Rubicon Minerals Announces C$70,000,000 Strategic Investment by Agnico-Eagle Mines Limited

VANCOUVER, July 27, 2011 /CNW/ --
TSX:RMX | NYSE AMEX:RBY

VANCOUVER, July 27, 2011 /CNW/ - Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) ('Rubicon Minerals' or the 'Company') is pleased to
announce that Agnico-Eagle Mines Limited ('Agnico-Eagle') today entered
into a subscription agreement under which Agnico-Eagle will make a
strategic investment of C$70,000,000 in Rubicon Minerals by way of a
non-brokered private placement of common shares.

Under the terms of the subscription agreement, Agnico-Eagle will
purchase a total of 21,671,827 common shares at C$3.23 per common
share, for proceeds to Rubicon Minerals of approximately C$70,000,000. 
As a result of the private placement, Agnico-Eagle will own 9.2% of the
issued and outstanding shares of Rubicon Minerals.  Agnico-Eagle has
also been granted rights that allow it, at its election, to participate
in certain subsequent issuances by the Company in order to maintain its
level of ownership in the Company. The closing of the private placement
is expected to occur on or about July 28, 2011 and is subject to
customary closing conditions. Both respective boards of directors have
approved the transaction. The proceeds will be used for additional
drilling, studies, testing and other development work in connection
with the F2 Gold System at the Phoenix Gold Project.

The parties have also agreed to negotiate a technical services agreement
that will provide Rubicon Minerals access to Agnico-Eagle's geological
and engineering mining team which will greatly benefit Rubicon Minerals
as it further develops the F2 Gold System.

Sean Boyd, Vice-Chairman and CEO of Agnico-Eagle commented, 'Our
strategic investment highlights Rubicon's good work in the Red Lake
Gold Camp. This transaction is consistent with our approach of
investing in prospective opportunities in supportive and welcoming
mining jurisdictions. We look forward to participating in the
development of the Phoenix Gold Project'.

David Adamson, President and CEO of Rubicon Minerals commented, 'We are
very pleased to welcome Agnico-Eagle, a company with extensive
expertise in the development of underground mines, as a strategic
shareholder.  Their investment represents a significant validation of
our efforts to date and recognizes the development potential of our
Phoenix Gold Project.'

The securities have not been registered under the U.S. Securities Act of
1933, as amended, or any state securities laws and may not be offered
or sold in the United States absent registration thereunder or an
applicable exemption from such registration requirements. This press
release shall not constitute an offer to sell or the solicitation of an
offer to buy any of the securities.

Forward-Looking Statements


The statements made in this press release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company's
expectations and projections. Accordingly, readers should not place
undue reliance on forward-looking statements. For a more detailed
discussion of such risks and other factors, refer to Rubicon Minerals'
filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.rubiconminerals.com.

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For more information, contact Bill Cavalluzzo, VP-Investor Relations, Toll free: 1.866.365.4706
E-mail: bcavalluzzo@rubiconminerals.com  |  www.rubiconminerals.com
Rubicon Minerals Corporation | Suite 1540-800 West Pender Street | Vancouver BC, CANADA  V6C 2V6