Rubicon Minerals Provides an Update on the Phoenix Gold Project New PEA and Comments on Recent Trading Activity

Press Release

TORONTO, June 25, 2019- 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 CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director

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