Increase In Measured and Indicated Resources At Phoenix Gold Project

TORONTO - Rubicon Minerals Corporation reported an updated Mineral Resource Estimate for the Phoenix Gold Project. The Company plans to file an updated NI 43-101 Technical Report for the Project within 45 days. President and Chief Executive Officer George Ogilvie, P.Eng., said, "The significant growth in Measured and Indicated Resources, without a significant decline in grade, brings additional confidence and validation for the Phoenix Gold Project and its potential as a commercially viable operation. We are also pleased with the improvement in ounces and grades at the 3.5 g/t Au and 4.0 g/t Au cut-off grades. We will further evaluate the continuity of mineralization at these higher cut-offs, as either of these scenarios could further improve the economics of the Project. We remain firmly on the path to building a conceptual mine plan with new economics for the Phoenix Gold Project, which will be reflected in a New PEA scheduled for the second half of 2019. We believe the New PEA has the potential to show strong economics considering all the new, fully commissioned surface and underground infrastructure already in place. The New PEA will also benefit from real, operational data collected during our recent test trial mining and bulk sampling program, where we implemented actual mining techniques that could be utilized under a potential commercial production scenario while using our own processing facility. Over the last two years, our management, our site operating and geology teams have delivered on all the major goals towards turning around and bringing confidence back to the Project. We believe our successful 35,000-tonne test trial mining and bulk sampling program in late 2018 validates the geological model and the mineral resources. In the coming months, we plan to enhance value to shareholders by delivering a New PEA and continue oriented infill and expansion drilling to potentially convert Inferred ounces to Measured and Indicated categories and grow the overall mineral resources at depth, where there is high-grade mineralization from historical drilling and where the deposit remains open."

"We believe Rubicon is uniquely positioned and has significant upside potential on a go forward basis. With more than 28,000 hectares of prime exploration real estate, we are the second largest property holder in the prolific Red Lake Gold Camp and we hold a very strategic position considering we own newly installed working infrastructure in the region. Combine that with a de-risked and potentially robust Phoenix Gold Project, and a management team with a strong operational and turnaround experience, we believe we have the recipe to increase shareholder value in the near- to long-term, Ogilvie said.“

The 2019 Mineral Resource Estimate benefits from 551,811 m7 of core drilling in 1,631 drill holes. The 2019 Mineral Resource model covers a strike length of approximately 1,200 m and depths down to 1,403 m Level and remains open along strike and at depth. The 2019 Mineral Resource Estimate excludes the crown pillar and depleted resources from test trial mining. The 2019 Mineral Resource Estimate was evaluated using a geostatistical block modeling approach constrained by mineral and lithologic domains interpreted from the drill hole and mapping data. The block model grades were interpolated using inverse distance cubed (ID3), which the Company evaluated as the most representative method. Rubicon assessed other grade interpolation methodologies, including ordinary kriging ("OK"), and determined that the ID3 estimates controlled grade smoothing and achieved an appropriate grade-tonnage profile relative to the characteristics of the deposit. A nearest neighbor (NN) model was interpolated to support model validation. Density data was assigned based on average values for each lithologic unit.

The company’s address is Suite 830, 121 King Street West, Toronto, ON M5H 3T9, (416) 766-2804, rubiconminerals.com.