Rubicon Minerals Continues to Deliver Positive Assay Results and Provides its 2020 Plans

Assay Result Highlights for the 2019 Drill Program (as of January 17, 2020):

2019 Drilling Program at the 610 and 685 m Levels, completed in the fourth quarter of 2019 but not included in the 2020 Mineral Resource Estimate¹, with the objective of upgrading and expanding the current Measured, Indicated and Inferred Mineral Resource Estimates (not true widths, more details in the 'Qualified Persons and QA/QC' section below) produced the following highlights:

• 685L-19-15: 8.82 g/t Au over 7.6 m (including 56.10 g/t Au over 0.8 m) (High-Ti Basalts);
• 685L-19-16: 13.82 g/t Au over 1.6 m (including 30.60 g/t Au over 0.6 m) (High-Ti Basalts);

Assay Result highlights previously released in the Company's October 7, 2019 news release, which were included in the 2020 Mineral Resource Estimate¹:

• 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 0.3 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).

*Previously released 2019 Drilling Program assay results

The assay results from drilling completed in the fourth quarter of 2019 continue to demonstrate continuity of the high titanium basalt units ("High-Ti Basalts"), the main host rock of mineralization, and associated gold mineralization. Please see Table 1 for a summary of the 2019 Drill Program, with new and previously reported assay results, up to January 17, 2020. Please see Diagrams 1 to 8 for the summary of the assay results and the longitudinal, plan and section views of the drilling, respectively.

CEO's Comments

Rubicon President and Chief Executive Officer George Ogilvie, P.Eng., stated, "Our infill drilling program continues to yield positive results, which gives us great confidence that our Measured and Indicated Mineral Resource estimate will continue to expand at depth. We are targeting up to 7,500 m of infill drilling during the first half of 2020, which will focus on the approximately 190,000 ounces in the current Inferred Mineral Resource estimate between the 976 and 1,098 m Levels. We believe there is a good probability of converting some of these estimated ounces to the Measured and Indicated categories and then subsequently being added to the planned Feasibility Study mine plan."

"With the Phoenix Gold Project advancing on a positive path, we are commencing exploration with orientated core drilling on the highly-prospective McFinley and Pen Zone targets that are located 500 m from the Project mill and existing underground infrastructure, including the mine shaft with a fully functional hoisting system. These targets have historical drilling that yielded high-grade results that we intend to follow up on. Our intention over the course of this year will be to update the historical Mineral Resource estimate at McFinley to an NI 43-101 compliant Mineral Resource estimate."

2020 Plan

Rubicon's 2020 Plan is comprised of value-creating initiatives that the Company believes advances and enhances the Phoenix Gold Project. Below is a summary of the 2020 Plan:

Feasibility Study scheduled for H2/2020

Based on the 2020 Mineral Resource Estimate¹ of 811,000 ounces of gold in the Measured and Indicated Mineral Resource categories, the Company believes that the Project has a sufficiently well-defined Mineral Resource estimate on which to commence mine planning and additional engineering work to determine the Project's commercial viability. Rubicon has accordingly initiated a Feasibility Study on the Project, with its completion anticipated in H2/2020. The Company had already commenced feasibility work on upgrading its surface infrastructure in the fourth quarter of 2019.

Lower Level Infill Drilling to Convert Inferred Mineral Resource estimates to the Measured and Indicated Mineral Resource Categories

Between the 976 and 1,098 m Levels, the Company estimates approximately 190,000 ounces of Inferred Mineral Resources¹. The Company intends to infill drill this area with the goal of upgrading the ounces to at least the Indicated Mineral Resource category. If successful, Rubicon could potentially include a portion of such potentially upgraded Mineral Resource estimates in the mine plan to be contemplated by the anticipated Feasibility Study. The Company plans to drill up to 7,500 m of orientated diamond drilling with the goal of expanding the current Measured and Indicated Mineral Resource estimates.

The recently completed structural review study and associated dataset confirms previously identified orientation distributions for the various recognized families of structural features including faults, foliations, and vein sets to depth. Orientation measurements for two types of structural features were identified as most useful for modelling the structural controls on mineralization. The orientation distribution of the faults are very similar to that of the mineralized veins. The updated structural model and data analysis will be used to optimize and de-risk future drilling programs and Mineral Resource modelling.

Exploring McFinley and Close Proximity Targets

Rubicon will commence more than 5,000 m of underground orientated diamond drilling to determine the Mineral Resource potential of the historic McFinley Zone² ("McFinley") (approximately 500 m northwest of the F2 Gold Zone) and the Pen Zone³ (approximately 500 m northwest of the Project's F2 Gold Zone). The drilling will follow-up on the historic high-grade drill intercepts that were intersected in these two targets. Rubicon intends to deliver Mineral Resource estimates for both McFinley and the Pen Zone in 2020 and 2021, respectively. Due to the proximity of the targets to the existing underground and surface infrastructure of the Phoenix Gold Project, mineralized material at McFinley and the Pen Zone areas have the potential to augment the conceptual production profile of the Phoenix Gold Project.

