Botwood Basin

[Ed Monton]

RUBICON MINERALS CORPORATION

TSX VENTURE SYMBOL: RMX
OTC Bulletin Board SYMBOL: RUBIF

SEPTEMBER 3, 2003 - 08:48 ET

Rubicon Options Golden Promise Gold Project,
Newfoundland to Placer Dome

VANCOUVER, BRITISH COLUMBIA--

- $5 million earn in, $700,000 within six months, including
diamond drilling -

David W. Adamson, President and CEO of Rubicon Minerals
Corporation (RMX.TSX Venture) is pleased to announce that it has
signed an agreement with Placer Dome (CLA) Canada Ltd. ("Placer")
whereby Placer can earn an initial 55% interest in Rubicon's
extensive 500 square kilometre Golden Promise gold project
located in north central Newfoundland. Under the terms of the
agreement, Placer must spend $5 million over a four-year period,
including $1.5 million before the end of 2004 and a firm
exploration commitment of $700,000 before the end of February,
2004. Placer has indicated that diamond drilling will be part of
the exploration program prior to the end of 2003. Rubicon will be
the operator of the project until earn-in is completed.

Rubicon established a large land position at Golden Promise in
response to the discovery in June 2002 of gold-bearing quartz
boulders, which were subsequently traced back to their local
source. Diamond drilling led to the discovery by Rubicon of a
gold-bearing vein or locally, vein system, named the Jaclyn Zone
which is developed over a minimum 225 metre strike length, has
been tested to a vertical depth of only 50 metres below surface
and is open for exploration in all directions. Of 17 holes
testing the zone to date, 15 have intersected visible
gold-bearing quartz vein(s). Intercepts include 17.69 g/t gold
over 2.30 metres, 16.57 g/t gold over 2.00 metres and 14.85 g/t
gold over 2.25 metres (see news release dated September 19 2002,
for complete results).

Prospecting during 2002-2003 has led to the discovery of
additional mineralized boulders believed to have been sourced
from other veins, which are, as yet, undiscovered. Information
derived from the Jaclyn Zone suggests that the source veins of
these angular boulders are likely locally derived (less than 200
metres from source). To date, the Golden Promise trend is known
to contain six visible gold-bearing float areas including the
Jaclyn drill discovery area. In addition, Rubicon's land position
encompasses an extensive area of anomalous gold in basal till
suggesting that mineralization may be of regional extent.

David Adamson states, "We are excited about the potential of this
property to yield additional gold discoveries. Golden Promise has
significant gold grades, strong indications of vein continuity
and excellent regional potential in a newly discovered area. In
Placer, we have a partner well versed in the exploration,
development and mining of high grade gold deposits in Canada and
elsewhere, and we look forward to their involvement with the
project.

One of Rubicon's competitive advantages, as has been shown
elsewhere at Red Lake, Ontario, is to identify district scale
opportunities, including Golden Promise, ahead of its
competition. We are currently working on other initiatives to
further increase exploration activity on our Newfoundland
portfolio."

Other terms of the agreement allow Placer the election, once it
has met its initial $5 million commitment, to earn an additional
15% interest (to a maximum 70% interest) by delivering a bankable
feasibility study on the project by the end of 2009. Failure to
do so by this date will cause reversion back to a 55% Placer -
45% Rubicon Joint Venture. The agreement is subject to regulatory
approval.

Rubicon has over $10 million in working capital and, in addition
to its Newfoundland assets, controls a major land position in the
prolific Red Lake gold camp in Ontario including its flagship
100% controlled McFinley gold project. Also, the Company realizes
cash flow from its royalty division estimated this year to be
approximately $670,000 in cash plus share value.

RUBICON MINERALS CORPORATION

David W. Adamson, President & CEO

The statements contained in this release that are not historical
facts are forward-looking statements, which involve risks and
uncertainties that could cause actual results to differ
materially from targeted results. Mineral resources which are not
mineral reserves do not have demonstrated economic viability. The
Company relies upon litigation protection for forward looking
statements