Rimfire Minerals Corporation
TSX VENTURE : RFM

Rimfire Minerals Corporation

October 21, 2008 08:00 ET

Rimfire Commences Drilling at the Walmer Property, Australia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2008) - Rimfire Minerals Corporation (TSX VENTURE:RFM) is pleased to announce that drilling has commenced at the Trounce gold prospect on the Walmer Property, Australia. The Walmer Property is located 40 km south of Dubbo, in New South Wales. Up to five diamond drill holes totalling 500 metres are planned to test this target.

The Walmer Property was one of nine properties acquired in 2007 based on targets identified in a neural network study conducted within a 120,000 square kilometre area of interest in New South Wales. The Trounce prospect consists of a small outcropping of silicified sediments with quartz - pyrite veining and stockwork. Two of seven grab samples from the showing returned gold values of 2.4 and 3.6 g/t gold and the remaining five assayed from 0.21 to 0.61 g/t gold. Float samples of quartz veining and silicified sediments sampled directly adjacent to these outcrops returned highlight values of 3.5, 5.9 and 7.4 g/t gold. The Trounce showing is marked by historical workings, but has had no modern exploration. On surface, the showing occurs within a subtle, north-south striking topographic high, coincident with anomalous gold soil geochemistry and a 40 metre-wide by 500 metre long chargeability and resistivity high. This topographic and geophysical signature is open to the north and south and is coincident with the trace of a regional-scale thrust fault. Surface rock and soil samples with anomalous gold values extends, but does not limit the potential strike length of the system to 750 metres.

Active Projects Update

Drilling was recently completed at the Grizzly property in northwest British Columbia. This work program was funded by partner Inmet Mining Corporation and consisted of 10 holes totalling 2120 metres of drilling to test the Grizzly and Mirko Grid targets for their potential to host copper-gold alkalic porphyry mineralization similar to other deposits in the area, such as Galore Creek. Surface results from the Grizzly Showing, located four kilometres from the Galore Creek access road include 38 metres averaging 0.74 % copper and 1.1 g/t gold from chip sampling. Assays from the current program are pending.

Rimfire and Northgate Minerals Corporation recently completed a seven hole (525 metre) diamond drilling program at the Boulevard property, Yukon Territory. Northgate funded this program on the heels of a successful summer trenching program that yielded gold mineralization in 2 of 3 trenches, including 7.04 g/t gold over 6 metres and 6.43 g/t over 2 metres in a second trench. All drill samples have been recently submitted for assay and the results are pending.

Rimfire completed 23 line km of IP geophysical surveys at the Springfield Project, NSW, Australia. This work is the first program undertaken at Springfield since obtaining an option to explore the property from Jaguar Minerals, an Australian-based junior explorer in April, 2008. The IP data is currently being compiled for a proposed 2009 drill program.

Rimfire has recently finalized an agreement with two prospectors to begin work on the Gillis property located 30 km southwest of Merritt, British Columbia. Rimfire has the option to acquire 100% interest in the property by paying the vendors a total of C$165,000 over three years and must also incur exploration costs of C$300,000 over four years. The vendors retain a 2% net smelter royalty (NSR) of which 1.5 % may be purchased by Rimfire at anytime for C$1,500,000.

The first phase of exploration at the Gillis is underway, and consists of prospecting, mapping and soil sampling. The property is located close to infrastructure and is accessible by logging roads.

This news release has been reviewed by Mark Baknes, M.Sc., P.Geo., VP Exploration for Rimfire Minerals Corporation, a Qualified Person for the purpose of National Instrument 43-101.

Treasury

Rimfire Minerals Corporation currently has in excess of C$6 million in working capital. Historically, 80% of Rimfire's exploration exposure is funded by partners. Given the quality of our exploration partners and assuming this continues, Rimfire expects similar funding requirements going forward. This scenario would give Rimfire approximately two years of operating capital based on current exploration plans.

About Rimfire

Rimfire Minerals Corporation is an aggressive, well-financed mineral exploration company with a portfolio of highly prospective gold and copper properties in western North America and Australia. Current and former partners include AngloGold Ashanti Limited, Barrick Gold Corporation, Newmont Mining Company, Inmet Mining Corporation, Northgate Minerals Corporation, Fronteer Development Group Inc., Rubicon Minerals Corporation, American Creek Resources Ltd., Island Arc Exploration Corporation, Jaguar Minerals Limited and BWG.

On behalf of Rimfire Minerals Corporation

Jason Weber, P.Geo., President & CEO

CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Rimfire Minerals Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Rimfire's expectations are the risks detailed herein and from time to time in the filings made by Rimfire Minerals Corporation with securities regulators. Those filings can be found on the Internet at http://www.sedar.com and http://www.sec.gov/edgar/searchedgar/companysearch.html.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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