Rubicon Minerals Corp.: (Toronto: RMX): Follow-Up No 5 / April 15, 2009

A LEADING EXPLORATION COMPANY IN THE PROLIFIC RED LAKE GOLD CAMP IN ONTARIO

Business Summary

Rubicon Minerals Corporation is 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 380,800 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.

WHY RED LAKE?

• Home to the richest gold deposit in the world operated by Goldcorp Inc.
• Gold belt has >22M oz of past production and is 50 years 'younger' in terms of exploration and development than the major Timmins and Kirkland Lake gold camps, Canada
• The Red Lake camp has an average grade of 0.42 oz/ton gold
• New major gold targets being identified by companies and government surveys
• With 65,000 acres, Rubicon has a major position in the Red Lake gold camp
• Proactive and stable mining jurisdiction

The Red Lake Footprint

• 4.6M oz at an average grade of 2.35 oz/ton gold at Goldcorp's High Grade Zone (source: Goldcorp website)
• The Red Lake and Campbell mines combined past production, current reserves and resources total more than 23M oz at 0.65 oz/ton gold

Few, if any, gold belts in the world can compete with these grades. Rubicon is uniquely positioned among junior explorers in the market place with an advanced 100% controlled project (Phoenix Gold Project) and large camp land holdings under option to Agnico-Eagle Mines Ltd., Solitaire Minerals Corp. and Redstar Gold Corp. Armed with a significant treasury, Rubicon plans $11 million of drill focused programs in Red Lake in 2008.

Phoenix Gold Project

100% RUBICON MINERALS CONTROLLED IN THE HEART OF THE RED LAKE, ONTARIO GOLD DISTRICT

Location

• Acquired in 2002, prior to which the property was in receivership
• Project was unexplored during Red Lake's "renaissance" - the High Grade Gold Discovery in 1995-2000
• Rubicon Minerals acquired property in a competitive bidding environment
• Historical inferred resource of 334,007 tons at 0.20 oz/ton gold, to a depth of 120 metres. (see Technical Report 43-101 dated May 12, 2003)

FOUR KILOMETRES OF PROSPECTIVE GEOLOGY

• Documented Red Lake gold type deposit environment. Historically, very little of the four kilometre prospective ground had been explored
• Rubicon has systematically developed a geological and structural model of the Phoenix Gold Project to best target new areas

NEAR SURFACE GOLD ZONES DISCOVERED

• Phoenix Zone discovered 1.1 kilometres north of previous work
• 67 drill intercepts form the zone average 10.66 g/t gold over 2.00 metres
• Zone is open to depth and along strike
• New near surface gold zones discovered in 2007, including the North Peninsula Target, the KZ Target and the West Mine Target

FIRST TEST OF SUB 350 METRES DISCOVERS GOLD

• First ever test of moderate depths (below 350 metres) identifies gold system present to depth
• Gold documented in hole DF-07-01 at 1200 metres - more than 2 times the height of the CN Tower
• Major gold deposits in camp extend to 3,000 metres

ACTIVE EXPLORATION PROGRAM PLAN FOR 2009

• More than 2 million ounces of gold has been produced from this trend of prospective rocks

ALASKA: RUBICON HOLDS THE LARGEST LAND POSITION IN ALASKA - 380,800 ACRES

• Proven "elephant" country
• Highly under prospected
• Experienced labour force
• Secure tenure on land
• Favourable tax regime
• Pro-development government
• Control of emerging district
• History says Pogo is not unique
• 2006 work identifies targets
• Minimum ~$1.5 MM in 2008, includes drilling

Nevada: RUBICON HOLDS ONE OF NEVADA'S LARGEST LAND POSITIONS, CONTROLLING 225,000 ACRES

• Extensive property package
• Southern Snake Mountains - Carlin Model
• Long Canyon is the target environment
• 2007 reconnaissance
• Look at synergies in region
• 2008 $0.5 MM program

Recent News: Rubicon Announces $25 million Expanded 12 Month Drill Program F2 Gold Zone, Phoenix Gold Project, Red Lake Ontario

-80,000 metre (262,000 foot) program will test an area six times that of the current F2 Core Zone-

Rubicon Minerals Corporation announce that its Board of Directors have approved an expanded exploration program, to include a minimum of 80,000 metres (262,000 feet) of diamond drilling at its flagship Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District. The 12-month, accelerated and expanded program has been designed in response to continuing excellent gold intercepts from the F2 Gold Zone to test the extent of the gold system well beyond the core area drilled to date (see news releases from March 12, 2008, onwards for drill results).

"The F2 Gold Zone is a significant discovery and our recent results indicate both that high-grade gold intercepts extend well beyond our core area of drilling and that the limits of the gold system are yet to be defined.

With our strong treasury, we are able to fast track our program through the advantage of drilling from underground.

Our goal is to demonstrate the significant size potential of this high-grade gold system. Our aggressive 12 month program will rank as one of the most drill-intensive programs in the marketplace and will provide a steady stream of results throughout" stated David Adamson, President and CEO.

Fundamental Considerations

Rubicon's strength is its hands-on management team that has acquired an outstanding portfolio of quality gold projects in North America.

David Adamson (President) and Matthew Wunder (VP-Exploration) have a proven discovery track record in the mineral exploration industry.

Management has demonstrated its abilities to identify world-class settings by attracting major mining companies such as Goldcorp, Agnico-Eagle and AngloGold as a Joint Venture partners in the Red Lake gold district, and IAMGold, Meridian, Placer Dome and Billiton Plc, the world's fifth largest mining company.

Rubicon is well financed

Rubicon's experienced and capable technical management group focuses 100% of its efforts on maximizing shareholder value through the acquisition, exploration and responsible development of gold projects.

Technical Considerations