Rubicon Minerals has said that, pursuant to the recommendations in its recent NI 43 - 101 technical report filed on 27 September 2010, it has retained Geoex to prepare an initial NI 43-101 resource estimate for its F2 Gold System, part of its 100%-owned Phoenix Gold Project, located in the Red Lake Gold Camp in Ontario.

The resource estimate is expected to be completed on or before the end of November, 2010 and will be based on 161,000m of diamond drilling conducted up to 31 July 2010.

Accordingly, it will not include approximately 29,000m of drilling completed since that date (total of 190,000m drilled to date).

The initial resource estimate is expected to focus on the company’s F2 Gold System ‘9X’ target area as well as outlining an estimate of exploration target potential within the area of the F2 Gold System.

Geoex has over 40 years experience in similar gold systems including a recent NI 43-101 resource report on the Rice Lake belt assets of San Gold Resources.

Geoex also has relevant experience in Red Lake and was retained by Gold Eagle Mines in 2008 to prepare an estimate of the geological potential of the Bruce Channel gold deposit.

Gold Eagle Mines was subsequently acquired by Goldcorp Inc. in late 2008.