Rubicon Minerals Corporation
AMEX : RBY
TSX : RMX

Rubicon Minerals Corporation

October 31, 2005 15:39 ET

Rubicon Provides Update on its Red Lake Royalty Division

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2005) -

- Over $1 million realized in payments and savings to date from English Royalty division -

- deal to be cash positive by end of 2005 -

David W. Adamson, President and CEO of Rubicon Minerals Corporation (TSX:RMX)(AMEX:RBY) is pleased to provide an update on its English Royalty Division ("ERD") which currently comprises over 60 mineral property interests, located mainly in the Red Lake area of Northwestern Ontario which are under option to third parties. As part of the option agreements, Rubicon receives cash and/or share payments on all properties and retains royalties on potential production from 30 of these projects.

The mineral property interests were acquired from prospector/entrepreneur Perry English in 2003 and include properties on which Rubicon was making option payments to Mr. English. Through this acquisition, Rubicon 'bought out' its own agreements with Mr. English and eliminated the option payments it would otherwise have made on some of it key exploration land holdings in Red Lake. The following summarizes payments and savings (before expenses) realized by Rubicon to date, expressed in Canadian dollars:



Total Option payments received: $550,000

Total share payments (book value) received: $320,000

Total Rubicon option payments saved 2003-5: $221,000

GROSS RECIEPTS & SAVINGS $1,091,000


The ERD was acquired in 2003 for a cash payment of $500,000 and 250,000 shares of Rubicon. In addition, the Company pays Mr. English a consulting fee of $75,000 per year plus a bonus based on payments received. While some properties have reverted back to Rubicon, since the creation of the ERD, Mr. English has negotiated over 25 additional properties for the ERD which are currently subject to third party option agreements, and hence cash and/or share payments.

Rubicon anticipates that payback of the ERD acquisition costs and expenses will occur before the end of 2005 and that the acquisition will thus become cash positive after that time. In addition, royalties on any potential production would be payable on 30 properties.

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 also has a 35.61% interest in a private B.C. corporation, Africo Resources Ltd. Africo 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.

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

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