Rubicon's Phoenix Gold Project receives final three permits and is now fully permitted

RMX:TSX | RBY:NYSE AMEX

VANCOUVER, March 21, 2012 /CNW/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) ("Rubicon") is pleased to announce that the amendments to the Permit to Take Water, the Industrial Sewage Certificate of Approval and the Air Certificate of Approval, pertaining to its 100% owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold district, have been accepted and approved by the Ontario Ministry of Environment. With these final approvals in hand, and combined with its existing Closure Plan, Rubicon is now fully permitted to develop, construct and operate a potential mining and milling facility for the Phoenix Gold Project in Red Lake, Ontario.

David Adamson, Rubicon's President and CEO commented, "This is another important milestone for the Phoenix Gold Project and for Rubicon. We have a high-grade gold project in a safe political jurisdiction, we are funded to continue development as outlined in our Preliminary Economic Assessment and now we are fully permitted. Starting with the discovery in 2008, this has all been achieved in four years. This accomplishment is due to the hard work and dedication of our project team, the support of both the local and Aboriginal communities and the timely input and review by the Government of Ontario."

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Gold Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp's high-grade, world class Red Lake Mine. Rubicon's shares are listed on the NYSE-AMEX (RBY) and the TSX (RMX) Exchanges and traded on average, 1.7 million shares per day in 2011. Rubicon's shares are included in S&P/TSX Composite Index and Van Eck's Junior Gold Miners ETF.

RUBICON MINERALS CORPORATION
"David W. Adamson"
President & CEO

Preliminary Economic Assessment ("PEA")

The PEA is preliminary in nature as it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The quantity and grade of reported inferred resources are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The PEA was prepared by AMC Mining Consultants with metallurgical and processing contributions from Soutex, and has an effective date of August 8, 2011. Individual contributing authors are H.A. (Bert) Smith, P. Eng. and J.M. (Mort) Shannon, P. Geo. of AMC, and S. Caron, ing. of Soutex. All are independent Qualified Persons as defined by NI 43-101.