Rimfire Minerals Corporation

Rimfire Minerals Corporation

June 07, 2007 18:27 ET

Rimfire Minerals Corporation: $10 Million Exploration Budget for 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2007) - David Caulfield, President and CEO of Rimfire Minerals Corporation (TSX VENTURE:RFM), is pleased to provide an update of the Company's exploration plans for 2007. Management anticipates a record amount of exploration, totalling in excess of $10 million dollars including expenditures funded by the Company's partners. At this time, five projects are slated for drilling amounting to approximately 17,000 metres (56,000 feet).

"It is at the drilling stage that new discoveries are made," stated David Caulfield, President and CEO. "Our project portfolio has matured. In 2007 we are drilling five projects and each one of these gives shareholders excellent exposure to a potential discovery. At the same time, we are building for the future with five early stage projects where we are preparing the next suite of drill targets for testing."

Project Summary

Wernecke Breccias Joint Venture, iron oxide-copper-gold +/- uranium and uranium targets, Yukon

Joint venture partner Fronteer Development Group (80%) recently commenced the 2007 exploration program. Budgeted at $6 million for the 2007 season, approximately 10,000 metres of drilling will target "Olympic Dam" style copper-gold and copper-gold-uranium targets, as well as stand-alone uranium +/- gold targets. Initial drilling is targeting Olympic Dam-style mineralization at the Hoover and Auks prospects while targets are refined at new uranium prospects discovered in 2006, such as Thunder Mountain (highlights include 0.68% U3O8, 99.2 g/t gold from locally derived frost-heaved blocks) and Fireweed (88 float boulders averaging 0.23% U3O8 collected over a 200 by 400 metre area). The Wernecke Joint Venture is comprised of 30 properties covering 420 square kilometres.

Tide Property, gold, northwest British Columbia

American Creek Resources Ltd. is scheduled to commence drilling in July of this year. American Creek will fund $1.2 million in expenditures to advance the 36 Zone, where the 2004 discovery hole intersected 129.4 metres averaging 1.0 g/t gold. The 36 Zone is hosted within a 2.0 by 0.5 km gold-in-soil geochemical anomaly (greater than 0.5 g/t gold), only 5% of which has been tested by drilling. A 2006 program on the property identified high-priority targets to be drill tested in the current program. The Tide is road accessible and is situated within the prolific Stewart-Iskut Metallogenic Belt, host to over 26 million ounces of gold including newly defined resources at deposits such as Mitchell (13.1 million ounces gold defined by Seabridge Gold) and Snowfield (3.0 million ounces gold defined by Silver Standard Resources).

Pogo Area Gold Properties, Goodpaster District, Alaska

New partner Rubicon Minerals has commenced a $1 million drilling program to investigate gold targets identified by Rimfire and its previous partners in the Goodpaster Gold District. Exploration in this district is targeting high grade gold mineralization similar to that being extracted at the Pogo Gold Mine operated by Teck Cominco. Rimfire has had a key presence in the district since the discovery of the Pogo Deposit was announced in the late 1990's. In a recently completed transaction valued at $22 million, Rubicon purchased the Alaskan holdings of Evanachan Limited, a private company controlled by ex-Goldcorp Chairman and CEO Robert McEwen. Evanachan had an option to earn a 70% interest in Rimfire's 182,320 acre land position which formed the core of Evanachan's Alaskan holdings.

Jake Property, gold, south-central British Columbia

Under a recent option agreement with Rimfire's latest partner, Island Arc Exploration Corporation, a minimum of $300,000 in exploration will be undertaken in 2007. This program, funded by Island Arc, will largely target the Jake gold showing, where a winter 2006 trenching program exposed gold-bearing quartz-sulphide veins. The apparent width of the mineralized structure exposed to date is 20 metres and only limited by the extent of trenching. Significant results from this program include 7.3 g/t gold over 2.67 metres, 6.3 g/t gold over 2.09 metres, 11.4 g/t gold over 0.60 metres and 10.5 g/t gold over 1.00 metre. The 2007 program will include an IP geophysical survey, trenching and diamond drilling to investigate the Jake gold veins and an adjacent one kilometre-long geophysical conductor parallel to known veins. The Jake was discovered in 2005, when a prospector discovered high grade gold boulders and quartz-sulphide vein mineralization in the bank of a recently-constructed logging road.

