Rubicon Minerals Gains Over 15% Pre-Market on News of Strategic Investment

Rubicon Minerals Corporation RBY is pleased to announce that Agnico-Eagle Mines 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.