Rimfire Minerals Corporation

Rimfire Minerals Corporation

October 16, 2007 11:04 ET

Rimfire Minerals Corporation: Goodpaster Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2007) - David Caulfield, President and CEO of Rimfire Minerals Corporation ("Rimfire") (TSX VENTURE:RFM) announces partial results of second phase drilling at the Cal-Surf property in the Goodpaster District of east-central Alaska. Rubicon Minerals funded a total of seven holes including three holes to follow up on a 7.4 metre quartz vein intersection averaging 1.2 g/t gold (see Rimfire news release dated August 13, 2007).

Results of the 2007 work programs indicate the presence of a hydrothermally altered zone centred on Cretaceous-aged intrusions cut by a complex system of faults; all of which are considered positive characteristics of intrusion related gold deposits. Gold results have been received from a 12.2 metre section of quartz-arsenopyrite vein mineralization which returned anomalous levels of gold (70 ppb gold over 1.2 metres). The most promising samples were submitted for rush analysis. Until the remaining results are received, in approximately six weeks, the relationship between mineralization intersected in the first phase program and the results reported in this release cannot be determined.

In terms of Rimfire's holdings in the Pogo area, 2007 reconnaissance work has defined new geochemical targets on the Eagle and Hawk properties and extensions to geochemical anomalies on the Cal-Surf. Drill-ready targets remain at the ER and Eagle properties where past drilling has intersected gold-bearing quartz veins. Drill-ready targets exist on both the SE Surf and Bou prospects, neither of which have never been drill tested. Plans for 2008 will be made once all 2007 results have been compiled.

Rimfire has held key ground in the Goodpaster District since the discovery of the Pogo Deposit was announced by Teck Cominco in the late 1990's. To date, Rimfire has identified gold targets on four individual properties on trend and in the vicinity of the Pogo Mine property. Rubicon funded the 2007 program as part of its option to earn a 60% interest in the group of four properties by completing $4.8 million in exploration over six years. Rubicon can earn another 10% by completing a feasibility study and a further 5%, at Rimfire's election, by providing a project financing loan to be repaid from Rimfire's free cash flow upon production.

All samples were analyzed by ALS Chemex, North Vancouver, BC, using ICP-MS and AES analyses for trace element geochemistry and fire assay for gold. The results contained in this news release have been reviewed by Mark Baknes, M.Sc., P.Geo., Vice President Exploration, a Qualified Person under National Instrument 43-101.

About Rimfire

Rimfire Minerals Corporation is an aggressive, well-financed mineral exploration company with a portfolio of highly prospective gold and silver properties in western North America. Rimfire is partnered with Newmont Mining Company, Northgate Minerals Corporation, Fronteer Development Group, Rubicon Minerals Corporation, Cangold Limited, American Creek Resources Ltd., Island Arc Exploration Corporation, Arcus Development Group Inc. and BWG.

On behalf of Rimfire Minerals Corporation

David A. Caulfield, President

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

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