Rubicon Minerals Expands its 2018 Exploration Program at the Phoenix Gold Project and Announces a Director Appointment

TORONTO, April 3, 2018  – Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) (“Rubicon” or the “Company”) announces details of an expanded 2018 Exploration Program at the Phoenix Gold Project (the “Project”) and the appointment of Aleksandra (“Sasha”) Bukacheva, CFA, MSc., to the Rubicon Board of Directors (the “Board”).

Expanded 2018 Exploration Program

On January 23, 2018, Rubicon provided details on its 2018 Exploration Program, which outlined additional drilling, test mining and bulk sample processing activities to continue to advance the Project. On February 26, 2018, the Company completed a private placement flow-through financing for aggregate gross proceeds of C$10.9 million. The Company will use these funds for Canadian Exploration Expenses, allowing the Company to expand its 2018 Exploration Program.

Up to 24,000 metres (“m”) of drilling (previously 14,000 m); 280-metre exploration drift at the 610-metre level

Rubicon plans for an additional 10,000 m of infill and step-out drilling from the 305-, 610-, and 685-metre levels to potentially improve the mineral resource classification and grow the mineral resources at the Project. The Company also plans to add a 280-metre exploration drift at 610-metre level that runs parallel to the strike of the F2 Gold Deposit. This exploration drift will allow the Company to efficiently drill the lower portions of the deposit at 25-metre (or less) centres.

25,000 to 30,000 tonnes of bulk sample material from test mining (previously 15,000 to 25,000 tonnes)

Rubicon plans to increase the bulk sample material from test mining to a range of 25,000 to 30,000 tonnes. The additional mineralized material will come from the three test stopes (#977, #015, and #161) that have been substantially developed and drilled, reducing costs and timelines. The objectives of test mining are:

• Test various mining methods, which will help determine the appropriate method(s) in the future;
• Gather data from chips, muck samples and mapping, that will help to potentially reconcile, refine, and validate the new geological model and Mineral Resource Estimate;
• Restart the Project mill to ensure it continues to function as per design; and
• Collect cost data that would be beneficial for a potential feasibility study of the Project.

The Company currently has more than 10,000 tonnes of mineralized material on surface (3,000 tonnes of low-grade mill bedding material and 7,000 tonnes of mineralized material from the #977 stope).

McFinley Deep and Close Proximity Targets

As mentioned in the February 20, 2018 news release, Rubicon had drilled three exploration holes from the 244- and 685-metre levels to test the potential extension of the historic McFinley Deposit at depth (“McFinley Deep”). The McFinley Deep area is located approximately 500 m northwest of the Project shaft. Results from the initial drill program were encouraging; the Company encountered gold-bearing quartz veins and sulphides within units of high-titanium basalts in areas up to 500 m below the bottom of the historic McFinley Deposit. Rubicon plans to continue limited drilling at the 685-metre level to continue to test McFinley Deep. Given its close proximity to the existing underground shaft and infrastructure, McFinley Deep is a priority target for the Company.

Rubicon plans to conduct preliminary desktop studies on the prospective exploration targets within two kilometres north of the F2 Gold Deposit – Northern Peninsula, Carbonate Zone (“CARZ”), and Island Zone. The objective of these studies is to analyze the historical drill data to determine the mineral resource potential of these targets. Please see Diagrams 1 and 2 for the location and historical drilling of McFinley and the close proximity targets, plan and long section views, respectively.

Updated geological model and NI 43-101 Mineral Resource Estimate

On March 12, 2018, the Company provided an updated preliminary interpretation of the structural geology of the F2 Gold Deposit (“Preliminary Structural Interpretation”). The Preliminary Structural Interpretation will continue to be refined, enhanced, and supported with data and observations from the 2018 Exploration Program, prior to potentially serving as the basis of an updated geological model and Mineral Resource Estimate. Rubicon remains on track to deliver the NI 43-101 Mineral Resource Estimate in the second half of 2018. The Company could then potentially commence a feasibility study if there is a meaningful increase in the mineral resources at the Project.

Director Appointment to the Board

The Company is pleased to announce the appointment of Sasha Bukacheva, CFA, MSc., to the Rubicon Board, effective April 1, 2018. Sasha brings a wealth of capital markets and finance experience. She spent seven years in investment research, with coverage of more than 40 mining companies. Recently, she was a top-ranked base metals Equity Research Analyst for BMO Capital Markets. From 2007 to 2009, Ms. Bukacheva was the Vice President, Finance and Administration for Stans Energy Corp. (TSX-V: HRE), an advanced exploration company with uranium and rare earth properties in Central Asia. Sasha received her Master of Science (MSc.) at the London School of Economics and Political Science in 2005 and became a CFA charter holder in 2011. She also achieved a Certificate in Mining Studies at the University of British Columbia in 2016.

Comments from the Chair and the President

Rubicon President and Chief Executive Officer George Ogilvie, P.Eng., commented, “We believe the expanded 2018 Exploration Program allows us to gather additional data that is critical to potentially improving the classification and growing the mineral resources at the Phoenix Gold Project. Equally important, we believe that the data we will receive from the increased 25,000 to 30,000 tonnes of mineralized material from test mining will help to refine and validate a new geological model and updated Mineral Resource Estimate.”

“As we make substantial progress on the Phoenix Gold Project I’m also pleased to see our exploration activities begin in relation to close proximity targets in and around the Phoenix Gold Project.”

Both Mr. Ogilvie and Julian Kemp, BBA, CPA, CA, C.Dir., Chair of the Board, stated, “We welcome Sasha to the Board. We believe her extensive capital markets background and unique experiences enhances the skill set of the Board. We look forward to her contributions as the Company enters the critical phase of test mining and the anticipated delivery of an updated NI 43-101 Mineral Resource Estimate.”

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 over 280 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

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

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