Mr. Julian Kemp reports

RUBICON MINERALS ANNOUNCES INCREASED SIZE OF NEW EQUITY FINANCING TO C$45.0 MILLION

As a result of strong investor demand for Rubicon Minerals Corp.'s new equity raise previously disclosed on Oct. 20, 2016, BMO Capital Markets, as lead agent on behalf of a syndicate of agents, has exercised its option to increase the size of the new equity financing to $45.0-million, and the agents have arranged subscriptions from investors to purchase subscription receipts for the full $45.0-million.

The proceeds of the new equity financing will be used to finance the company's previously announced recapitalization transaction, to pay down a portion of the outstanding amounts owing to CPPIB Credit Investments Inc., to commence exploration activities at the Phoenix gold project and for general working capital purposes. The closing of the new equity financing is expected early November and is conditional on certain specified items, as fully described in the term sheet. The subscription receipts will automatically convert to common shares of Rubicon on the completing of the restructuring transaction.

As part of the new equity financing, George Ogilvie, PEng, who is committed to become the new president and chief executive officer of Rubicon, upon and subject to the completion of the restructuring transaction, has agreed to personally invest in $500,000 worth of subscription receipts (or approximately 0.70 per cent of the equity ownership of the new capital structure).

The company's anticipated capital structure following completion of the new equity financing and restructuring transaction is set out in the attached table.

                
Equity                     % ownership in $45-million 
                              new equity financing (2)

New equity financing participants (1)           62.79%
CPPIB Credit                                    26.97%
RG Gold AG (Royal Gold)                          5.58%
Existing Rubicon shareholders                    4.65%
Total                                          100.00%

(1) George Ogilvie has agreed to invest in 
$500,000 worth of subscription receipts 
or approximately 0.70 per cent of the 
equity ownership in the new capital structure.
(2) Numbers may not add up due to rounding.

We seek Safe Harbor.