Rubicon Reports Additional High Grade Gold From McFinley, Red Lake, Ontario; MAC-1 Target Showing Continuity of Gold Mineralization.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 14, 2003

David W. Adamson, President and CEO of Rubicon Minerals Corporation (TSX Venture:RMX) is pleased to announce final results from Phase I drilling carried out at its flagship, 100% controlled McFinley gold project located in the heart of the prolific Red Lake gold camp, Ontario, Canada. New follow-up drilling on MAC-1 confirms that gold mineralization displays continuity both with depth and between sections and includes intersections of potential economic significance over minimum mining widths.

The program was designed to test several unexplored parts of the property, believed to have high potential for Red Lake-type gold deposits. Previously, Rubicon reported drill results from a total of 28 drill holes (see news release dated April 3, 2003). This news release includes results from an additional 16 drill holes for a program total of 31,400 feet (9,571 metres). Target areas referred to in this release are shown in the attached map (Exhibit A). Highlights of the results include:

-- Drilling in the MAC-1 target area has confirmed the presence

of widespread gold mineralization, including wide-spaced gold

intercepts over a 1200 foot (365 metre) strike length. Gold

intercepts in the MAC-1 zone are illustrated in cross section

and long section, respectively, in the attached Exhibits B and

C. Follow-up drilling in the MAC-1 area is expected to

commence mid June, 2003.

-- The MAC-1 target is open for follow-up along strike and has

only been tested to shallow depths of 430 feet (130 metres)

below surface. Producing mines in the camp contain economic

gold mineralization from surface to over 6000 feet (1,830

metres) below surface.

-- Several high-grade gold intercepts occur in the MAC-1 holes

outside of the 'window' portrayed in Exhibits B and C,

including 1.34 oz/ton gold over 3.28 feet, 0.71 oz/ton over

1.48 feet and 0.51 oz/ton over 1.64 feet in hole MF-03-16.

These suggest the potential for multiple mineralized

structures within this target area.

-- Significant gold has been discovered in two additional target

areas (MAC-4 and MAC-5). In the MAC-4 area, several

encouraging gold intercepts, including up to 0.50 oz/ton gold

over 1.80 feet in hole MF-03-37 has been returned from a

previously unexplored area of the property, north of McFinley

Island (Exhibit A). Drill holes in this area include well

developed, banded iron-carbonate veins up to 6 feet thick

interpreted to resemble similar veins developed in the

producing Campbell (Placer Dome) and Red Lake (Goldcorp)

mines. In the MAC-5 area, significant gold, including 0.36

oz/ton gold over 2.62 feet, in hole MF-03-42 has been

intersected within mineralized and altered basalts.

Approximately 3000 feet of strike length in the MAC-5 target

area is open for exploration.

-- One additional drill hole completed in the MAC-3 area

(MF-03-33) has returned widespread gold mineralization

including 0.32 oz/ton gold over 1.64 feet approximately 450

feet southwest of MC-03-25 which included an intercept of 1.92

oz/ton gold over 2.2 feet and numerous other elevated gold

values (Table 1). The MAC-3 target area has returned

significant gold over an appreciable area and warrants drill

follow up in winter 2003-4.

-- Drilling in a number of other target areas has returned

elevated gold in permissive settings which require additional

exploration (see Exhibit A and Table 1).

David Adamson states, "Although we acquired McFinley less than a year ago, we now know that gold mineralization on this large property is developed in a number of previously unexplored…