Franco-Nevada Purchases Royalty On Rubicon's Phoenix Gold Project, Red Lake, Ontario for C$23.2M

Rubicon Minerals Corporation (NYSE: RBY) announces that Franco-Nevada Corporation has purchased all of the right, title and interest of Dominion Goldfields Corporation in the 2% net smelter returns royalty payable on that part of Rubicon's Phoenix Gold Project in Red Lake, Ontario lying beneath the waters of Red Lake.

The transaction did not trigger any rights of first refusal on the Royalty, however, the Royalty remains subject to Rubicon's prior right, exercisable at any time, to purchase 25% of the Royalty (being 0.5% of the 2% net smelter returns) for US$675,000. Rubicon acquired the Phoenix Gold Project under option from DGC in 2002 and later earned, subject to the Royalty, a 100% interest in and to the Project.