TSX: RMX | OTCQX: RBYCF

Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) ("Rubicon" or the "Company") plans to release a new Preliminary Economic Assessment ("New PEA") for the Phoenix Gold Project (the "Project") in the third quarter of 2019 (previously, the second half of 2019).

The New PEA will benefit from real-time information and observations gained from our recent test trial mining and bulk sample processing program completed in 2018. The most relevant items to be included for consideration in the New PEA are as follows:

-- Phoenix Gold Project mill processing metrics: Achieved 1,540 tonnes per day ("tpd") throughput rate (based on 22-hour mill availability) and gold recoveries of 95.1% (43.2% from gravity);

-- Bulk mining and development rates: Sublevel longhole stoping achieved an average external dilution of 8.7% on the three test stopes mined in total. Other data collected include current development costs, rock mechanics and ground control practices;

-- Surface infrastructure ready for operations: Hoist is fully operational, civil and earthworks are in place, electric substation is operational, and upgrades have been made to the 200-person camp, tailings management facility ("TMF") and TMF water treatment plant;

-- Significant underground infrastructure: More than 14,000 metres ("m") of development completed, including an operational shaft down to 730 m below surface with both a mid-shaft and bottom loading pocket, and an assessment of an underground ramp to surface including known development costs and rates; and

-- Uniquely positioned: Subject to an economic conceptual mine plan, the existing infrastructure provides the opportunity to move the Project back into potential commercial production in a shorter time frame and at a lower construction risk than development-stage peers.

New PEA scheduled for Third Quarter 2019

The Company released a robust 2019 Mineral Resource Estimate for the Project, demonstrating a 110% increase in Measured and Indicated Resource estimates (see Rubicon news release dated March 27, 2019 and Technical Report effective April 25, 2019 filed on www.sedar.com). Rubicon subsequently commissioned a New PEA for the Project, which will benefit from information from the 2019 Mineral Resource Estimate and data achieved from the Company's successful 2018 test trial mining and bulk sample processing program completed in late 2018 (see Rubicon news release dated November 29, 2018 filed on www.sedar.com). The Company's PEA consultants are particularly focused in on the mine plan, capital and operating estimates, as they build upon Company data for the New PEA which will provide forecast economics of the Project. The New PEA is nearing completion and Rubicon management anticipates its release by the third quarter of 2019.

2019 Exploration

The 2019 oriented diamond drilling program was designed to upgrade and expand the Inferred Mineral Resource estimate and advance the current understanding of the mineralization potential at depth, below the 854 m Level. The Company has completed more than 10,000 m of oriented diamond drilling to-date. Results from the 2019 drill program so far have been encouraging. Rubicon encountered high-grade mineralization at both narrow and wide (>10 m) horizontal widths, intersected within the high titanium basalt units ("High-Ti Basalts"), the main host rock of gold mineralization at the Project. The mineralization at depth, especially at wider widths, could potentially translate to sizable stopes in future mining and enhance the economics of the Project.

Recent Trading Activity

It is the Company's policy to not comment on market speculation or rumours. Rubicon does not have any material changes to report at this time and it is not aware of any material, undisclosed information that would account for the recent trading activity. The Company will continue to keep the market informed as required.

CEO's Comments

George Ogilvie, P.Eng., President and CEO of Rubicon, commented, "We remain excited and optimistic, as we embark upon delivering a new conceptual mine plan for the Phoenix Gold Project, which will be reflected in a New PEA. We believe that 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 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."

"I am pleased to report that our team continues to deliver on our plan and on key milestones that contribute to the renewal of the Phoenix Gold Project. The Company also sees significant value from its hard-assets at site and in its 28,000-hectare exploration land package in the heart of the Red Lake Gold Mining District, the second largest land holding next to Newmont Goldcorp. We look forward to releasing the New PEA inclusive of a preliminary mine plan and the associated economics. The Company is well positioned to move the Project back into production and the current robust Canadian gold price environment is favourable to the economics of the Project.

"We remain steadfast on our path to de-risk the Phoenix Gold Project and advance it towards commercial production, which we believe will result in significant long-term value to shareholders. We are continuing to evaluate ways to unlock value from our other assets. I look forward to providing greater details following the release of the New PEA results."

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an advanced gold exploration company that owns the Phoenix Gold Project, located in the prolific Red Lake gold district in northwestern Ontario, Canada. Additionally, Rubicon controls the second largest land package in Red Lake consisting of over 285 square kilometres of prime, strategic exploration ground, and more than 900 square kilometres of mineral property interests in the emerging Long Canyon gold district that straddles the Nevada-Utah border in the United States. Rubicon's shares are listed on the Toronto Stock Exchange (RMX) and the OTCQX markets (RBYCF). For more information, please visit our website at www.rubiconminerals.com.

