Rimfire Minerals Corporation

Rimfire Minerals Corporation

March 23, 2009 16:30 ET

Rimfire Minerals Corporation: Island Arc Drops Jake Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2009) - Rimfire Minerals Corporation (TSX VENTURE:RFM) reports that Island Arc Exploration Corporation has informed Rimfire that due to current market conditions it has terminated its option to explore the Jake property. The property is located 13 km west of Clearwater, BC.

Island Arc funded drilling in 2007 that successfully tested three targets identified by a geophysical survey and mechanized trenching. Anomalous gold mineralization was intersected in each target area, including 11.34 g/t gold over a true width of 1.25 metres from the Jake Showing. The drill program defined continuity of vein structures beyond the original Jake showing and beneath the extensive glacial till blanket, confirming that Induced Polarization (IP) geophysical techniques are effective for targeting buried structures. In 2008 an additional 22 line-kilometres of IP extended the strike of the interpreted structural corridor to one kilometre and generated four additional IP anomalies. These anomalies are of similar magnitude to those over the Jake Showing and all warrant future drill testing. In keeping with Rimfire's business model, management will be seeking a partner to advance the Jake prospect.

The Company wishes to thank Island Arc for its commitment to the Jake property over the last 2 years.

This news release has been reviewed by Mark Baknes, M.Sc., P.Geo., a Qualified Person for the purpose of National Instrument 43-101. Assays were completed by ALS Chemex Labs of North Vancouver, BC.

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. Rimfire currently has in excess of two years of operating capital and finances approximately 80% of its exploration through option and joint venture agreements. 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, 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