Rubicon Minerals Corporation

Rubicon Minerals Corporation

March 21, 2005 09:08 ET

Rubicon Reports Further Exceptional Drill Results from Kalukundi; High Grade Copper and Cobalt Grades Continue-New Zones Discovered


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RUBICON MINERALS CORPORATION

TSX SYMBOL: RMX
AMEX SYMBOL: RBY

MARCH 21, 2005 - 09:08 ET

Rubicon Reports Further Exceptional Drill Results from
Kalukundi; High Grade Copper and Cobalt Grades
Continue-New Zones Discovered

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2005) - Rubicon
Minerals Corporation (TSX:RMX)(AMEX:RBY)

NOT FOR DISTRIBUTION TO US NEWSIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES

David W. Adamson, President and CEO of Rubicon Minerals Corporation is
pleased to announce a further update on the Kalukundi copper-cobalt
deposit, located in the DRC. Rubicon holds a 35.61% interest in a
private B.C. incorporated company, Africo Resources Ltd. ("Africo")
which is earning a 75% interest in the Kalukundi deposit located in the
DRC.

The Kalukundi deposit contains an inferred oxide resource(i) of 16.9
million tonnes grading 3.03% copper and 0.66% cobalt down to a vertical
depth of 150m (12.93% copper equivalent grade based on US$0.90 copper
and US$15.00 cobalt per pound). Current diamond drilling is designed to
upgrade the classification of the resource as part of a feasibility
study which is scheduled to be completed late August to early September,
2005. The core drilling program is at an advanced stage, with 3576m (34
boreholes of the 5280m (50.borehole) program completed to 7th February
2005).

C5PSL target

Results have been received for an additional five diamond drill holes
from the 700 metre long C5 principal south limb (C5PSL) target or
fragment (see www.rubiconminerals.com for location map). The C5PSL
target comprises approximately 6.4 million tonnes grading 2.77% copper
and 0.76% cobalt, and forms part of the total inferred resource reported
above. Results of holes are summarized below:



----------------------------------------------------------------
Drill
hole ID From(m) To(m) Core length (m) Copper % Cobalt %
----------------------------------------------------------------
K13 42.00 95.00 53.00 2.98 1.36
----------------------------------------------------------------
K16 100.00 138.00 38.00 2.84 0.89
----------------------------------------------------------------
K14 35.00 70.00 35.00 2.68 0.72
----------------------------------------------------------------
K15 95.73 125.70 29.97 2.63 0.37
----------------------------------------------------------------
KM-1B 35.00 72.00 38.00 2.79 1.12
----------------------------------------------------------------
KM-17(i) 26.00 48.00 22.00 0.08 0.39
----------------------------------------------------------------
KM-18 35.00 72.00 37.00 2.33 1.31
----------------------------------------------------------------
KM-19 73.78 107.64 33.86 3.98 1.34
----------------------------------------------------------------
KM-20 22.29 32.30 32.30 2.52 0.95
----------------------------------------------------------------


Note: the greater apparent thickness intersected in BH K13 is due to
fault duplication. The boreholes have been listed as above as they occur
on the same section line, thus showing vertical continuity from K13 to
K16 and from K14 to K15. Note that, although true thicknesses have not
yet been determined, reported core lengths correspond well with those of
historic intercepts which form part of the current inferred resource.
Italics denote previously reported holes. KM-17 is at the extreme NW end
of the C5SPL target where additional drilling is required to ascertain
if the deposit if faulted out in this location.

Key features of the results confirm:

- Thick oxidized intersections with consistent high grade copper and
exceptional grade cobalt.

- Results to date indicate significantly higher grade cobalt than
previous drilling in this area.

- Sectional drilling indicates good lateral and depth continuity of
oxide mineralization.

- Drilling is being carried out on nominal 50 metre centres with the aim
of upgrading the classification of the current inferred resource.

- Mineralization occurs over a 625-metre strike length and has been
drilled to allow calculation of a new resource to 100 metres below
surface.

