Exploration Targets Identified At The Phoenix Gold Property

TORONTO - Rubicon Minerals Corporation reported that it has has identified exploration targets within 2 kilometers from the Project shaft and surface infrastructure, which the Company intends to explore in 2020. Rubicon believes these targets have strong mineral potential based on historical mining and exploration at the Phoenix Gold Property claim. If the Rubicon successfully expands the Measured and Indicated Mineral Resource estimates, it will proceed with developing a life of mine plan and completing the additional feasibility work on the Project. The Company has commenced feasibility work on surface infrastructure upgrades (tailings management facility and ammonia treatment plant, additional buildings, etc.) and gathering quotes for equipment. Completion of the feasibility work is anticipated for Q3/2020.

More than 14,000 m of orientated infill drilling on the Project has been completed. Data from the drilling has been submitted to external consultants for the preparation of an updated Mineral Resource estimate. The goal of the infill drilling program is to expand the Measured and Indicated Resource estimate to more than 750,000 ounces of gold, which the company believes, along with additional feasibility work, is required to advance the Project to a Feasibility Study-level. Rubicon anticipates the delivery of an updated Mineral Resource estimate by the end of 2019 to early 2020.