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Rubicon Minerals Corp.

TICKER: RMX:TSX, RBY:AMEX
DESCRIPTION: A well-funded, top tier, gold exploration company deriving its strength from a hands-on management team with a track record of discovery, Rubicon controls over 65,000 acres of prime exploration ground in the prolific Red Lake gold camp of Ontario, Canada, which hosts Goldcorp's high-grade, world class Red Lake Mine. Rubicon's flagship property is the 100%-controlled Phoenix Gold Project, located in the heart of this producing camp. Through a transaction completed in May, 2007 with former Goldcorp Inc. Chairman and CEO, Rob McEwen, Rubicon acquired 512,960 acres of prospective exploration ground in Alaska in the area of the 5.6 million ounce Pogo deposit as well as a 225,000 acre land package in northeast Nevada. With an exceptional technical team, outstanding assets, a focus on gold camps in politically safe environments and a high profile in the capital markets, Rubicon Minerals has gained the reputation as a leading junior exploration company.

Watch BNN TV segment on Rubicon Minerals, featuring CEO and President David Adamson

WEBSITE: http://www.rubiconminerals.com/
GMP/Jacques Wortman Analyst Report 12/18/08 2007 Annual Report

The information below is based on the most recent information we have received from analysts and the companies participating in The Gold Report. We encourage you to visit the company's web site for updates.

The Gold Report "The currently prevailing circumstances prevailing within small-cap mining "create the potential for a series of mergers and acquisitions," Canaccord Adams metals analysts suggested.

"Mergers among the small caps could increase as management teams become ʽhumbled' by current market conditions and recognize that combined entities could, in the long term, result in improved shareholders value," they noted. "In other cases, the combination of cash-rich companies with property-rich companies could synergistically result in improved shareholder value."

"We expect additional M&A activity to drive some renewed speculative appeal over the next several months," the analysts advised. Canaccord Adams outlined several possible M&A targets including . . .Colossus Minerals, Minera Andes. . .Rubicon Minerals."
- Mineweb, Canaccord Adams (12/23/08)

The Gold Report

F2 zone was discovered in March 2008. The discovery hole intersected 6.8 g/t gold over 11 meters. Subsequent results include: 891.1 g/t Au over 2.0 meters, 24.4 g/t Au over 17.0 meters, 42.4 g/t Au over 11.0 meters, 28.7 g/ t Au over 15.5 meters and 361.7 g/t Au over 1.8 meters. Rubicon indicates that intercepts from 35 holes released to date average 16.25 g/t gold over 5.7 meters.

The company is currently in the process of applying for permits to dewater the shaft, which could commence as early as Q4/08. Following this, Rubicon intends to extend the shaft to a depth of 350 meters and drift 250 meters southeast to facilitate drilling of the F2 zone from underground. The company indicates that this shaft development and drifting will take four to six months and is expected to be completed in early H2/09.

- Canaccord Capital Junior Mining (12/18/08)

The Gold Report With the market sentiment for speculative equities at a multi-year low, many junior explorers and developers will batter in the coming months to raise funds needed to sustain previous levels of activity. It is with this situation in mine that we reiterate the importance of focusing first on companies that have the ability to survive, drawing from healthy treasuries and/or low corporate and investment burn rates, before focusing on asset value, which is—by and large—not currently recognized by the market.

Among the companies that made Haywood’s top 20 best-performing equities YTD (January 1 – December 17), Rubicon Minerals Corp. ranked 11.
-CHRIS THOMPSON, HAYWOOD SECURITIES (12/19/08)

The Gold Report "We are initiating coverage on Rubicon Minerals with a BUY recommendation and a 12-month target of $2.10 per share, based on a 1.7 times multiple to our NAV of $1.25 per share. While this is a relatively high target multiple, we believe it is warranted based on the upside potential to increase the gold ounce inventory at the F2 Zone, as well as the potential for new discoveries elsewhere on the Phoenix project."
-JACQUES WORTMAN, GMP SECURITIES LTD. (12/18/08)

The Gold Report "Rubicon has produced high-grade assays that continue to boost its share price. The company’s project in the prolific Red Lake district has yielded high-grade headline numbers, and it is one of the few companies whose share price responds to drilling results. As the F2 Zone has continued to grow, this project continues to look like a discovery of major interest, making Rubicon a potential takeover target."
- Dundee Mineral Exploration Watch List Weekly Monitor (12/14/08)

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