The Energy Report - Rubicon Minerals Corp. NYSE.A:RBY; TSX:RMX

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Rubicon Minerals Corp.

TICKER: NYSE.A:RBY; TSX:RMX

DESCRIPTION: Rubicon Minerals Corporation is a well-funded exploration and development company, focusing on exploring for gold in politically safe jurisdictions with high geological potential. The company controls over 65,000 acres 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 flagship property is the 100%-controlled Phoenix Gold Project, located in the heart of this producing camp. In addition to its Red Lake holdings, the company controls over 380,000 acres surrounding the Pogo Mine in Alaska, as well as 225,000 acres 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 has gained a reputation as a leading junior exploration company. Rob McEwen, President and CEO of McEwen Capital and former Chairman and CEO of Goldcorp, owns 25% of the issued shares of the company.

Watch David Adamson, President & CEO, Rubicon Minerals, present at the Denver Gold Forum

Click here to view chart of RMX setting new highs and breaking out.

Watch a Tiger Financial News Video interview with David Adamson at the BMO Metals Conference.

WEBSITE: http://www.rubiconminerals.com
2008 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.

"Rubicon continues to sink its teeth into the F2 system. . .

The holes encountered both broad intervals of gold mineralization and some narrower, high-grade intervals. Highlights include Hole 122-40, which intersected 20.7 g/t gold over 14.3m in the Southern Extension area, Hole F2-64-W2, which encountered multiple high-grade intersections at depth (>1,300m deep), and surface hole HW3, which encountered high-grade intervals closer to surface that, together with some past results, may be defining a new hanging wall zone.

These are good results that help demonstrate continuity of higher-grade shoots while adding to the overall size of the mineralized system. Rubicon's drilling at F2 has produced numerous impressive, high-grade intersections, and the most recent drilling results continue to demonstrate continuity of high-grade gold mineralization within the F2 system. Importantly, the results also continue to demonstrate more size potential at F2, including the ongoing expansion to the southwest, at depth, and the identification of a possible hanging wall zone."
-TIMOTHY LEE, DUNDEE SECURITIES (02/03/10)

"Rubicon reported multiple high-grade results from within the F2 Zone on the company's Phoenix gold project

With the results reported from 11 underground holes that tested the F2 Zone between 180 and 810 meters and 3 holes surface holes that tested the lower part of the zone between 1,300 and 1,400 meters Rubicon continued to intercept what we believe are encouraging results that support the thesis that the company is delineating a higher-grade gold zone within the larger overall potential resource.

Further, we expect that the F2 zone continues to demonstrate expansion potential as it remains open along strike and at depth. . . We maintain our $5.75/sh target and SECTOR OUTPERFORM rating."
-ELDON BROWN, CI CAPITAL MARKETS (02/03/10)

"The [F2] shaft deepening at Phoenix is now at 305m, and is expected to reach the exploration cross cut level at about 350m depth by March 2010. This will be followed by 750m of lateral development to be completed by September 2010. Exploration is ongoing with three rigs underground and two rigs on surface.

Management also highlighted that they will apply for mining-related permits during the year, and they expect to have most in place by 1Q11 when a development decision for Phoenix is expected to be made.

In our opinion, the aggressive 2010 exploration plan and lining up of necessary mining permits ahead of 2011 should position the company well for production in the near term.

. . .We are raising our 12-month target price to US$6.00 (from US$5.50) and maintaining our Overweight rating."
-ANDREW MIKITCHOOK, THOMAS WEISEL (02/02/10)

"We are re-initiating coverage of Rubicon due to analyst departure and extended period of research restriction associated with the Q4'09 equity financing.

With completion of its C$86.3M financing in Nov'09, expanded exploration plans, including a 120,000 meter drill program at Phoenix, are well funded.

Exploration at Phoenix has been very successful over the past year. We estimate that drilling to date has delineated 5–6Moz. We see good potential for this to grow to 6–8Moz with drilling over the next year.

With Phoenix growing into a world-class high-grade deposit, we see RMX as a potential acquisition target.

Our new C$6.50 target is supported by $/oz and preliminary DCF valuation methodologies. We re-initiate coverage with a BUY recommendation."
-CRAIG WEST, GMP SECURITIES LP. (01/20/10)

"We are resuming coverage of Rubicon following its recent equity financing.

The company announced a bought deal offering of 16.5m shares at C$4.55/sh on 22 October 2009. The transaction closed 12 November 2009, with Rubicon issuing 18.975m shares for gross proceeds of C$86.3m.

. . .Rubicon has released two drill updates, with results continuing to expand and discover new zones.

These results suggest gold endowment for F2 in line with the upper end (or greater than) the 3–5m oz. range we used in setting our target price.

. . .We are increasing our target from C$5.50 to C$6.50 based on a larger assumed gold endowment, as well as higher gold price."
-GEORGE ALBINO, MACQUARIE CAPITAL (01/07/10)

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