Rubicon Minerals Assay Results Demonstrate Potential to Expand Measured and Indicated Resource Estimates at the Phoenix Gold Project

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

Assay Results Highlights (as of September 30, 2019) representing approximately 13,000 metres ("m") of drilling:

Drilling program at the 610- and 685 m Levels with the objective of upgrading and expanding the 2019 Mineral Resource Estimate (not true widths, more details in the 'Qualified Persons and QA/QC' section below) produced the following highlights:

• 685L-19-06: 7.25 g/t Au over 3.6 m (High-Ti Basalts);
• 685L-19-07: 22.89 g/t Au over 1.3 m (including 91.91 g/t Au over 0.8 m) (High-Ti Basalts);
• 685L-19-07A: 9.88 g/t Au over 1.0 m (High-Ti Basalts);
• 685L-19-10: 6.94 g/t Au over 2.0 m (including 12.80 g/t Au over 1.0 m) (High-Ti Basalts);
• 685L-19-11: 8.35 g/t Au over 7.1 m (including 17.45 g/t Au over 2.5 m) (High-Ti Basalts).

2019 drilling results to-date

The 2019 oriented diamond drilling program was designed to upgrade a significant portion of the Inferred Mineral Resource estimate to the Measured and Indicated categories, as well as advance the current understanding of the high-grade mineralization potential at depth, below the anticipated 854 m Level. Assay results from exploration drill hole samples collected to-date show the likely potential to convert the Inferred Mineral Resource estimates in targeted areas, especially between the anticipated 854 m Level and the 1,220 m Level. The assay results also demonstrate continuity of high titanium basalt units ("High-Ti Basalts") and associated gold mineralization to depth. Please see Table 1 and Diagrams 1 to 12 for the summary of the assay results and the plan and section views of the drilling, respectively. Please see May 23, 2019 news release for previously released assay results (and diagrams) from the 2019 drilling program.

Rubicon continues to encounter high-grade mineralization at both narrow and wider horizontal widths, intersected within the High-Ti Basalt, the main host rock of gold mineralization at the Project. The Company also continues to build on the current understanding of the structural geology at depth with the use of oriented drill core. Rubicon has continued to expand its preliminary models of the High-Ti Basalt lithology and of the East Bay Deformation Zone ("EBDZ"), both created from the ongoing oriented core diamond drilling program. This has enhanced the understanding of the mineralization and improved drill targeting at depth.

Path forward

Rubicon is scheduled to release an updated Mineral Resource estimate sometime between late fourth quarter 2019 to early first quarter 2020. The potential to expand the Measured and Indicated Resource estimates above a 750,000-ounce threshold would give the Company confidence to proceed with additional feasibility work on the Project, mostly targeted at generating a new life of mine plan. The Company has commenced preliminary feasibility work on the Project related to the surface infrastructure upgrades (tailings management facility, ammonia treatment plant, crushing plant and minor mill equipment, buildings, etc.) and gathering quotes on underground mobile equipment.

CEO's Comments

George Ogilvie, P.Eng., President and CEO of Rubicon, commented, "Over the last couple of years, we have systematically expanded the Measured and Indicated Resource estimates of the Phoenix Gold Project with our targeted infill and expansionary orientated diamond drilling programs. These diamond drilling programs have improved the average drill spacing for the potential Measured and Indicated Resource categories to 15.7 m and 32.3 m centres, respectively. We have a strong understanding of where to drill the deposit to give us the drill-density needed to upgrade and add Resource blocks in the model, which will build upon the conceptual mine plan that was outlined in our new Preliminary Economic Assessment. Based on the continuity of mineralization that we are seeing in the assay results collected this year, we are anticipating a similar trajectory in the expansion of Measured and Indicated Resource estimates. We plan to release the updated Mineral Resource estimate for the Project in late 2019 or early 2020, which could give us the green light towards commencing a full Feasibility Study in early 2020. In the interim the Company will begin some preliminary feasibility work, mostly around costing and planning for additional surface infrastructure."

For further information on the new Preliminary Economic Assessment for the Project ("New PEA") see the Company's news release dated August 19, 2019 and the updated NI 43-101 Technical Report for the Project effective as of the same date and filed on September 23, 2019, both of which are available under the Company's profile on www. sedar.com and on our website www. rubiconminerals.com.

Qualified Persons and QA/QC

The content of this news release has been read and approved by Michael Willett, P.Eng., Director of Projects, and, was also verified by, Isaac Oduro, P.Geo., Manager of Technical Services, for Rubicon. Both are Qualified Persons as defined by National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101").

