TSX: RMX | OTCQX: RBYCF

Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) "Rubicon" or the "Company") has filed the technical report for the Phoenix Gold Project (the "Project") reflecting the new Preliminary Economic Assessment ("New PEA"), including the F2 Gold Deposit, located in Red Lake, Ontario, in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (the "Technical Report"). The Technical Report, effective August 19, 2019, was prepared by T. Maunula & Associates Consulting Inc., which is independent of Rubicon. The Company issued a news release on August 19, 2019 announcing the results of the New PEA, which are reflected in the Technical Report. A copy of the Technical Report can be viewed online under Rubicon's profile at www.sedar.com and on the Company's website at www.rubiconminerals.com.

About Rubicon Minerals CorporationRubicon 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 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 the New PEA

The reader is advised that the New PEA is only a conceptual study of the potential viability of the Project's Mineral Resource estimates, and the economic and technical viability of the Project and its estimated Mineral Resources has not been demonstrated. The New PEA is preliminary in nature and provides only an initial, high-level review of the Project's potential and design options; there is no certainty that the New PEA will be realized. The New PEA conceptual Life of Mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described below in the Cautionary Statements regarding Forward-Looking Statements.

Cautionary Statements regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future performance of Rubicon, constitute "forward looking statements" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this news release. Forward looking statements include, without limitation, future events and opportunities including but not limited statements relating to the Project and the New PEA in this news release. The words "New PEA", "Preliminary Economic Assessment" and "Project" or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be taken, achieved or occur in the future. In some cases, forward-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 futur e impact or effect. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Rubicon as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our Annual Information Form dated March 22, 2019 ("2019 AIF") and the Technical Report referenced in this news release. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. In addition, there are risks and hazards associated with the business of mining and related expansion project development, including financial, environmental hazards, government and labour relations, unusual or unexpected formations , pressures, cave-ins and flooding (and the risk of inadequate insurance, or the inability to obtain insurance, to cover such risks). Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Rubicon's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Rubicon. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by these cautionary statements, as well as those made in our news release dated August 19, 2019 regarding the New PEA, in the Technical Report referenced in this news release and our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the "Risk Factors" section of our 2019 AIF. These factors are not intended to represent a complete list of the factors that could affect Rubicon. Rubicon disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Cautionary Statement 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 Mineral 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.

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SOURCE Rubicon Minerals Corporation