Rimfire Minerals Corporation
TSX VENTURE : RFM

Rimfire Minerals Corporation

March 09, 2009 19:32 ET

Rimfire Minerals Reports Grizzly Drill Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2009) - Rimfire Minerals Corporation (TSX VENTURE:RFM) reports results from the drill program concluded on the Grizzly property last fall. The program, totalling 2128 metres in 11 holes, targeted two areas: the Grizzly Showing and the Mirko Grid. Drilling confirmed the presence of weak porphyry-style copper-gold mineralization and alteration at the Grizzly Showing and wide intervals of anomalous molybdenum-bearing mineralization at the Mirko Grid.

The 2008 program was funded by Inmet Mining Corporation under the terms of an Option agreement announced January 2008.

Eight holes were collared in the Grizzly Showing area targeting Induced Polarization (IP) chargeability anomalies coincident with copper-gold-molybdenum soil geochemical anomalies and copper-gold surface showings. Previously reported mineralization from trenches at the Grizzly Showing returned results including 38 metres averaging 0.74% copper and 1.1 g/t gold from continuous chip sampling. Three holes were completed in the immediate vicinity of the showing; one tested the down-dip extent of the Grizzly Showing (GRIZ08-02) and two holes were drilled to test the inferred strike extent 100 metres to the NE and SW of the showing (GRIZ08-11 and -05, respectively). These holes intersected numerous zones of potassium feldspar+biotite+carbonate alteration with trace chalcopyrite disseminations and calcite-chalcopyrite veins in mafic volcanic rocks. Results include 53.73 metres of 0.11% copper and 0.19 g/t gold including 17.38 metres of 0.21% copper and 0.28 g/t gold in GRZ08-11. Drilling confirms that this high-temperature, porphyry-style alteration and mineralization is spatially associated with syenitic feldspar-porphyry dykes and sills. Two holes drilled 200 metres east-northeast (GRIZ08-01) and 350 metres northeast (GRZ08-03), that targeted IP chargeabilitiy highs intersected moderately to strongly chlorite+sericite+/-carbonate+/-biotite+/-potassium feldspar altered volcanic and intrusive rocks with abundant pyrite but yielded no significant results. The abundance of pyrite encountered in drilling explains the IP chargeability anomalies; however, the areal extent of the copper-gold-molybdenum soil anomalies remains unexplained.

A sixth hole 700 metres to the south of the Grizzly Showing intersected graphitic mudstones and disseminated pyrite with trace chalcopyrite yielding no significant results. The remaining two holes in the Grizzly Showing area were lost due to poor drilling conditions.

The Mirko Grid drill program targeted IP chargeability anomalies and coincident molybdenum-in-soil geochemical anomalies in an area of scarce outcrop exposure. Three holes were completed to test two targets. GRZ08-08 and -09 intersected anomalous molybdenum mineralization with an intersection of 94.44 metres that averaged 0.02% molybdenum in GRZ08-09. Molybdenum-bearing mineralization in this interval consisted of molybdenite fracture coatings and disseminations within carbonate veins and breccias hosted by moderately potassium-feldspar+sericite+chlorite+carbonate altered volcaniclastic rocks.

GRZ08-10 was drilled 400 metres to the north of holes GRZ08-08 and -09 on the inferred continuation of the Mirko IP anomaly targeted in the previous holes. This hole intersected a broad zone of propylitically-altered volcanic rocks that did not return any significant mineralization.

Inmet has indicated that it does not intend to proceed with further exploration at the Grizzly.

"On behalf of the Rimfire team, I would like to thank Inmet for their commitment in testing the Grizzly Property," said Jason Weber, Rimfire President and CEO. "We are pleased that our relationship with Inmet will continue through our recent agreement regarding the Barmedman Property in the Lachlan Fold Belt, New South Wales, Australia. A drilling program funded by Inmet targeting copper-gold mineralization is currently underway at Barmedman."

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.

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, 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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