Rubicon Minerals Announces the Filing of its Third Quarter 2019 Results

Press Release

TORONTO, Nov. 11, 2019  – 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 September 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.

(This news release contains forward-looking information about potential future results and events. Please refer to the Cautionary Statements at the end of this this news release.)

Highlights from the three-month ended September 30, 2019

• Cash position: As of September 30, 2019, the Company had cash and cash equivalents and short-term investments of approximately C$6.1 million.

  On October 10, 2019, the Company closed a marketed private placement financing of 12,000,000 common shares of the Company at a price of C$1.00 per Common Share for aggregate gross proceeds to the Company of approximately C$12.0 million. The proceeds from the offering will be used for exploration and development expenditures at Rubicon’s Phoenix Gold Project (the “Project”) and general corporate purposes.

  On July 29, 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 proceeds from the offering will be used for working capital and general corporate purposes. A majority of the Rubicon Board of Directors (the “Board”) and management team participated in the offering.

• Exploration and evaluation expenditures: For the three-month period ended September 30, 2019, the Company spent approximately C$2.0 million in expenditures related to drilling, maintenance and technical consulting fees. Expenditures were lower by C$2.9 million compared to Q3/2018 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$1.5 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees in Q3/2019 in line with spending compared to Q3/2018.

Outlook

As of November 8, 2019, the Company had cash and cash equivalents of approximately C$15.9 million. In management’s view, the Company has sufficient financial resources to carry out the Company’s planned activities for the remainder of 2019 and much of 2020 as follows:

• Updated Mineral Resource Estimate to be delivered end of 2019 to early 2020: The Company has completed more than 14,000 m of orientated infill drilling on the Project. Data from the drilling has been submitted to Rubicon’s external consultants for the preparation of an updated Mineral Resource estimate. The goal of the infill drilling program is to expand the Measured and Indicated Resource estimate to more than 750,000 ounces of gold, which Rubicon believes, along with additional feasibility work, is required to advance the Project to a Feasibility Study-level. Rubicon anticipates the delivery of an updated Mineral Resource estimate by the end of 2019 to early 2020.
• Feasibility Study anticipated for Q3/2020: If the Company successfully expands the Measured and Indicated Mineral Resource estimates, Rubicon will proceed with developing a life of mine plan and completing the additional feasibility work on the Project. The Company has commenced feasibility work on surface infrastructure upgrades (tailings management facility and ammonia treatment plant, additional buildings, etc.) and gathering quotes for equipment. Completion of the feasibility work is anticipated for Q3/2020.
• Exploration Targets: Within the Phoenix Gold Property claim boundary, the Company has identified exploration targets within 2 kilometres from the 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 September 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

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