Discovery to Development in 3.5 years!

• March, 2008 discovery of high-grade F2 Gold Zone.
• 2009-10, shaft de-watered and extended to 305 metres.
• March 2011, NI 43-101 resource calculation.
• June 2011, positive PEA completed.
• July 2011, strategic investment of $70 million by Agnico-Eagle Mines.
• August 2011, further validation when Franco Nevada acquires underlying royalty for $23 million.

The Right Rocks

• Rubicon’s strategy in Red Lake is predicated on its control of major ultramafic trends.
• Ultramafic units are important because of the close empirical relationship in Red Lake between ultramafic rocks and gold deposits.
• 23 million ounces of gold produced from the Red Lake camp with more than 2 million ounces of gold produced from this trend of prospective rocks.

Utilizing the Latest Technology

• Advanced technology (Titan24 Survey) utilized in 2008 can penetrate down to  ~800 metres and has identified gold system to depth.
• F2 Zone Gold System documented by drilling, >1500 metres below surface!
• Major gold deposits in camp extend to 3,000 metres.

2010-11 milestones achieved in the project development included:

• Completion of the shaft depth from 285 metres to 338 metres allowing development of the 305 metre level.
• Completion of over 1000 metres of excavation, including taking the 305 level drift 450 metres to the centre of the F2 Core Zone and completion of crosscuts for drill stations.
• Completion of eight underground drill stations at the 305 level.
• Acquisition and installation of an underground rockbreaker and grizzly.
• Completion of a second egress required for safety and future development.
• The taking and processing of bulk samples.
• Assembly of the 14’ double drum hoist, as well as construction of the hoist building.
• Addition of 50 feet to the headframe.
• Grid power energized on-site during October 2011

Example High-Grade Gold Intercepts from F2 Discovery

Click here to view complete Table of Assays.

Preliminary Economic Assessment Report

On June 29, 2011, the Company issued a press release to announce positive results of a PEA for its 100%-owned F2 Gold System, part of its Phoenix Gold Project. A copy of the press release and full report is available on SEDAR. The PEA was prepared by AMC Mining Consultants (Canada) Ltd. ("AMC") with metallurgical sections prepared by Soutex Inc. ("Soutex") both of which are independent of the Company. The highlights of the PEA are included below.

PEA Highlights

	$1100 GOLD	$1500 GOLD
NPV – 5%	$433 Million	$933 Million
IRR (Pre-Tax)	28%	48%
Payback from start of production	3.3 Years	2 Years
Avg. Annual Production	180,000 ozs	180,000 ozs
Life of Mine	12 Years	12 Years
Cumulative Cash Flow	$739 Million	$1,480 Million
Initial Capex (30% contingency)	$214 Million	$214 Million
Opex	$213/t - $519/oz	$213/t/$519/oz
Diluted Grade	13.87 g/t	13.87 g/t
Gold Recovery	92.5%	92.5%

The PEA was prepared by AMC Mining Consultants Ltd. (“AMC”) with metallurgical sections prepared by Soutex Inc. (“Soutex”) both of whom are independent of the Company as defined by NI 43-101. Please refer to the forward Looking Statements and Cautionary note in the News Release dated June 29, 2011.

Resources*

Category	Tonnes	Grade (g/t Gold)	Ounces Gold
Indicated	1,028,000	14.5	477,000
Inferred	4,230,000	17.0	2,317,000

        * - Based on 245,142 metres drilling to end February, 2011
           - Capped block model prepared by AMC Consulting (Canada) Ltd.

• Successful conversion of resources to indicated class
• One of the largest and highest grade deposits in its class
• Open to depth and along strike

Capped using 270 g/t gold. Block model ID3 method. Refer to the Forward Looking Statements and Cautionary note in the News Release dated June 29, 2011. Inferred resources are too speculative to have economic consideration applied to them and there is no certainty that inferred resources will be converted to measured and indicated resources.

The Way Forward

• Optimization of PEA
• Upgrade studies
• Continued development
• Continued resource drilling
• Target 2013 production
• Begin the Search for "the Next One"

Permitting and Continuing Consultations

On December 2, 2011, the Company announced that the Ontario Ministry of Northern Development and Mines and Forests accepted (approved) its Production Closure Plan as filed. The Company now has all material permits in hand required for the development and construction stage for potential production, except for:

• the Consolidated Amendment to Air Certificate of Air Approval 9500-7NGTTC.
• the amendment to the Permit to Take Water 2342-7LWRQU.
• the new Industrial Sewage Certificate of Approval.

The company anticipates that these remaining permits will be received in 2012.

The Canadian Environmental Assessment Agency has confirmed that the Project does not involve a trigger for a federal environmental assessment.

Exploration Accommodation Agreement

On January 21, 2010, the Company signed an Exploration Accommodation Agreement with the Lac Seul First Nation (“LSFN”) covering Rubicon’s exploration properties within lands considered by LSFN to be their traditional territory. The LSFN has agreed to support Rubicon’s exploration work within their traditional territory and in turn, Rubicon will respect the LSFN concerns over land usage, endeavour to provide work and business opportunities to band members and provide other benefits to the LSFN based on exploration expenditures.

Rubicon is continuing to consult with First Nations and the Métis Nation of Ontario in accordance with regulations, building on its relationship and this agreement with Lac Seul First Nation. For more information refer to our News Release dated January 21, 2010.

Date of Issue: December, 2011