Rubicon Offers Update on Red Lake Exploration Program, Nevada Properties

Rubicon Minerals Corporation

("Rubicon" or the "Company") releases results of its Red Lake exploration drilling program north of the F2 Deposit at the Phoenix Gold Project ("Project") and details regarding its properties in Nevada. F2 Gold System North Exploration Drilling Program Rubicon has completed 9,553 metres ("m") in 21 holes of surface exploration drilling that focused on target areas located within one kilometre north of ongoing underground development at the Project. This program revisits the high-grade intercepts discovered from previous drilling on the Carbonate Zone ("CARZ"), as well as commencing an initial wide-spaced drilling program to test the northern extension of the F2 deposit. The F2 Gold System comprises a northeast-trending, west-dipping sequence of ultramafic-to-mafic volcanics, felsic intrusives and meta-sedimentary rock types, which include the McFinley gold deposit banded iron formation sequence within the East Bay Deformation trend. The highlighted assay results (previously unpublished) from exploration drilling include: CARZ Hanging Wall - PR-15-11: 24.17 grams per tonne of gold ("g/t Au") over 2.00 m 4.88 g/t Au over 10.50 m (including 6.43 g/t Au over 7.00 m) - PR-15-16: 8.48 g/t Au over 3.25 m (including 11.10 g/t Au over 2.25 m) - PR-15-19: 8.43 g/t Au over 1.05 m 2.30 g/t Au over 12.00 m (including 5.76 g/t Au over 2.00 m) CARZ -- PR-15-06: 10.77 g/t Au over 2.65 m -- PR-15-09: 7.84 g/t Au over 1.50 m Please see Table 1 for the assay table of drill results. Five drill holes targeted the approximately 50 m wide carbonate replacement area which consists of two zones: 1. CARZ Hanging Wall is approximately 25 m in width. Gold mineralization is associated with fine-grained arsenopyrite shear bands, and silicified, actinolite altered, quartz-carbonate veins which are host to the bulk of the 2015 program high-grade drill results, as well as the 2005 historical drill results that returned 5.16 g/t Au over 8.95 m (PZ-82), 6.00 g/t Au over 7.70 m (PZ-83) and 5.22 g/t Au over 6.50 m (PZ-84). Please visit the website link for the news release related to the 2005 drill program: http://www.rubiconminerals.com/News/News/Details/2005/Rubicon-Reports-On-McFinley-Red-Lake-Gold-Drill-Results/default.aspx 2. CARZ is approximately 25 m in width consisting of a massive colloform carbonate vein zone with gold mineralization associated with sulphides in brecciated and silicified portions of iron carbonate veins. Please see figures 1 and 2 for the drill hole location map and inclined-longitudinal section of the CARZ exploration drilling, respectively. The mineralization found in CARZ and CARZ Hanging Wall occurs approximately 70 m above and almost on a parallel plane from the historical intercepts in the area known as the Island Zone. Drilling has only tested the high-interest CARZ Hanging Wall within 100 m from surface. The wide-spaced drill holes that targeted the area north of the F2 Deposit identified several areas of gold mineralization and/or intense alteration that include 9.15 g/t Au over 1.00 m (PR-15-03), 7.55 g/t Au over 1.00 m (PR-15-03), 8.07 g/t Au over 1.00 m (PR-15-10), 7.49 g/t Au over 1.00 m (PR-15-20) and 10.26 g/t Au over 1.18 m (PR-15-20). Drilling intersected anomalous gold mineralization within the F2 Gold System regional trend and confirms the prospectivity of the stratigraphy underlying the Phoenix Gold Project. Further drilling of the F2 Gold System North is warranted in the long-term, once Rubicon is in a positive cash flow position. Future drilling would infill drill the high-grade gold intersections and test the down-plunge continuity of the CARZ which remains open to depth, as well as to continue to test high-interest areas within the F2 Gold System regional trend. Nevada Claim Package Rubicon's option agreement with West Kirkland Mining Inc. ("West Kirkland") over the Company's 227,000-acre (350 sq. mile) land position located on the emerging Long Canyon gold district in Nevada ("Nevada Claims") expired in February 2015. Rubicon acquired the Nevada Claims in 2007 and optioned them to West Kirkland in 2011. Rubicon has begun the process of exploring options to obtain value for its Nevada Claims, and continues to believe the properties are highly prospective. The breakdown of Rubicon's ownership of the Nevada Claims are as follows: -- 57% of the claim area is 100% owned by Rubicon; -- 43% of the claim area is partially owned by Rubicon, ranging between 75% and 28.125%. There are two known gold deposits that neighbour the Nevada Claims: the Long Canyon deposit (100%-owned by Newmont Mining Corporation ("Newmont")) and the TUG Project (60%-owned by West Kirkland; 40%-owned by Newmont and others). Soil sampling conducted by West Kirkland on the Nevada Claims in 2011 identified multiple Long Canyon district parallel zones anomalous in Au, Ag, As, Ba, Pb and Zn. Soil anomalies measure up to eight kilometers long. Minimal drilling has been conducted on the Nevada Claims. Figure 3 displays the location of the Nevada claims and identified targets. Mineralization The Nevada Claims have the potential to discover both sediment-hosted, Carlin-style gold mineralization, as well as the Long Canyon gold deposit model in deep water platform silty carbonates with mineralization controlled by solution collapse breccias. West Kirkland has spent approximately US$3 million on preliminary test work and drilling in four main targets: Toano, Lewis Spring, 12 Mile and Bandito. For more information on the Nevada Claims targets, please visit our website at www.rubiconminerals.com under "Projects".