Rimfire Minerals Corporation

Rimfire Minerals Corporation

July 23, 2009 13:30 ET

Rimfire Signs Agreement on Boulevard Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2009) - Rimfire Minerals Corporation (TSX VENTURE:RFM) is pleased to announce that, together with Northgate Minerals Corporation (TSX:NGX), it has entered into an agreement granting Silver Quest Resources Ltd. (TSX VENTURE:SQI) an option to earn a 100% interest (50% from each Rimfire and Northgate) in the Boulevard Property, located 135 kilometres south of Dawson City, Yukon Territory. Rimfire and Northgate have been exploring the Boulevard region since October 2005 under an exploration alliance targeting Intrusion-related gold deposits.

Under the terms of the agreement Silver Quest can acquire a 100% interest in the property by making staged cash payments totalling $200,000 ($40,000 upon regulatory acceptance), the issuance of an aggregate of 1,000,000 shares (200,000 upon regulatory acceptance) and work commitments of $3,000,000 ($200,000 the first year) over a five year period. Rimfire and Northgate retain a 2% net smelter royalty ("NSR") on the property, with Silver Quest having the right to buyback 0.5% of the NSR for $750,000. In addition, should Silver Quest complete a 43-101 compliant resource estimate on the property in excess of 1,000,000 ounces of gold in an indicated category, they will be required to make a one-time bonus payment of an additional 1,000,000 shares of its capital stock to Rimfire and Northgate. All cash and share payments are to be split between Rimfire and Northgate.

Silver Quest will also purchase from Rimfire and Northgate certain data pertaining to soil, silt and rock sampling completed in areas around or near the property. If Silver Quest acquires open ground by staking within defined areas, it will be required to issue additional common shares, up to a maximum of 500,000, and the additional property, if any, will be further subject to a NSR in favour of the two partners. Silver Quest would be entitled to buyback 1% of the NSR for $1,000,000.

Rimfire Minerals Corporation has recently entered into a definitive agreement with Geoinformatics Exploration to combine the companies to form Kiska Metals Corporation. The focus of Kiska will be the advancement of the Whistler copper-gold porphyry project located 150 kilometres northwest of Anchorage, Alaska. In addition to the Whistler property Kiska will hold an extensive portfolio of highly prospective exploration projects throughout North America and Australia. Shareholders will vote on the proposed merger on July 30th, 2009.

About Rimfire

Rimfire Minerals Corporation is an aggressive 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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