Thu Jan 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.
