RMX:TSX | RBY:NYSE AMEX VANCOUVER, March 21, 2012 /PRNewswire/ - Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) (" Rubicon") is pleased to announce that the amendments to the Permit to Take Water, the Industrial Sewage Certificate of Approval and the Air Certificate of Approval, pertaining to its 100% owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold district, have been accepted and approved by the Ontario Ministry of Environment. With these final approvals in hand, and combined with its existing Closure Plan, Rubicon is now fully permitted to develop, construct and operate a potential mining and milling facility for the Phoenix Gold Project in Red Lake, Ontario. David Adamson, Rubicon's President and CEO commented, "This is another important milestone for the Phoenix Gold Project and for Rubicon. We have a high-grade gold project in a safe political jurisdiction, we are funded to continue development as outlined in our Preliminary Economic Assessment and now we are fully permitted. Starting with the discovery in 2008, this has all been achieved in four years. This accomplishment is due to the hard work and dedication of our project team, the support of both the local and Aboriginal communities and the timely input and review by the Government of Ontario." About Rubicon Minerals Corporation Rubicon Minerals Corporation is an exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Gold Project in Red Lake, Ontario. Rubicon controls over 100 square miles 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 shares are listed on the NYSE-AMEX (RBY) and the TSX (RMX) Exchanges and traded on average, 1.7 million shares per day in 2011. Rubicon's shares are included in S&P/TSX Composite Index and Van Eck's Junior Gold Miners ETF. RUBICON MINERALS CORPORATION "David W. Adamson" President & CEO
Shares of gold explorer Rubicon Minerals decline sharply after British Columbia securities regulators ask for more information about the company's most important project, fueling speculation that Rubicon will need to cut back its reserve estimates.