Positive Mineral Resource Estimate At Phoenix Gold Project

TORONTO - Rubicon Minerals Corporation President and Chief Executive Officer George Ogilvie, P.Eng., said, "We restarted activities at the Phoenix Gold Project with a goal to successfully complete a test trial mining and bulk sample processing program, and bring confidence to the 2018 Mineral Resource Estimate with positive reconciliation results. I am pleased to report that we achieved these key milestones. We believe the positive bulk sample reconciliation results validate the 2018 Mineral Resource Estimate and new geological model of the F2 Gold Deposit."

"We observed encouraging data points during the test trial mining and bulk sampling program that will have a positive impact on the potential economics of the Phoenix Gold Project; test trial mining demonstrated the amenability of bulk mining and we achieved an unplanned mining dilution of 8.7%; metallurgical recovery improved to 95.1% from the 91.5% reported in 2015; and 43.2% of gold recovery was from gravity concentration, which will reduce mill operating costs under a potential commercial production scenario. Mill operations exceeded our expectations. We operated the mill on a two-week on, two-week off basis and reached throughput rates of 70 tph, or equivalent to 1,540 tpd, which is higher than the 1,250 tpd average nameplate capacity. The mill was designed and constructed with a capacity to reach 1,800 tpd with minor modifications. This gives us significant flexibility to accept increased tonnes in future mining, if warranted."

"With a validated 2018 Mineral Resource Estimate and geological model, we now have a strong foundation to continue to advance, grow, and de-risk the Phoenix Gold Project. Going forward, our intent is to closely evaluate the positive reconciliation results, and along with additional exploration data, assess the economic viability of the Phoenix Gold Project, particularly where we can utilize significant underground infrastructure to access modeled stopes. In addition, 2019 will see us turn our attention to our high-priority Close Proximity underground exploration targets, including the past-producing McFinley target, all within 500 m of the Phoenix Gold Project shaft. We will also initiate geophysics and geochemical work on several of our Regional Exploration targets."