TSX: RMX | OTCQX: RBYCF

Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) ("Rubicon" or the "Company") announces that it has filed its interim Financial Statements and Management's Discussion and Analysis ("MD&A") for the three-month period ended June 30, 2019. The Company confirms that copies of these interim filings can be obtained at www.rubiconminerals.com or under the Company's profile at www.sedar.com.

Highlights from the three-month ended June 30, 2019

-- Cash position: As of June 30, 2019, the Company had cash and cash equivalents and short-term investments of approximately C$5.6 million.

On July 26, 2019, the Company closed a non-brokered private placement financing of 6,883,116 common shares of the Company at a price of C$0.77 per Common Share for aggregate gross proceeds to the Company of approximately C$5.3 million (the "Offering"). The proceeds from the Offering will be used for working capital and general corporate purposes. The majority of the Rubicon Board of Directors and management team participated in the Offering.

-- Exploration and evaluation expenditures: For the three-month period ended June 30, 2019, the Company spent approximately C$3.6 million in expenditures related to drilling, maintenance and technical consulting fees. Expenditures were lower by C$1.9 million compared to Q2/2018 when the Company was ramping up spending on the mill facility for the duration of the bulk sample processing program.

-- General and administrative expenses (including salaries and benefits, and consulting and professional fees): The Company spent approximately C$1.3 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees in Q2/2019. Expenditures decreased by C$0.2 million compared to Q2/2018 primarily related to lower insurance, office and consulting/professional fees.

Outlook

-- Rubicon is nearing completion of the new preliminary economic assessment ("New PEA") for the Phoenix Gold Project, scheduled for release in the third quarter of 2019. The New PEA will include a preliminary life of mine plan, updated Project economics and a preliminary production profile. The New PEA will build upon the results of the 2018 bulk sample program and the Company's mine and mill performance during the test trial mining.

-- Exploration continues throughout 2019 with up to 20,000 m of orientated diamond drilling, predominantly focused on growing the Mineral Resource estimate and advancing the Company's understanding of the high-grade mineralization potential at depth. Rubicon has completed approximately 12,000 m of drilling year-to-date.

-- Rubicon plans to release an updated Mineral Resource estimate incorporating drilling results from 2019 in Q4/2019 with the goal of significantly increasing the Measured & Indicated Mineral Resource estimate above the current estimate of 589,000 ounces[1] to use as a potential "springboard" into a Feasibility Study in H1/2020.

-- Within the Phoenix Gold Property claim boundary, the Company has identified exploration targets within 2 kilometres ("km") from the Phoenix Gold 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.

Please refer to our interim Financial Statements and MD&A for the quarter-ended June 30, 2019 for further details.

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 CORPORATION George Ogilvie, P.Eng. President, CEO, and Director