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Re: News Archive - Thursday, January 31, 2008
Inmet Options Rimfire's Grizzly Copper-Gold Project
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PR08-04
Vancouver, BC -- January 31, 2008: Jason Weber, President and CEO of
Rimfire Minerals Corporation is pleased to report that Inmet Mining
Corporation has signed a Letter Of Intent (LOI) to an option on the
Grizzly Property, in northwestern British Columbia. Under the terms of
the agreement, Inmet can earn a 60% interest by funding at least $5
million in exploration at the Grizzly over four years, including
$800,000 in the first year. Inmet will make staged cash payments
totalling $250,000 over the earn-in period, including $50,000 upon
signing of the LOI.
The Grizzly Property is approximately 50 kilometres east of the Galore
Creek project and within four kilometres of the partially completed
Galore Creek access road. The Grizzly copper-gold porphyry target shows
many similarities to Galore Creek, including its geological setting,
volcanic host rock geochemistry, regional magnetic and gravity
geophysical signatures, hydrothermal alteration and metal signature.
Rimfire crew resampled old trenches in 2006, yielding 38 metres
averaging 0.74% copper and 1.1 g/t gold from a continuous chip sample.
The Grizzly showings occur within a one square kilometre copper, gold
and molybdenum-in-soil geochemical anomaly. A second area of anomalous
copper, gold and molybdenum soil geochemistry (the Mirko Grid) lies
approximately 2 km northwest. The cause of this anomaly has yet to be
investigated.
"We are looking forward to working with Inmet to advance the Grizzly
Project," stated Jason Weber, President and CEO of Rimfire Minerals.
"Inmet's exploration strategy focuses on the discovery of world class
copper deposits. We are very pleased that their team feels that the
Grizzly may help them achieve their goal."
Preliminary exploration plans for 2008 include a comprehensive program
of geological mapping, Induced Polarization (IP) geophysics, and
trenching to provide drill targets by year-end.
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. Current and former partners
include AngloGold Ashanti Limited, Barrick Gold Corporation, Newmont
Mining Company, Inmet Mining Corporation, Northgate Minerals
Corporation, Fronteer Development Group, Rubicon Minerals Corporation,
Cangold Limited, American Creek Resources Ltd., Island Arc Exploration
Corporation and BWG.
On behalf of Rimfire Minerals Corporation
"Jason Weber"
Jason Weber, P.Geo., President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
TSX-V:RFM Suite 700 - 700 West Pender St.
Vancouver, B.C. Canada V6C 1G8
T: (604)669-6660 F: (604)669-0898 E-mail: info@rimfire.bc.ca
Web Site: www.rimfireminerals.com
Contact: Jason Weber or David Caulfield News Release
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Copyright (c) 2008 RIMFIRE MINERALS CORPORATION (RFM) All rights
reserved. For more information visit our website at
http://www.rimfire.bc.ca/ or send mailto:info@rimfire.bc.ca
Message sent on Mon Feb 4, 2008 at 10:34:52 AM Pacific Time
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