The Energy Report

Rubicon Minerals Corp. TICKER: RBY:NYSE.A; RMX:TSX Visit Company Website Rubicon Minerals is a well-funded, leading gold exploration company deriving its strength from a hands-on management team with a track record of discovery. The company owns over 65,000 acres of prime exploration ground in the prolific, high-grade Red Lake gold camp of Ontario, Canada, which hosts Goldcorp's world-class Red Lake Mine and where, in early 2008, Rubicon made the significant F2 zone discovery at its Phoenix gold project. 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 earned the reputation of a leading junior exploration company.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Craig West, GMP Securities (12/7/11) "Rubicon Minerals Corp.'s mine closure plan was accepted by the Ministry of Northern Development and Mines. . .this allows the company to continue its development and further construction of the mining facilities at Phoenix. An important step in the permitting process, and approval was largely as expected. . .we remain positive on Rubicon and continue to believe these high-grade, lower-risk (due to infrastructure in place) ounces make the company a potential M&A target."

Daniel Earle, TD Newcrest (12/7/11) "Rubicon Minerals Corp. provided an exploration and project update including significant new drill results from the F2 gold system, part of its Phoenix gold project in the Red Lake gold camp: Highlights of drilling included a potential new shallow discovery in hole 305-155 with an intercept of 156 g/t over 4m and important drilling around the 1200m level, which has suggested to us upside to the preliminary economic assessment's (PEA) mine plan. The project update reported development progress in support of achieving its production target of Q413 and optimizing certain aspects of the June PEA, in our view."

Daniel Earle, TD Newcrest (12/5/11) "Rubicon Minerals Corp. announced that the Ministry of Northern Development and Mines has accepted its production closure plan for its Phoenix gold project. . .which represents to us completion of the key piece of the permitting process. . .the approval allows the company to continue its development and further construction of the mining facilities at the project while it advances discussions with local aboriginal groups and completes the remaining permit applications required for the project. . .we do not expect obtaining these permits to represent a challenge to Rubicon."

Andrew Kaip, BMO Capital Markets (12/2/11) "Rubicon Minerals Corp. attained an important milestone with the approval of the Production Closure Plan (PCP) for the Phoenix gold project; in the near term, the approval of the PCP allows the company to continue along its current path of pre-development activities. Rubicon has committed to a CA$55M exploration and development program over the next 12 months as it advances toward its goal of commercial production in Q413. . .we forecast production commencing in Q114 with average annual production of 173 Koz gold at cash costs of US$558/oz."

Daniel Earle, TD Newcrest (10/26/11) "Rubicon Minerals Corp. announced the acquisition of the Land Claims Royalty covering the land portion of its Phoenix Gold project in Red Lake for $4.2M in common shares. As a result of the transaction, no royalty payments will be due to any third party on the Land Claims portion of the Phoenix Gold project. . .to date, the company has drilled over 60 shallow diamond drill holes on the Island zone of the claims located approximately 2,000m north of the existing shaft, while a historical mineral resource of 334 Kt grading 6.9 g/t gold was reported south of the shaft."

(7/28/11) BNN Interview with CEO David Adamson

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