Rubicon and Wabauskang First Nation Reach a Settlement Agreement and an Exploration Accommodation Agreement

TORONTO, ONTARIO--(Marketwired - Nov. 24, 2014) - Rubicon Minerals Corporation (TSX:RMX)(NYSE MKT:RBY) ("Rubicon" or the "Company") is pleased to announce that is has entered into a Settlement Agreement ("Settlement") and an Exploration Accommodation Agreement ("EAA") with Wabauskang First Nation ("WFN").

Under the Settlement, WFN has agreed to discontinue its appeal against Rubicon regarding the August 28, 2014 decision made by the Ontario Divisional Court to dismiss the application for judicial review in respect of Rubicon's production closure plan for its fully-permitted Phoenix Gold Project (the "Project"). In turn, an EAA has been signed and terms of a potential benefits agreement are outlined in the Settlement.

The EAA governs the Company's exploration work on WFN lands, which includes the continuing exploration work being done at the Phoenix Gold Project. The key features of the EAA include the following:

• WFN will support Rubicon's exploration work, including support of the application for licenses and permits for such work;
  
  
• The Company will provide certain benefits to WFN based on exploration expenditures incurred by Rubicon on its mineral claims within lands used by WFN;
  
  
• Rubicon will work in good faith to identify employment opportunities for WFN members in accordance with agreed principles;
  
  
• Rubicon will follow industry best environmental practices and will work with WFN to incorporate WFN's cultural values and traditional knowledge into its environmental programs;
  
  
• Rubicon will work with WFN to protect culturally sensitive sites as identified by WFN; and
  
  
• Rubicon and WFN will work together in good faith during the negotiation of a benefits agreement, which would include discussions on further benefits and contracting opportunities for WFN businesses, and further support for Rubicon projects.
  
  

"Our community is feeling positive that we have reached an agreement," said Wabauskang Chief Martine Petiquan. "The agreement with Rubicon provides the foundation for a long-term, mutually respectful relationship that recognizes and respects our Treaty rights and provides protection for our lands."

"These agreements are a huge step towards a respectful and mutually beneficial long-term partnership with the Wabauskang First Nation," commented Michael A. Lalonde, President and Chief Executive Officer of Rubicon. "We also look forward to finalizing a long-term benefits agreement with WFN in the near future."