Rubicon Minerals Engages Golder Associates to Assi

TORONTO, ONTARIO--(Marketwired - Feb. 8, 2017) - Rubicon Minerals Corporation (TSX:RMX)(OTC PINK:RBYCD) ("Rubicon" or the "Company") announces that it has retained Golder Associates Ltd. ("Golder Associates") to assist with the structural geology review, the geological and mineral resource modelling, and to provide an updated mineral resource estimate on the F2 Gold Deposit and associated technical report prepared in accordance with National Instrument 43-101 (the "Technical Report"). The Company has also retained T. Maunula & Associates Consulting Inc. ("Maunula Consulting") to provide a peer review of the exploration work programs that will be undertaken over the next 18-to-24 months.

"We are pleased to engage Golder Associates to assist us in advancing our understanding of the F2 Gold Deposit at the Phoenix Gold Project," commented George Ogilvie, P.Eng., President and Chief Executive Officer of Rubicon. "The Golder Associates team brings invaluable experience and technical capabilities, particularly in the areas of structural geology and mineral resource estimation, that we believe is a good fit with what we would like to accomplish over the next 18-to-24 months with our exploration work programs. We are also pleased to have Tim Maunula and his seasoned team provide a peer review of our exploration work programs and of Golder Associates' deliverables."

Structural Geology Review

Golder Associates will collaborate with Rubicon to perform a structural geology review of the F2 Gold Deposit. Part of this review involves assisting the Company with the 10,000-metre drill core re-logging program and providing both a technical memorandum outlining Golder Associates' findings and recommendations, and an updated structural geology report on the F2 Gold Deposit. The goal of this review is to refine and update the Company's current understanding of the structural controls on the gold mineralization of the F2 Gold Deposit.

Geological Modelling, Block Modelling, and Mineral Resource Estimation

Golder Associates will work closely with the Rubicon team throughout the exploration program planned over the next 18-to-24 months. Golder Associates will continually update the Company's current geological and mineral resource models as it receives information from the structural geology review and from Rubicon's drilling and development program. Golder Associates will provide feedback throughout the exploration program that will help optimize the Company's drill activities. At the end of the exploration program, Golder Associates will deliver the Technical Report associated with an updated mineral resource estimate of the F2 Gold Deposit.

Peer Review of the Planned Exploration Work Programs

Maunula Consulting will provide technical assistance and will review Rubicon's exploration work programs. This work will include a continuous review of the structural geology analysis, geological and mineral resource modelling, and the Technical Report.

External Consultant Experience

Both Golder Associates and Maunula Consulting (together, the "External Consultants") bring a wealth of technical experience in structural geology, block modelling and mineral resource estimation in similar gold deposits. The External Consultants will provide their most experienced technical staff to assist the Company and have worked on the following projects:

Golder Associates

• Dawson (Zephyr Minerals) - mineral resource estimation
• Summit Gold (IDH Gold) - mineral resource estimation
• Cerro Blanco (Goldcorp) - mineral resource estimation
• Silvertip (Silvercorp Mines) - mineral resource estimation
• Santander (Trevali Mining) - mineral resource estimation
• Tamarack North (Talon Metals) - mineral resource estimation

Maunula Consulting

• Tasiast (Kinross Gold) - resource modelling
• Rouyn Project (Kinross Gold) - peer review on mineral resource estimation
• Dvoinoye Zone 1 Project (Kinross Gold) - audit/update mineral resources
• Black Fox (Primero Mining) - peer review and mineral resource estimation
• Curraghinalt Project (Dalradian Resources) - updated mineral resource model

2017 Site Cost Estimates and Current Cash Balance

For 2017, the Company estimates spending between C$14 million to C$15 million (including contingency) on total site costs including exploration program expenses, fees for work conducted by the External Consultants, equipment leases, utilities and environmental obligations. Expenditures on site are subject to change depending upon exploration results. Rubicon estimates spending C$4 million in corporate, general, and administrative expenses in 2017. Rubicon currently has an approximate cash balance of C$27 million.

RUBICON MINERALS CORPORATION

George Ogilvie, P.Eng., President and CEO

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 "believes", "intends", "may", "will", "should", "plans", "anticipates", "potential", "expects", "estimates", "forecasts", "budget", "likely", "goal" and similar expressions or statements that certain actions, events or results may or may 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 the anticipated mandates and deliverables of the External Consultants as part of the Company's exploration work programs, certain of the Company's anticipated costs and expenses for 2017 and the Company's estimated cash balance.

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. The material assumptions upon which such forward-looking statements are based include, among others, that: the demand for gold and base metal deposits will develop as anticipated; the price of gold will remain at or attain levels that would render the Phoenix Gold Project potentially economic; that any proposed exploration, operating and capital plans will not be disrupted by operational issues, title issues, loss of permits, environmental concerns, power supply, labour disturbances, financing requirements or adverse weather conditions; Rubicon will continue to have the ability to attract and retain skilled staff; and there are no material unanticipated variations in the cost of energy or supplies.

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 resources, 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 and receipt of 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; the implementation and impact of the Restructuring Transaction; 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; our ability to maintain relationships with suppliers, customers, employees, stockholders and other third parties in light of our current liquidity situation and the CCAA proceedings.

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 Management's Discussion and Analysis for period ending December 31, 2015 under the heading "Risk Factors" 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.

Qualified Person

The content of this news release has been read and approved by George Ogilvie, P.Eng., President and Chief Executive Officer. Mr. Ogilvie is a Qualified Person as defined by NI 43-101.