project in Red Lake, Ontario to King's Bay Gold Corporation (TSX
VENTURE:KBG). Rubicon and King's Bay are currently formulating an
initial diamond drill program of approximately 1000 metres (3300 feet)
for the project.

The Slate Bay project comprises 146 claim units and is located to in the
heart of the prolific Red Lake gold camp in northwestern Ontario.
Previous work by Rubicon on the property has led to the development of a
number of drill-ready targets on the property. The Slate Bay gold
project displays the following features:

- An extensive (minimum five kilometre strike length) and previously
unknown ultramafic body, the Slate Bay Ultramafic (SUM), the existence
of which has been confirmed through limited diamond drilling.

- The SUM is developed beneath a major regional unconformity marked by
mineralized conglomerates which, on the Slate Bay property, have
returned up to 3.44 g/t gold over 21 metres, including 5.60 g/t Au over
6.1 metres from surface channel sampling. Elsewhere in the belt,
high-grade gold deposits show a close spatial relationship with similar
ultramafic bodies in close association with major regional
unconformities.

- Broad gold zones in underlying mafic volcanics near the SUM include
1.19 g/t gold over 15.59 metres attesting to the presence of a
significant size mineralizing system.

- The entire sequence is intruded by the Slate Bay intrusive body which
contains local tourmaline breccias and which has been age dated by
Rubicon to be similar age to other intrusives in the camp (Dome,
McKenzie stocks) which have hosted over 1.35MM ounces of past gold
production. Broad zones with anomalous copper and gold mineralization
have been documented from limited drilling at the margin of this
intrusive (e.g., 0.21% Cu, 1.1 g/t Ag, and 0.14 g/t Au over 72.9 metres).

"Rubicon has documented an environment at Slate Bay which is permissive
for Red Lake style gold mineralization. We are pleased to welcome Kings
Bay as a partner to the project and look forward to diamond drilling of
the numerous targets generated to date on the property," stated David
Adamson.

Subject to applicable regulatory approvals, King's Bay can earn a 51%
interest in the Slate Bay property by spending $2.75 million over four
years, commencing March 1, 2005, including a firm commitment to spend
$250,000 in the first year of the agreement. In addition, King's Bay
must make initial payments of $10,000 and issue 25,000 shares to Rubicon
followed by $90,000 in cash payments and shares equal in value to
$90,000 over the term of the agreement. Rubicon has granted King's Bay
an option to earn an additional 9% interest by electing, within 60 days
of vesting at 51%, to spend an additional $4 million over two years.

Assaying was conducted ALS Chemex Labs using the fire assay and
multi-element ICP procedures. Terry Bursey, P.Geol., is the project
Qualified Person under the definition of NI 43-101.

Rubicon Minerals Corporation is a Canadian-based mineral exploration
company listed on both the TSX and AMEX and focuses on gold exploration
in Canada. The Company has a 35.61% interest in a private B.C.
corporation, Africo Resources Ltd., which is currently undertaking a
feasibility study at its Kalukundi project in the DRC and recently
reported drill results of up to 53 metres of 2.98% copper and 1.36%
cobalt.

RUBICON MINERALS CORPORATION

David W. Adamson, President & CEO

The statements contained in this release that are not historical facts
are forward-looking statements, which involve risks and uncertainties
that could cause actual results to differ materially from targeted
results. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The Company relies upon litigation
protection for forward looking statements.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Rubicon Minerals Corporation
    Bill Cavalluzzo
    VP Investor Relations
    Toll free: 1-866-365-4706
    bcavalluzzo@rubiconminerals.com
    www.rubiconminerals.com
    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.