- Dominantly oxide mineralization is known from wider spaced drilling to
continue to a depth of 150 m below surface.

KALN(S) Target

The Kalukundi North fragment, southern part (KALN(S)) contains an
inferred resource of 3.3 Mt grading 2.46% Copper and 0.49% Cobalt.
Results have been received for eight holes from this target.



----------------------------------------------------------------
Drill
hole ID From(m) To(m) Core length (m) Copper % Cobalt %
----------------------------------------------------------------
K21 11.89 68.57 56.68 2.78 0.23
----------------------------------------------------------------
K22 80.00 197.00 117.00 1.46 0.46
----------------------------------------------------------------
K23 69.00 114.67 45.67 1.91 0.22
----------------------------------------------------------------
K24 36.20 85.18 48.98 3.34 0.58
----------------------------------------------------------------
K25 87.00 135.60 48.60 1.76 0.27
----------------------------------------------------------------
K-27 14.51 66.36 51.85 3.25 0.12
----------------------------------------------------------------
K28 34.90 52.10 17.20 2.20 0.17
----------------------------------------------------------------
K-29 11.25 78.72 67.47 4.75 0.22
----------------------------------------------------------------


Initial observations include:

- Drilled widths are significantly thicker in this area than previously
documented.

- Mineralization extends into hanging wall units for 9- 26 metres. This
mineralization has not been incorporated into the existing resource and
thus has potential to increase tonnages.

- Results to date indicate variability of copper grades with
significantly higher grade copper in the centre and south and with lower
cobalt than the inferred resource average grade.

- Although the ore zone is faulted out on the western edge, significant
mineralization was still encountered in the footwall rocks of BH K28.

- Sulphide mineralization is known from sparse drilling to extend
beneath the oxide zones. One historical hole at KALN(S) (KD-101)
intersected 10.5 metres grading 5.36% copper and 0.41% cobalt
approximately 450 metres below surface. Sulphide zones offer potential
to develop additional resources and will be evaluated in due course.

KALN(N) Target

The Kalukundi North fragment, northern part (KALN(N)) contains an
inferred resource of 2.5 Mt grading 2.89% Copper and 0.58% Cobalt.
Results have been received for two holes from this target.



----------------------------------------------------------------
Drill
hole ID From(m) To(m) Core length (m) Copper % Cobalt %
----------------------------------------------------------------
K33 34.94 85.84 49.90 2.40 0.93
----------------------------------------------------------------
K34 53.04 88.45 35.41 2.80 0.58
----------------------------------------------------------------


Initial observations include:

- Results to date indicate grades comparable to the initial drilling
data.

- Drilled widths are also of the same order as those previously
encountered.

New Targets discovered and sampled

KAL East Target: The Kalukundi East target lies approximately 1000
metres east of the C5SPL target reviewed above. This target area does
not comprise any portion of the current resource. Shallow dipping
mineralization exposed at surface is cobalt-rich and has returned the
following trench assay results over a strike length of 350 metres:



---------------------------------------
Trench Cobalt
No in % Sampled width
---------------------------------------
1 0.57 39.8 m
---------------------------------------
2 0.51 6.0 m
---------------------------------------
0.54 20.0 m
---------------------------------------
0.62 19.0 m
---------------------------------------
3 0.78 9.8 m
---------------------------------------
4 1.16 16.0 m
---------------------------------------
5 0.92 8.5 m
---------------------------------------
6 0.45 18.0 m
---------------------------------------
0.69 16.0 m
---------------------------------------
7 0.29 14.8 m
---------------------------------------
13 1.24 5.5 m
---------------------------------------


This target is believed to have potential to host additional mineral
resources and will be drilled following completion of the current
resource drilling. In addition, Africo is evaluating the potential for
near surface small-scale extraction to both test the mineralization and
potentially generate revenue from sale of cobalt oxides.

