TSX: RMX | OTCQX: RBYCF

Rubicon Minerals Corporation (TSX: RMX) | (OTCQX: RBYCF) ("Rubicon" or the "Company") has filed a new the technical report for the Phoenix Gold Project (the "Project") reflecting an updated mineral resource estimate for the Project (the "2020 Mineral Resource Estimate"), 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 December 6, 2019, was prepared by T. Maunula & Associates Consulting Inc., which is independent of Rubicon. The Company issued a news release on January 7, 2020 announcing the results of the 2020 Mineral Resource Estimate, 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.

Vancouver Resource Investment Conference 2020

Rubicon will be participating in this year's Vancouver Resource Investment Conference, which will be held in Vancouver, B.C. between January 19-20, 2020 at the Vancouver Convention Centre West. Investors are welcome to visit Rubicon management at Booth #424. President and CEO George Ogilvie, P.Eng., will be presenting as part of the Red Lake Panel discussion on January 19, 2020 at 11:40 am PT.

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 Forward-Looking Statements and other Cautionary Notes

This news release contains statements that constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. 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 future impact or effect. Forward-looking statements Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management's best judgment based on facts and assumptions that management considers reasonable. If such opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed in the forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rubicon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, but are not limited to, those described in the Company's annual information form dated March 22, 2019 under the heading "Risk Factors" (the "2019 AIF"), the Cautionary Statements in Company's news release dated January 7, 2020 (the "January 7 News Release"), the Technical Report including but not limited to its Cautionary Statements, and the Company's other continuous disclosure documents, all available under its profile at www.sedar.com and on the Company's website at www.rubiconminerals.com. 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. The forward-looking statements contained herein are expressly qualified by the Cautionary Statements herein.

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

This news release uses the terms "Measured" and "Indicated" mineral resource and "Inferred" mineral resource. 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 a "Reserve". 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 an "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 an "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