Rubicon Minerals Files its 2016 Annual Financials and Provides an Update on its Exploration Program

TORONTO, ONTARIO--(Marketwired - Mar 29, 2017) - Rubicon Minerals Corporation (RMX.TO)(OTC PINK:RBYCF) ("Rubicon" or the "Company") announces that it has filed its Annual Information Form, audited Consolidated Financial Statements and related Management's Discussion and Analysis ("MD&A") for the financial year-ended December 31, 2016. The Company confirms that copies of Rubicon's annual financials can be obtained at www.rubiconminerals.com or www.sedar.com.

Specific Items from the 2016 Consolidated Financial Statements:

• Cash balance: As of December 31, 2016, cash and cash equivalents and restricted cash and deposits were C$24.1 million and C$3.1 million, respectively. Subsequent to quarter-end, Rubicon received the restricted cash and deposits and closed a C$10.0 million (gross) bought deal flow-through private placement. As of March 29, 2017, the Company's cash position is approximately C$33.9 million.
  
  

• Finance lease obligations: As of December 31, 2016, the Company's finance lease obligations on certain equipment at the Phoenix Gold Project, has an aggregate outstanding balance of C$3.5 million. These agreements have a sixty-month term and carry an incremental borrowing rate of 4.5%. Payment due on these finance lease obligations in less than 1 year is C$1.0 million.
  
  

• Amended Loan Facility: Upon implementation of the Restructuring Transaction on December 20, 2016, the Company entered into an amended secured loan facility with CPPIB Credit Investments Inc. with a principal amount outstanding of C$12.0 million due and payable on the maturity date of December 31, 2020 and effective interest payments of 5.0% paid-in-kind on maturity. The carrying value of the Amended Loan Facility was C$9.3 million as of December 31, 2016.
  
  

• Non-cash gains: In the year-ended December 31, 2016, the Company recognized a foreign exchange gain of C$26.6 million and a gain on restructuring and financial instruments of C$104.3 million. These gains were primarily attributed to the restructuring of the Gold Stream Facility and Amended Loan Facility, as part of the Restructuring Transaction.
  
  

Please refer to our Consolidated Financial Statements and related MD&A for the financial year-ended December 31, 2016 for further details.

2017 Exploration Program Update

The Company has re-logged more than 3,873 metres ("m") of core from historical drilling for structural geology. Structural geology analysis of the F2 Gold Deposit by Golder Associates Inc. is ongoing. Rubicon has commenced orientated diamond drilling of the F2 Gold Deposit at the 305-metre level below surface. To-date, the Company has completed approximately 856 m of drilling. In addition, Rubicon plans to commence drilling at the 610-metre level below surface with a second drill rig in April 2017, when the rehabilitation of 610-metre level has been completed. The table below summarizes the progress of the exploration activities undertaken to-date:

Exploration activity	Progress to-date	Planned
Core re-logging	3,873 m	10,000 m
Drilling at the 244- and 305-metre levels	856 m	3,500 m
Drilling at the 610-metre level	Commences April 2017	20,000 m

Please review the Rubicon's January 10, 2017 news release for more details on the 2017 Exploration Program. The Company intends to provide periodic updates to the markets as it completes the various elements of the exploration program.

New Website

Rubicon has launched a new website at www.rubiconminerals.com.

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an advanced 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 OTC markets (RBYCF). For more information, please visit our new website at www.rubiconminerals.com.

RUBICON MINERALS CORPORATION

George Ogilvie, P.Eng., President and CEO

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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 details of the planned exploration of the F2 Gold Deposit.

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.

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; 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.

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 Company's annual information form dated March 29, 2017 under the heading "Risk Factors" and in other continuous disclosure documents of the Company filed at www.sedar.com 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.