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Rubicon’s Infill Drilling Program Confirms Continuity and Grade of the F2 Deposit and Continues to Encounter High-Grade Mineralization in Sparsely Drilled Areas

TORONTO, ONTARIO–(Jan. 7, 2015) – Rubicon Minerals Corporation (TSX:RMX)(NYSE MKT:RBY) (“Rubicon” or the “Company”) has completed its 38,000-metre infill drilling program from the 244-metre level. The drilling program resulted in mineral discoveries within the F2 Deposit and to the north and south of the main zone. In addition, Rubicon will commence a surface drilling program in the first quarter of 2015 to potentially extend the F2 Deposit to the north.

“The 38,000-metre infill drilling program has confirmed our expectations of the upper portion of the F2 Deposit with respect to continuity of mineralization and grade,” stated Michael A. Lalonde , President and Chief Executive Officer of Rubicon. “We located potential economic intercepts at both the north and south ends of the 244-metre level in areas that had been sparsely drilled. Further drilling in this area is planned for 2015. We also have commenced a surface drilling program to test the potential northern extension of the F2 Deposit. A considerable number of historical high-grade intercepts suggest that the F2 Deposit could extend to the north. We are also pleased to continue the stockpiling of mineralized material on surface from underground stope development.”

Infill Drilling Program

The Company has completed its 38,000-metre infill drilling program. Since 2002, Rubicon has completed 393,611 metres (“m”) of drilling on the F2 Deposit. The goal of the infill drilling program is to convert inferred mineral resource ounces in the upper part of the deposit to the indicated category at 25-metre drill spacing or less. Recent drilling focused on both the north and south ends of the F2 Deposit from the 244-metre exploration drift. Results from the infill drilling program confirm the Company’s expectations of the F2 deposit with respect to continuity of gold mineralization and grade. Furthermore, Rubicon continues to identify gold mineralization in gaps within the F2 Deposit that have been sparsely drilled, which could improve the continuity of the deposit.

The highlighted assay results (previously unpublished) include:

  • 244L-154: 157.2 grams per tonne of gold (“g/t Au”) over 1.5 m
  • 244L-121: 31.3 g/t Au over 4.0 m (including 44.6 g/t over 3.0 m)
  • 244L-100: 14.8 g/t Au over 5.1 m (including 43.3 g/t Au over 1.5 m)
  • 244L-127: 47.3 g/t Au over 1.3 m
  • 244L-164: 20.0 g/t Au over 2.4 m
  • 244L-94A: 8.8 g/t Au over 1.7 m

Table 1 summarizes new, previously unpublished, assay results from the infill drilling program as of December 24, 2014. Please see figures 1 and 2 for long section and plan views of recent drilling, respectively. Please see Figure 3 for the cross sections of recent drilling.

F2 Deposit North Extension

The Company has commenced a 12,000-metre regional exploration program that will focus on the potential northern extension of the F2 Deposit. This program will follow up on the high-grade intercepts discovered from previous drilling. The target areas are located within 1.0 kilometre of planned underground development at the Phoenix Gold Project. Historical high-grade intercepts, mainly located in an area named the “Island Zone” include:

  • PZ-23: 70.1 g/t Au over 3.1 m
  • PZ-12: 28.7 g/t Au over 1.4 m
  • PZ-47: 22.2 g/t Au over 1.7 m
  • PZ-25: 15.8 g/t Au over 3.5 m
  • PZ-03: 15.5 g/t Au over 4.8 m
  • PZ-02: 15.0 g/t Au over 2.8 m

Please see Figure 4 at the end of this news release for a diagram of the exploration target area.

610-Metre Level Infill Drilling

Rubicon is currently developing an exploration drift at the 610-metre level and plans to start a new 10,000 m infill drilling program. The goal of this program is to convert inferred mineral resource ounces at the 610-metre level and above to the indicated category at 25-metre drill spacing or less.

Definition Drilling

The Company has commenced a definition drilling program that will be on a tighter pattern of 12.5 m drill spacing or less, which will better define the grade and geometry of individual stopes between the 122- and 305- metre levels. Definition drilling will be ongoing throughout 2015.

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an advanced stage gold development company. The Company is focused on responsible and environmentally sustainable development of its Phoenix Gold Project in Red Lake, Ontario. The start of potential gold production is projected in mid-2015, based on current forecasts. The Phoenix Gold Project is fully permitted for initial production at 1,250 tonnes per day. In addition, Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district which hosts Goldcorp’s high-grade, world class Red Lake Mine. Rubicon’s shares are listed on the NYSE MKT (RBY) and the Toronto Stock Exchange (RMX).

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