Rubicon Minerals Corporation
AMEX : RBY
TSX : RMX

Rubicon Minerals Corporation

July 31, 2006 08:41 ET

Rubicon Outlines Exploration Plans for Red Lake, Ontario

Planned $2.6 Million Over the Next 10 Months - Up to 12,000 Metres of Drilling - 44% Partner Funded

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 31, 2006) - David W. Adamson, President and CEO of Rubicon Minerals Corporation (TSX:RMX) (AMEX:RBY) is pleased to update Rubicon's recent exploration activities and future plans in the Red Lake, Ontario gold camp. Through a Plan of Arrangement (the "Plan"), Rubicon is carrying out a corporate re-organization which, subject to certain conditions being satisfied, which are specifically described in its Information Circular filed under Rubicon on www.sedar.com, will result in the creation of two new companies to house Rubicon's current Newfoundland and African assets.

On successful closing of the Plan, in addition to retaining their current shares of Rubicon, all then existing shareholders of Rubicon will also receive shares of a new Newfoundland-focused Company (Paragon Minerals Corporation) on the basis of one share of Paragon for each six shares of Rubicon then held and, shares of a new African-focused company (CopperCo Resource Corp.) on the basis of one share of CopperCo for approximately each 10.84 shares of Rubicon shares then held.

It is expected that Rubicon will, immediately following completion of the Plan, retain the following assets:

1) An estimated C$11.5 million in cash plus an additional $6.3 million if all current in-the-money warrants and options are exercised. Holders of such securities can, under the terms of the Plan, exercise such warrants and options at any time up to their expiry, at which time the holders will receive shares in Rubicon and in the new companies according to the share ratios summarized above.

2) Its extensive landholdings in the Red Lake gold camp which comprise approximately 40% of the camp. Rubicon has initiated exploration programs and plans to actively advance these projects in 2006-7 (see below).

3) Various interests, agreements and royalties relating to 87 properties (collectively referred to as the 'ERD'), mainly in the Red Lake area which have generated gross revenues averaging $365,000 per year since inception in 2003.

4) Various public company shareholdings derived mainly from the ERD and also from share payments received from option partners.

5) Its 4,347,188 shares of Carlin Gold Corporation, representing approximately 13% of issued and outstanding shares of that company. Carlin has a portfolio of nine Nevada gold exploration projects.

6) 3,556,790 shares of Constantine Metal Resources Ltd. following the closing of Constantine's initial public offering, which will represent approximately 25% of the issued and outstanding shares of that company. Constantine controls 100% of the Palmer base metal project in Alaska which it plans to drill in August, 2006.

"Rubicon considers its major landholdings in Red Lake, which comprise approximately 40% of the Red Lake gold camp, to be of strategic importance in a gold industry which continues to be challenged to find new, quality deposits. Rubicon intends to aggressively advance its flagship McFinley Project and to also provide exposure to discovery through our partners elsewhere in the belt. Rubicon's strong treasury position together with its outstanding investment portfolio will allow us to maintain an aggressive three-year exploration program and also to review new project opportunities" stated David Adamson.

PROPOSED 12-MONTH EXPLORATION PROGRAMS (2006-MID 2007)

Please refer to the re-designed Rubicon web site www.rubiconminerals.com for more information regarding planned programs which are summarized below:

- C$2.6 million of direct exploration, commencing in July, 2006 (44% from partner contributions).

- A total of approximately 4,500 metres of drilling focused on the McFinley project before the end of March, 2007. Drilling will commence in September, 2006 on the CARZ Zone and adjacent targets, part of the 100% controlled McFinley, Project. The CARZ zone is a 20-30 metre thick carbonate (ankerite) replacement zone that contains numerous, banded 'snowbank' veins up to five metres thick and is currently being exposed and sampled on surface prior to follow up drilling. The zone was intersected in March 2005 (see news release May 4, 2005) and has returned 5.2g/t gold over 8.95 metres, 6.0 g/t Gold over 7.7 metres and 5.22 g/t Gold over 6.5 metres and has thus exhibited good widths and economically significant grades. Rubicon expects to follow up this summer program with an approximate 3,000 metre drill program by the end of March 2007. Rubicon's objective at McFinley is to advance the project towards a new resource estimate.

- Rubicon plans to carry approximately 1500 metres of drilling before the end of March 2006 on other 100% controlled projects (East Bay and Adams Lake).

- Agnico-Eagle Mines Ltd. partner funded 2006 winter drill program has identified a permissive gold bearing environment on the project. Should Agnico elect to continue its option on the DMC project into 2007-8, plans will include a minimum of 3,000 metres of drilling this winter. In order to maintain its option, Agnico must spend $580,000 before January 20, 2008 as part of its $2.25 million earn-in over three years to earn a 51% interest in the project.

- Partner Solitaire Minerals Corp. will fund a minimum 1500 metre drill program in late Summer/early Fall 2006 on the Red Lake North Project which is located approximately 22 km northeast of Red Lake, Ontario. The property is partly underlain by sericite-schist similar to that being explored by Goldcorp Inc. and Planet Explorations Inc. on adjacent claims from which significant gold intersections have been reported.

- Solitaire Minerals will also fund a minimum 1500 metre winter drill program on the Humlin Project, which covers the central portion of the Red Lake Greenstone Belt, and is transected by a broad 'Mine Trend' parallel, regional-scale, northwest-trending structural zone developed, in part, within ultramafic rocks. It thus represents a prime location for Red Lake style gold mineralization.

RUBICON MINERALS CORPORATION

David W. Adamson, President & CEO

The assaying for the reported intercepts was conducted on sawn NQ2-sized half core sections by ALS Chemex Labs using the metallic screen fire assay procedure or fire assay and gravimetric finish. Standards and blanks were included in each sample batch. Darwin Green, P.Geo., formerly a consultant to Rubicon, was the Qualified Person under the definition of NI 43-101 responsible for supervision of diamond drilling and assaying of the CARZ Zone.

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: Rubicon's proposed Plan of Arrangement, including the timing and receipt of shareholder, court and regulatory approvals and the satisfaction of closing conditions; Rubicon's planned exploration programs; Rubicon's assets following completion of its proposed Plan of Arrangement; and the proposed initial public offering of Constantine Metal Resources Ltd. 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 court, 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 upgrade 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 receipt and timing of shareholder, court, and regulatory approvals, the availability of financing for proposed transactions and programs on reasonable terms, the ability and willingness of Rubicon's exploration partners to implement stated plans and perform existing obligations, and the ability of third-party service providers to deliver required services in a timely manner. The forgoing list of assumptions is not exhaustive. Events or circumstances could cause results to differ materially.

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.

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

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