Between 1982-1989, exploration work was conducted at McFinley, including 200,000 feet (or 60,960 m) of diamond drilling, underground development and culminated with a bulk sampling program². Based on the data collected from the exploration work, a historical Mineral Resource estimate was developed for McFinley which outlined 334,007 tons (or 303,000 tonnes) at 0.20 gold ounces per ton (or 6.86 g/t Au) in the Inferred Mineral Resource category, to a depth of 400 feet (or approximately 122 m below surface)².

In the Pen Zone, historic drilling was conducted between 2003-2005, which yielded significant gold intersections including 1.34 oz/ton gold (or 45.94 g/t Au) over 3.28 feet (or 1.0 m), 0.71 oz/ton gold (or 24.34 g/t Au) over 1.48 feet (or 0.45 m) and 0.51 oz/ton gold (or 17.48 g/t Au) over 1.64 feet³ (or 0.50 m)³.

Qualified Persons and Quality Assurance and Quality Control (QA/QC)

The content of this news release has been read and approved by Michael Willett, P.Eng., Director of Projects for Rubicon, and 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. Samples reported herein were assayed by SGS Mineral Services of Red Lake, Ontario and Activation Laboratories Ltd., Dryden, 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.

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 widths are calculated based on the mineralized core lengths and the downhole survey inclinations at the mineralized intercepts . Rubicon's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy and precision.

The drill hole data verification process includes using built-in checks associated with importing data in Gemcom (GEMS), random checks of database assays compared with assay certificate of analysis, and review of QA/QC performance. No major QAQC failures were encountered during the verification process and no limitations were identified during the verification process. There are no drilling, sampling, and recovery factors that could materially affect the accuracy or reliability of the data referred to in this press release.

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 Corp.
George Ogilvie, P.Eng.
President, CEO, and Director

Table 1: Summary of the 2019 Drilling Assay Results, up to January 17, 2019

Additional information for each drill hole from the 2019 Drilling Program

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", "assumption", "confidence", "believe", "conceptual", "contemplate", "converting", "demonstrate", "estimate", "expanding", "expectation", "exploration", "factors", "feasibility", "forward", "future", "goal", "implications", "initiative", "intend", "may", "objective", "optimize", "path", "plan", "positive", "possibility", "potential", "preliminary", "probability", "profile", "project", "prospective", "risk", "scheduled", "strategic", "study", "target", "update", "upgrading", "viability" and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, 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 include, but are not limited to statements regarding Mineral Resource estimates (including, but not limited to, the 2020 Mineral Resource Estimate, converting, upgrading and/or expanding Mineral Resource estimates, mineralization at McFinley and Pen Zone, and further drilling), geological and structural modelling, the delivery and details of a Feasibility Study for the Project (including, but not limited to, any conceptual or contemplated mine plans), the potential impact of the data from the 2019 drilling program after September 30, 2019, the 2020 Plan (including, but not limited to, drilling programs and feasibility work), and feasibility and commercial viability of the Project to commercial viability.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management's best judgment based on facts and assumptions that management considers reasonable. If such opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed in the forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rubicon 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 exploration activities; delays in completion of exploration plans for any reason including insufficient capital, delays in permitting, and labour issues; conclusions of economic or geological evaluations including but not limited to the 2019 PEA and any Feasibility Study for the Project; 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; the ability to obtain and maintain permits and other regulatory approvals (including, but not limited to, the timing and terms thereof) and satisfaction of such permits, approvals and other applicable 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; relations with local communities or First Nations; 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, and the ability of our common stock to remain listed and traded on the TSX.

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. Readers are advised to carefully review and consider the risk factors identified in the Company's annual information form dated March 22, 2019 under the heading "Risk Factors", the Technical Report for the Project filed on January 16, 2020 (the "2020 Technical Report") and in other continuous disclosure documents of the Company filed under its profile at www.sedar.com for a discussion of the factors that could cause Rubicon's actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Readers are further cautioned that the foregoing list of assumptions and risk factors is not exhaustive and it is recommended that prospective investors consult the more complete discussion of Rubicon's business, financial condition and prospects that is included in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement, as well as the Cautionary Statements in the Company's January 7, 2020 news release and the 2020 Technical Report, both available under its profile at www.sedar.com and its website at www.rubiconminerals.com.

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

This news release uses the terms "Measured" and "Indicated" Mineral Resource and "Inferred" Mineral Resource. 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 a "Reserve". 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 an "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 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 an "Inferred", "Measured" or "Indicated" Mineral Resource exists or is economically or legally mineable. Information concerning descriptions of mineralization and Mineral Resource contained herein may not be comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

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