Mr. Michael Winship reports

RUBICON FILES TECHNICAL REPORT FOR THE PHOENIX GOLD PROJECT, RED LAKE, ONTARIO

Rubicon Minerals Corp. has filed a technical report for the Phoenix gold project, including the F2 gold deposit, located in Red Lake, Ont., in accordance with the requirements of National Instrument 43-101, Standards of Disclosure for Mineral Projects. The technical report, dated effective Jan. 11, 2016, was prepared by SRK Consulting (Canada) Inc., which is a consulting firm independent of Rubicon. The technical report was filed on SEDAR pursuant to the press release of Rubicon dated Jan. 11, 2016, announcing the results of an updated mineral resource statement for the F2 gold deposit. A copy of the technical report can be viewed on-line under Rubicon's profile on SEDAR and on the company's website.

Recommended exploration work

The technical report provides detail on the Phoenix gold project and the reduction in mineral resources in the 2016 SRK mineral resource estimate compared with the 2013 SRK mineral resource estimate. Although the underground development and trial stoping program in 2015 highlighted the complexity in the distribution of higher-grade gold intercepts in the upper part of the F2 gold deposit, both Rubicon and SRK believe there is a potential to expand the mineral resource with further exploration and delineation work. There are many high-grade gold drill intercepts with good widths below the 610-metre level that merit follow-up drilling. With the new understanding of the structural controls associated with gold mineralization above 610-metre level, there is further opportunity to explore and delineate additional gold resources with appropriately orientated drilling. The company, in consultation with SRK and other geological advisers, has been developing updated exploration plans for the F2 gold deposit. In addition, the company has been reviewing other historical exploration targets on its 286-square kilometre land package in Red Lake, Ont., Canada.

In addition, SRK believes that closely spaced drilling is required to demonstrate the continuity of the higher-grade gold mineralization above and below the 305-metre level of the F2 gold deposit. SRK also believes that there is an opportunity to expand the mineral resources with additional drilling, at oblique angles to the lithology packages and the east-west-trending (mine grid) crosscutting shear structures (D2 structures).

A proposed exploration program should comprise the following components:

• Step-out and infill core drilling targeting shallow (above and below the 305-metre level) gold mineralization and strike extensions with the objective to establish continuity of the higher-grade gold mineralization associated with D2 structures and expand the mineral resources;
• Follow-up diamond drilling in areas of lower drilling density below the 610-metre level, from existing development at the level; this program should target high-grade intercepts and the updip and downdip extensions of the D2 structures intersecting the high-titanium basalt units with the potential to expand the mineral resources;
• Step-out core drilling to test the extensions of the modelled breccia zone and other breccia zones intersected by drilling;
• Underground development at the 610-metre level to establish additional drilling stations and provide access for drilling;
• Underground exploration drifting into the mineralized zones and sampling to study and characterize further the continuity of the gold mineralization and to validate the mineral resource model;
• Geological and mineral resource modelling to integrate new geology and drilling information and revised geological interpretation as required.

The understanding of the distribution of the gold mineralization, its form and continuity, would also benefit from additional underground exposures. The underground ramp to 366-metre level should be completed to allow development of a 400-metre drive primarily within the high-titanium basalt. This drive should provide good exposures to validate the geological interpretation and the mineral resource model.

The company is considering a phased approach to an exploration program. The preliminary phase includes approximately 25,000 metres of infill and step-out drilling from the 610-metre level and between 244-metre and 366-metre levels at an estimated cost of $6-million. Further exploration and development work would be contingent upon a successful program.

Other than conducting desktop studies, Rubicon does not have any intentions to proceed with this exploration program in the immediate future. This exploration program would require the company to secure additional financing. Rubicon continues to evaluate strategic alternatives for the benefit of the company and its stakeholders and remains in discussions with its lenders and other parties.

Qualified person

The content of this news release has been read and approved by Howard Bird, BSc (honours), PGeo, vice-president, exploration, and is a qualified person as defined by NI 43-101.

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