RUBICON MINERALS CORPORATIONGeorge Ogilvie, P.Eng.President, CEO, and Director

Cautionary Statement regarding Forward-Looking Statements and other Cautionary Notes

All statements, other than statements of historical fact, contained or incorporated by reference in news release, including but not limited to any information as to the future performance of the Company, constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates", "believe", "build upon", "conceptual", "consideration", "encouraging", "estimates", "exploration", "focus", "forecast", "forward", "future", "may", "model", "opportunity", "optimistic", "path", "plans", "potential", "preliminary", "PEA", "project", "risk", and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results may or may not be achieved or occur in the future. In some cases, for ward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect.

Forward-looking statements include, but are not limited to, statements regarding Mineral Resource estimates, mine plans, Project economics, capital operating cost and other estimates, the anticipated timing of the delivery and details of the New PEA, anticipated economics of the New PEA, impact of infrastructure on the economics of the New PEA, impact of results from the 2018 test trial mining and bulk sampling on the New PEA, the anticipated outcome of further oriented infill and expansion drilling of the Project, the potential tonnage of mineralized material and its grade from the Project, the impact of the data from the 2019 drilling program, the potential to improve the quantities and classification of Mineral Resource estimates, the potential impact of drilling on stope dimensions, future mining, Project economics and the understanding of the structural geology including at depth and any potential to move the Project back into production,.

Forward-looking statements are made as of the date of this news release, based on the expectations, assumptions, opinions and estimates of management as of the date such statements are made, which management considers reasonable, and represent management's best judgment. If such expectations, assumptions, opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors which may cause Rubicon's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: possible variations in mineralization, grade or recovery or throughput rates; uncertainty of Mineral Resource estimates; inability to realize exploration potential, mine ral grades and mineral recovery estimates; actual results of current exploration activities; actual results of reclamation activities; uncertainty of future operations, delays in completion of exploration plans for any reason including insufficient capital, delays in permitting, and labour issues; conclusions of future economic or geological evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; timing, receipt and maintenance of permits and other required regulatory approvals; the ability of Rubicon and other relevant parties to satisfy regulatory requirements; the ability of Rubicon to comply with its obligations under material agreements including financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms; the ability of third-party servi ce providers to deliver services on reasonable terms and in a timely manner; risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; dissatisfaction or disputes with local communities or First Nations or Aboriginal Communities; failure of plant, equipment or processes to operate as anticipated; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of our stock price; the ability of our common stock to remain listed and traded on the TSX; and the "Risk Factors" in the Company's annual information form dated March 22, 2019 ("2019 AIF"). The foregoing list of assumptions, risks, uncertainties and other factors is not exhaustive. The foregoing li st of assumptions, risks, uncertainties and other factors is not exhaustive. The forward-looking statements contained or incorporated by reference herein are expressly qualified by this cautionary statement as well as those in other continuous disclosure documents of the Company filed under its profile at www.sedar.com including, but not limited to, the 2019 AIF. Forward-looking statements contained herein are made as of the date of this news release and Rubicon disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Cautionary Note to U.S. Readers Regarding Estimates of Measured, Indicated and Inferred Mineral Resources

This news release uses the terms "Measured" and "Indicated" Mineral Resources and "Inferred" Mineral Resources. The Company advises U.S. investors that while these terms are recognized and required by the Canadian Securities Administrators, they are not recognized by the United States Securities and Exchange Commission (SEC). The estimation of "Measured" and "Indicated" Mineral Resources involves greater uncertainty as to their existence and economic feasibility than the estimation of Proven and Probable Reserves. The estimation of "Inferred" Mineral Resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of Mineral Resources. It cannot be assumed that all or any part of a "Inferred", "Measured", or "Indicated" Mineral Resource estimate will ever be upgraded to a higher category.

Under Canadian rules, estimates of "Inferred Mineral Resources" may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment (or PEA) under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute "Reserves" as in-place tonnage and grade without reference to unit measures. Under U.S. standards, mineralization may not be classified as a "Reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the Reserve determination is made. U.S. investors are cautioned not to assume that any part or all of a "Inferred", "Measured" or "Indicated" Mineral Resource exists or is economically or legally mineable. Information concerning descriptions of mineralization and Mineral Resources contained herein may not be comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

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SOURCE Rubicon Minerals Corporation