Rubicon Minerals Announces the Filing of its First Quarter 2019 Results

TSX: RMX | OTCQX: RBYCF

TORONTO, May 8, 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 March 31, 2019. The Company confirms that copies of these interim filings can be obtained at www.rubiconminerals.com or www.sedar.com.

Highlights from the three-month ended March 31, 2019

• Cash position: As of March 31, 2019, the Company had cash and cash equivalents and short-term investments of approximately C$11 million. As of May 7, 2019, the Company has cash and cash equivalents and short-term investments of approximately C$8.3 million.
  
  
• Exploration and evaluation expenditures: For the three-month period ended March 31, 2019, the Company spent approximately C$3.5 million in expenditures related to underground development, drilling, maintenance and technical consulting fees, offset by C$0.5 million in proceeds recognized from the sale of precious metals. Expenditures were lower by C$1.6 million compared to prior three-month period 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 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees in Q1/2019. Expenditures decreased by C$0.7 million compared to Q1/2018 primarily related to lower compensation expenses and consulting and professional fees.
  
  
• 2019 Mineral Resource Estimate reported 110% increase in Measured and Indicated Resources: On March 27, 2019, Rubicon reported a significantly improved updated Mineral Resource Estimate that demonstrated material increases in tonnes, grade, and ounces and a robust conversion rate of Inferred Resources to the Measured and Indicated Categories. The NI 43-101 Technical Report for the Phoenix Gold Project was filed on SEDAR pursuant to the Rubicon press release dated March 27, 2019 announcing the results of the 2019 Mineral Resource Estimate for the F2 Gold Deposit at the Project. Please review these materials for further information.

Please refer to our interim Financial Statements and MD&A for the quarter-ended March 31, 2019 for further details.

About Rubicon Minerals Corporation
Rubicon Minerals Corp. 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

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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SOURCE Rubicon Minerals Corp.