Last updated on April 23, 2014 at 21:24 EDT

Rubicon Provides an Update on its Mineral Resource Estimate

March 27, 2013


TORONTO, March 27, 2013 /PRNewswire/ – Rubicon Minerals Corporation (TSX: RMX | NYSE.MKT: RBY) (“Rubicon” or the “Company“) has been informed by SRK Consulting that the updated mineral resource
estimate for the F2 Gold System, which comprises the Phoenix Gold
Project, is close to completion. The Company plans to release a summary
of this updated mineral resource estimate in early April 2013.

About Rubicon Minerals Corporation

Rubicon Minerals Corporation is an advanced stage gold development
company, focused on responsible and environmentally sustainable
development of its Phoenix Gold Project in Red Lake, Ontario towards
projected gold production in 2014. Rubicon is well-funded and its
flagship Phoenix Gold Project is fully permitted for production.  In
addition, Rubicon controls over 100 square miles of prime exploration
ground in the prolific Red Lake gold district which hosts Goldcorp’s
high-grade, world class Red Lake Mine. Rubicon’s shares are listed on
the NYSE.MKT (RBY) and the TSX (RMX) Exchanges. Rubicon’s shares are
included in the S&P/TSX Composite Index.

“Mike Lalonde”
President and Chief Executive Officer

Forward Looking Statements
This news release contains statements that constitute “forward-looking
statements” within the meaning of Section 21E of the United States
Securities Exchange Act of 1934 and “forward looking information”
within the meaning of applicable Canadian provincial securities
legislation (collectively, “forward-looking statements”).
Forward-looking statements often, but not always, are identified by the
use of words such as “seek”, “anticipate”, “believe”, “plan”,
“estimate”, “expect”, “targeting”, “look forward” and “intend” and
statements that an event or result “may”, “will”, “would”, “should”,
“could”, or “might” occur or be achieved and other similar expressions.

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.  The material assumptions upon which
such forward-looking statements are based include, among others; that
the aspects of the transition will progress on a satisfactory basis;
that the demand for gold and base metal deposits will develop as
anticipated; that the price of gold will remain at levels that will
render the Phoenix Gold Project economic; that operating and capital
plans will not be disrupted by issues such as mechanical failure,
unavailability of parts and supplies, labour disturbances, interruption
in transportation or utilities, or adverse weather conditions; that
Rubicon will meet its estimated timeline for the development of the
Phoenix Gold Project; that Rubicon will continue to have the ability to
attract and retain skilled staff; that the mineral resource estimate as
disclosed in the Preliminary Economic Assessment dated August 8, 2011
(“PEA”) will be realized; and that there are no material unanticipated
variations in the cost of energy or supplies, or in the pre-production
capital and operating cost estimate as disclosed in the PEA. Rubicon
makes no representation that reasonable business people in possession
of the same information would reach the same conclusions. 

The PEA is preliminary in nature as it includes inferred mineral
resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be
categorized as mineral reserves and there is no certainty that the PEA
will be realized. Mineral resources that are not mineral reserves do
not have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant
issues. The quantity and grade of reported inferred resources referred
to in the PEA are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource category. The PEA is a technical report under
NI 43-101, was prepared by AMC Mining Consultants with metallurgical
and processing contributions from Soutex Inc., and has an effective
date of August 8, 2011.

Forward-looking statements in this news release include, but are not
limited to statements regarding the planned release of the updated
mineral resource estimate in early April 2013, and the projected gold
production in 2014.

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:
future prices of gold and other metals; possible variations in
mineralization, grade or recovery rates; actual results of current
exploration activities; actual results of reclamation activities;
conclusions of future economic evaluations; changes in project
parameters as plans continue to be refined; failure of equipment or
processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; delays and other risks related to
joint venture operations; timing and receipt of regulatory approvals of
operations; the ability of Rubicon and other relevant parties to
satisfy regulatory requirements; the availability of financing for
proposed transactions and programs on reasonable terms; the ability of
third-party service providers to deliver services on reasonable terms
and in a timely manner; and delays in the completion of development or
construction activities. Other factors that could cause the actual
results to differ include market prices, results of exploration,
availability of capital and financing on acceptable terms, inability to
obtain required regulatory approvals, unanticipated difficulties or
costs in any rehabilitation which may be necessary, market conditions
and general business, economic, competitive, political and social

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. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.

It is important to note that the information provided in the PEA is
preliminary in nature. There is no certainty that a potential mine will
be realized or that a production decision will be made. A mine
production decision that is made without a bankable feasibility study
carries additional potential risks which include, but are not limited
to, the inclusion of inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to
them that would enable them to be categorized as mineral reserves. Mine
design and mining schedules, metallurgical flow sheets and process
plant designs may require additional detailed work to ensure
satisfactory operational conditions.

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

SOURCE Rubicon Minerals Corporation

Source: PR Newswire