Poncho Property, gold, Nevada (Newmont Alliance)

Rimfire completed approximately 1575 metres of reverse circulation drilling at the Poncho this spring, testing kilometre-scale quartz and calcite veins at depth. Four targets were tested with seven holes. When all results have been received and compiled they will be presented to Newmont prior to release. Newmont has a one-time back-in right to earn a 50% interest in the project by spending the next US$1 million.

Other Projects

Williams, gold, north-central British Columbia

Arcus Development Group Inc. is funding a reconnaissance program to investigate 154 square kilometres of new claims acquired after a fall 2006 drilling program confirmed the presence of alteration and mineralization consistent with porphyry-style hydrothermal systems at the GIC Prospect. The 2007 program will consist of soil and silt geochemical surveys, mapping and prospecting.

Lachlan Fold Belt, copper-gold targets, New South Wales, Australia

Rimfire has acquired eight exploration licences totalling approximately 816 square kilometres and applied for an additional licence (110 square kilometres) within the Lachlan Fold Belt, Australia. These licences were targeted based on a data mining study of a 120,000 square kilometre area completed by BWG. BWG has granted Rimfire the exclusive right to use the study's target maps and data to acquire licences and conduct exploration in the study area for a period of two years. A brief site examination of some targets was completed last fall. Subsequent work has focussed on prioritizing current targets and identifying new targets for acquisition. Reconnaissance sampling and prospecting will commence this coming fall.

Auddie, copper-gold, Quesnel Trough, British Columbia

The Auddie Property is located 25 kilometres north of Serengeti Resources' Kwanika Discovery (328 metres of 0.6% copper and 0.7 g/t gold in drilling), in the Quesnel Trough of north-central British Columbia. A prospector discovered porphyry-style mineralization and alteration in a logging road cut in late 2006. Two intervals, representing the entire outcrop exposure, were chip sampled by Rimfire in October 2006 yielding one interval which assayed 0.16% copper and 0.02 g/t gold over 28 metres (including 6 metres averaging 0.52% copper and 0.07 g/t gold). The second interval averaged 0.31% copper and 0.02 g/t gold over 15 metres. This mineralization is hosted in strongly potassium-feldspar altered monzonite, with fractured and quartz veinlet-hosted pyrite and chalcopyrite. A first phase program will commence in late June, which will be followed by IP geophysical surveys, soil and silt sampling, mapping and prospecting as warranted.

Northgate Alliance, gold, multiple target areas

Northgate Minerals Corporation and Rimfire will continue work on at least two target areas under the terms of the Northgate/Rimfire Exploration Alliance. Northgate will fund follow up work on one target identified in the 2006 program, while work on a second, less advanced target will be jointly funded by the two companies.

Grizzly, copper-gold, northwest British Columbia

The Grizzly Showing is a copper-gold porphyry target 52 kilometres from Novagold/Teck Cominco's Galore Creek Deposit and only four kilometres from the proposed Galore Creek access road. The Grizzly Showing is hosted in rocks compositionally similar, and thought to be age-equivalent to the Copper Mountain Plutonic Suite associated with mineralization at the Galore Creek copper - gold deposit. A 2006 chip sampling program re-sampled previous trenches and filled in large areas not previously sampled yielding a 38.0 metre interval of 1.1 g/t gold and 0.74% copper in one trench. The exposed dimensions of the Grizzly Showing are approximately 350 metres long by 50 to 100 metres wide. Soil sampling by previous workers indicate this showing is contained within a one square kilometre of anomalous copper, gold and molybdenum results. Management is currently evaluating the Grizzly and opportunities related to joint venturing the project.

New Project Generation

Management is continually evaluating new projects to add to our exploration portfolio. This includes internally generated targets as well as projects brought to Rimfire. One such example is a group of four properties between 50 and 65 kilometres west and southwest of Smithers, BC, recently optioned from a prospecting group. The Lynx, Copper Starr, Firecat and Tess properties are early-stage copper-gold porphyry or precious metal-rich vein targets. Initial work on these properties and additional early-stage prospects will be undertaken this summer.

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 and Australia. 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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