Rubicon Minerals Corporation provides an update on the construction and development of the Phoenix Gold Project. Phoenix Gold Project Development: The company continues to make good progress with the sinking of the shaft. The shaft bottom is at 610 metres ("m") below surface.

Contractor crews are currently excavating the 610 m level station. During November and December of 2012, the Company encountered un-favourable ground conditions that impacted the rate of development. Ground conditions have improved significantly in January 2013.

Shaft sinking continues and the Company expects better development rates going forward. The Company continues to evaluate the economics of the shaft extension and its use for further resource identification. Mill and Carbon-in-Leach (CIL) Plant Construction: The mill CIL building foundation has been completed, as well as the erection of the steel framework.

The Company continues construction of the remaining mill building foundation. Subject to the Company's ongoing progress and evaluation of the construction and development of the Phoenix Gold Project, the delivery of long lead time items, such as the "SAG" (semi-autogenous grinding) and ball mills, remain on schedule, consistent with the Company's current proposed timeline. The selection and procurement of the processing equipment is ongoing.

The Company plans to complete the mill construction in the second quarter of 2014. Optimization of the PEA: The company continues to prepare and review studies on the optimization of the existing preliminary economic assessment (PEA) released in August 2011. The purpose is to evaluate different mining scenarios to refine and improve the currently proposed mining plan and economics.

These scenarios are sensitive to the updated mineral resource estimate, and the current economic climate. There are several key areas in the PEA where the Company is looking to optimize: - Mining method: The Company is considering the long hole stoping mining method instead of, or to supplement, the cut-and-fill method. The Company believes that the longhole method is more productive, can lower operating cost, and is not meaningfully dilutive to the mined grade.

The longhole method uses more mechanized equipment, which could add to the capital requirements. - Infrastructure and development layout: Rubicon is considering increasing the vertical interval between the main levels to 120 m (as compared to 60 m in the PEA2) and developing a ramp to interconnect the levels. The - Equipment: The Company is assessing the use of modern "LHD" (load haul dump) loaders and haulage trucks, using a combination of diesel-fueled and battery-operated units.

- Throughput: The Company is evaluating an increase in throughput at an average rate higher than the 1,250 "tpd" (tonnes per day) rate in order to increase the output in ounces. - Shaft depth: Rubicon is extending the depth of the shaft below 610 m for improved access to more potential mining areas. - Exploration platform: The Company is assessing constructing deep, underground, exploration platforms that allow step-out drilling below the 1,200 m depth with shorter drill holes.

This would allow the Company to follow up on higher grade intercepts and potentially increase the mineral resource at depth.