Rimfire Minerals Corporation
TSX VENTURE : RFM

Rimfire Minerals Corporation

November 12, 2008 12:22 ET

Rimfire Completes Drilling at The Walmer Property, Australia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Rimfire Minerals Corporation, (TSX VENTURE:RFM), announces that drilling has been completed at the Trounce gold prospect on the Walmer Property, Australia. The Walmer Property is located 40 km south of Dubbo, in New South Wales. Drilling consisted of four diamond drill holes for a total depth of 286 metres. Assays are pending.

Drilling targeted the Trounce gold prospect, 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. Two of seven grab samples from the showing returned gold values of 2.4 and 3.6 g/t gold from silicified sediments with quartz - pyrite veining and stockwork and the remaining five assayed from 0.21 to 0.61 g/t gold. Float samples of similar material 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. Surface rock and soil samples with anomalous gold values extend the potential strike length of the system to at least 750 metres.

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. Rimfire maintains two other properties in New South Wales:

- The Barmedman property located 50 kilometres south of Barrick Gold Corp's 5 M oz Cowal epithermal gold deposit. A 2008 Induced Polarization (IP) survey identified a buried chargeability high anomaly 0.5 by 1.4 kilometres in size. While the source of the IP anomaly is not exposed at Barmedman, copper and gold mineralization has been identified over large widths in recent drilling on adjacent properties operated by other junior explorers such as Goldminco.

- The Springfield property lies 12 kilometres south-southeast of the historic mining town of Gulgong and 80 kilometres northeast of the Cadia Valley copper-gold porphyry mining complex. A regional scale Induced Polarization (IP) survey has been completed and results are currently being analyzed.

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.

Director Resigns

David Caulfield, Chairman of the Board of Directors regretfully accepts the resignation of Mr. Ian Talbot from the company's Board of Directors. Mr. Talbot served as a director since January, 2007 and prior to that was the Company's Corporate Secretary. Mr. Talbot's resignation comes as a result of recently accepting the position of Chief Operating Officer with the Strategic Group of companies. Two companies within this group employ a similar business strategy to Rimfire and operate in the same jurisdictions. All parties felt it appropriate for Ian to resign his seat on the Board to avoid potential conflicts of interest. Rimfire would like to thank Ian for his contribution and wishes him well in his new endeavour.

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

Contact Information

  • Rimfire Minerals Corporation
    Patrick Moodie
    (604) 669-6660
    or
    Rimfire Minerals Corporation
    Jason Weber, P.Geo.
    President & CEO
    (604) 669-6660
    (604) 669-0898 (FAX)
    Email: info@rimfire.ca
    Website: www.rimfireminerals.com