Extension to C5PSL: Surface mapping has identified a very shallow
dipping extension to the C5SPL mineralized body which has not been drill
tested and is thus not part of the existing resource. This extension,
which has a footprint of about 250 x 100 metres has potential to add to
existing resources. Sampling has confirmed significant cobalt values
near surface up to 3% Co and significant copper mineralization also.
Based on these encouraging results, the area will be drill tested
immediately following current resource drilling.

"Kalukundi continues to return exceptional copper and cobalt grades. We
are encouraged to see numerous intercepts from C5SPL grading close to,
or in excess of 1% cobalt which equates to more than 22 pounds cobalt
per ton. With cobalt currently trading at around $15 per pound this
metal is likely to have a significant positive impact on project
economics. Drilling with three rigs continues and we look forward to
further updates. Rubicon is currently evaluating various alternatives
aimed at maximizing the value of its investment in Kalukundi," stated
David Adamson.

Feasibility Study programs

Six major consultants have been appointed to undertake key aspects of
the feasibility study. These are: MDM Ferroman - managing consultant;
SRK - project auditor; RSG Global - Resource calculations & open pit
optimization and mine planning; Knight Piesold - Mining and plant
geotechnical studies; AMC - Environmental impact assessment (EIA),
hydrogeological work, tailings dam design and geotechnical studies;
MINTEK - Metallurgical testwork.

In connection with these studies, a bulk surface sample has been taken
and sent to MINTEK for metallurgical and comminution testwork which is
ongoing. Detailed surface surveying for mine planning and plant design
is in progress. Baseline EIA studies are in progress.

HQ drill core is sawn on site, bagged and shipped via air freight to
South Africa. Sample preparation and assays were carried out by SGS
Lakefield in South Africa using pyrosulphate fusion XRF and thus reflect
total copper and cobalt contents. Assaying has included standard and
blank samples with each analytical batch. Work was carried out under the
supervision of Michael Evans (Pr.Sci.Nat), the Q.P. on the project under
43-101. Drilling sampling and assay protocols have been audited on site
by SRK Consulting of Johannesburg, South Africa.

Funding

The board of directors of Africo has approved a C$5.33 million
non-brokered private placement to existing shareholders at a price of
C$1.50 per share to provide sufficient working capital to complete the
feasibility study. Rubicon has agreed to participate in up to $2.13
million of this amount of which $1.15 million was advanced January 28th,
2005. Africo is evaluating various alternatives to allow it to secure a
public listing.

The 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 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.

Rubicon Minerals Corporation is a Canadian-based mineral exploration
company listed on both the TSX and AMEX and focuses on gold exploration
in Canada. In addition to its Africo ownership, the Company also holds a
60% interest in Toquima Minerals Corporation, a Nevada and Alaska
focused exploration company.

RUBICON MINERALS CORPORATION

David W. Adamson, President & CEO

(i) The Kalukundi resource has been categorized in a March 2004 report
as an Inferred Resource by SRK Consulting in accordance with the JORC
code for reporting of minerals resources which conforms to the
requirements of National Instrument 43-101. The report has been prepared
by V.M. Simposya, Pr. Sci. Nat and reviewed by Dr. M. Harley, who is a
qualified person under the JORC Code, both are in the employ of SRK
Consulting. The resource is based on eight drill holes completed in
1986-87 by Gecamines (2696.7 metres) and a further 12 drill holes by JCI
Consolidated in 2002 (1439.85 metres). Borehole spacing is at an average
100 metres spacing. Structural measurements and geological contacts from
boreholes, drillholes and trenches were used in sectional and,
thereafter, three dimensional wireframe models. Uncertainties in the
resource derive from poor core recoveries, unknown extent of surface
leaching and limited data within 50 metre of surface. The estimate of
mineral resources may be materially affected by unknown environmental,
permitting, legal, title, taxation, socio-political, marketing, or other
relevant issues. Mineral resources which are not mineral reserves do not
have demonstrated economic viability.

Copper equivalent grade values have been calculated by converting the
assay values of cobalt to copper using stated commodity prices. More
accurate copper equivalent grades depend on factors such as metal
recoveries and treatments to be determined by the feasibility study.

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.

-30-

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.