Rimfire Minerals Corporation

Rimfire Minerals Corporation

January 29, 2007 09:31 ET

Rimfire Minerals Corporation: Williams Property Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 29, 2007) - David Caulfield, President and CEO of Rimfire Minerals Corporation (TSX VENTURE:RFM) reports that results from the autumn drilling program at the Williams Project have been compiled and that plans are being formulated for follow-up exploration. The 2007 program will include further work at the GIC Prospect, including expanded IP surveys and drilling, as well as drilling at the T-Bill Prospect and reconnaissance exploration on new claims acquired based on 2006 drilling.

The 2006 program was funded by partner Arcus Development Group Inc. and tested the GIC porphyry target, an open-ended 600 by 1800 metre Induced Polarization (IP) chargeability high anomaly flanked by anomalous copper-gold soil geochemistry and copper-gold mineralization on surface. The five-hole (881 metre) program confirmed that alteration mineralogy and mineralization consistent with porphyry-style hydrothermal systems is present at the GIC. All holes intersected anomalous gold, copper and molybdenum concentrations over broad intervals. Drilling mainly targeted the till-covered southern flank and core of the IP chargeability, which drilling has shown to be a result of strong pyrite mineralization. The 2007 program will target portions of the GIC system that may be more productive, including the northern flank of the IP chargeability high anomaly where gold and copper values are present in rock and soil samples.

In addition, future drilling will target the T-Bill Prospect, where previous work programs have investigated gold-bearing quartz-sulphide veins that have yielded six two-metre intersections grading in excess of 15 g/t gold. The most recent drilling at the T-Bill, in 2003, intersected multiple gold-bearing intervals including 6.92 metres of 6.0 g/t gold, 1.6 metres of 12.8 g/t gold, 2.0 metres of 7.7 g/t gold and 0.60 metres of 12.7 g/t gold. A broad gold-bearing interval within the same hole averaged 1.1 g/t gold over 75 metres. This program confirmed a NW-SE trend to the T-Bill vein swarm, and subsequent work is intended to test these veins along trend.

The 2006 work program was conducted under the direction of Jim Lehtinen, P.Geo., of Equity Engineering Ltd., a Qualified Person for the purpose of National Instrument 43-101. Assays were completed by ALS Chemex Labs of North Vancouver, BC.

Arcus Development Group Inc. is in the first year of an option agreement signed in July, 2006. Under terms of this agreement, Arcus will fund at least $2,500,000 in exploration and make staged cash and share payments totalling $210,000 and 400,000 shares over a four year period to earn a 51% interest in the Williams Property. After vesting, Arcus can earn an additional 9%, for a total of 60%, by funding a further $3,000,000 in exploration over the subsequent two years.

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, Cangold Limited, American Creek Resources Ltd., McEwen Capital Corporation, Arcus Development Group Inc. and BWG Mining.

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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