Rubicon Minerals consolidates McCuaig, adding to its substantial exploration properties in Red Lake, Ontario, Canada

TORONTO, Ontario, November 29, 2017 – Rubicon Minerals Corporation (TSX: RMX | OTCQX: RBYCF) (“Rubicon” or the “Company”) announces it has entered into an agreement to acquire Golden Tag Resources Limited’s (“Golden Tag”) 40% interest in the McCuaig Property (“McCuaig”) in Red Lake, Ontario, Canada for 550,000 common shares of Rubicon. The Company currently has a 60% interest in McCuaig and, upon closing of the transaction, will have a 100% interest. In connection with the transaction, the joint venture agreement between the parties will be terminated.

McCuaig

McCuaig is located on the prolific Mine Trend in Red Lake, approximately six kilometres southwest of the Company’s Phoenix Gold Project. See Diagram 1 at the end of the news release for a map of Rubicon’s Red Lake Properties, including the location of McCuaig. McCuaig is comprised of three unpatented mineral claims and cover approximately 126 hectares. Since 1997, Rubicon has carried out geochemical surveying and modelling, geological mapping, geophysical surveying and drilled 71 holes totalling over 22,000 metres (“m”) on McCuaig. McCuaig has not been drilled since 2007.

Historical highlight drill assays include (not true widths):

MC-07-01AW: 15.65 grams per tonne gold (“g/t Au”) over 1.55 m

MC-02-32: 22.83 g/t Au over 3.10 m (including 75.91 g/t Au over 0.70 m)

MC-02-27: 25.48 g/t Au over 1.07 m and 18.08 g/t Au over 0.45 m

The Company is currently evaluating the exploration opportunities on its Red Lake Properties, including McCuaig. Rubicon does not anticipate commencing regional grassroots exploration activities until the positive advancement of the Phoenix Gold Project and adequate funding for the exploration activities is secured.

About Rubicon Minerals Corporation

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

RUBICON MINERALS CORPORATION

“George Ogilvie, P.Eng.”

President and CEO

Diagram 1: Rubicon's Red Lake Properties (CNW Group/Rubicon Minerals Corporation)

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 exploration opportunities on the Company's Red Lake Properties, including the anticipated details and timing of such exploration.

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.

SOURCE Rubicon Minerals Corporation

Contact Allan Candelario, CFA, Director, Investor Relations and Corporate Development, Phone: 1 (416) 766-2804 | E-mail: [email protected] | www.rubiconminerals.com