Underground drilling was conducted by Boart Longyear Drilling of Haileybury, Ontario and was supervised by the Rubicon exploration team. All assays reported are uncut unless otherwise stated. All samples reported herein were performed by SGS Mineral Services of Red Lake, Ontario. All NQ core assays reported were obtained by fire assay with AA-finish or using gravimetric finish for values over 10.0 g/t Au.

The data verification procedures applied in this drilling program largely mirror those performed by Golder Associates Ltd. (2018) and confirmed by T. Maunula and Associates for the 2019 Mineral Resource Estimate. Please refer to Section 12 of the updated NI 43-101 Technical Report for the Project effective August 19, 2019 and filed on September 23, 2019 under Rubicon's profile on www.sedar.com.

Intercepts cited do not necessarily represent true widths, unless otherwise noted, however drilling is generally intersecting interpreted mineralized zones at angles between -30^o and +30^o. True width determinations are estimated at 75-95% of the core length for the 610- and 685 m Level drilling. Rubicon's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy and precision.

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 over 285 square kilometres of prime exploration ground in Red Lake 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

Table 1: Summary of the 2019 Drilling Assay Results, up to September 30, 2019

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. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates", "build on", "conceptual", "confidence", "could", "demonstrate", "designed", "estimates", "exploration", "feasibility", "likely", "may", "model", "objective", "plans", "potential", "preliminary", "projected", "scheduled", "study", "target", "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results could, may or will, or not, be achieved or occur in the future. 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 reflect our current expectations and assumptions, and are subject to a number of known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Forward-looking statements include, but are not limited to, statements regarding assay results, mineralization and Mineral Resource estimates, the details of the New PEA, mine and life of mine plans, the anticipated outcome of further oriented infill and expansion drilling of the Project, the potential tonnage of mineralized material and its grade estimated in the Explore Target areas, the impact of the data from the drilling planned in 2019 on the 2019 Mineral Resource Estimate, the potential to improve the quantities and classification of the 2019 Mineral Resource Estimate, the further steps necessary to potentially improve upon the 2019 Mineral Resource Estimates including any potential resulting new life of mine plan, including targeted infill and step-out drilling to potentially upgrade Inferred Mineral Resource estimates, the potential impact of drilling on stope dimensions at depth and its impact on future mining and Project economics, and the understanding of the structural geology, including the EBDZ, at depth.

Forward-looking statements are made as of the date of this news release, based on the expectations, assumptions, opinions and estimates of management as of the date such statements are made, which management considers reasonable, and represent management's best judgment. If such expectations, assumptions, opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors which may cause Rubicon's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: possible variations in mineralization, grade or recovery or throughput rates; uncertainty of Mineral Resource estimates; inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of current exploration activities; actual results of reclamation activities; uncertainty of future operations, delays in completion of exploration plans for any reason including insufficient capital, delays in permitting, and labour issues; conclusions of future economic or geological evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; timing, receipt and maintenance of permits and other required regulatory approvals; the ability of Rubicon and other relevant parties to satisfy regulatory requirements; the ability of Rubicon to comply with its obligations under material agreements including financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms; the ability of third-party service providers to deliver services on reasonable terms and in a timely manner; risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; dissatisfaction or disputes with local communities or First Nations or Aboriginal Communities; failure of plant, equipment or processes to operate as anticipated; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of our stock price; the ability of our common stock to remain listed and traded on the TSX; and the "Risk Factors" in the Company's annual information form dated March 22, 2019 ("2019 AIF"). The foregoing list of assumptions, risks, uncertainties and other factors is not exhaustive. The foregoing list of assumptions, risks, uncertainties and other factors is not exhaustive. The forward-looking statements contained or incorporated by reference herein are expressly qualified by this cautionary statement as well as those in other continuous disclosure documents of the Company filed under its profile at www.sedar.com including, but not limited to, the 2019 AIF. 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 in this new release are expressly qualified by the foregoing cautionary statements.

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

This news release uses the terms "Measured" and "Indicated" Mineral Resources and "Inferred" Mineral Resources. 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 Proven and Probable Reserves. 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 a "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 New 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 a "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.

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

SOURCE Rubicon Minerals Corp.


Contact
Allan Candelario, CFA, Director, Investor Relations and Corporate Development, Phone: +1 (416) 766-2804 | E-mail: ir@rubiconminerals.com | www.rubiconminerals.com; Rubicon Minerals Corp. | Suite 830-121 King St. W. | Toronto ON, CANADA M5H 3T9