Rimfire Signs Agreement on Quesnel Trough Porphyry Copper-Gold Targets
28 April 2009 - 11:00PM
Marketwired
Rimfire Minerals Corporation (TSX VENTURE: RFM) is pleased to
announce that Xstrata Canada Corporation has signed an option
agreement to explore Rimfire's Quesnel Trough properties in central
British Columbia. The terms of the agreement grant Xstrata the
option to earn a 51% interest in the property by completing a
preliminary assessment and spending $3,000,000 by December 31,
2013. In addition, Xstrata must spend no less than $250,000 in each
calendar year commencing in 2010. Xstrata may earn an additional
24% (total 75%) by completing a feasibility study and incurring no
less than $20 million in feasibility study expenditures which must
be completed within the Bump-up period which ends on the tenth
anniversary of Xstrata earning its 51% interest. This agreement
facilitates the advancement of Rimfire's Quesnel Trough properties,
all of which are located within an area of British Columbia with
excellent infrastructure and proximity to resource communities.
"Xstrata is an obvious partner for us in the Quesnel Trough as
they already hold a large claim package and have been operating in
the area for two years," stated Jason Weber, President and CEO. "It
fits our strategy of partnering with major companies to advance our
exploration projects and it is a natural fit for Xstrata as it
incorporates our targets into their regional exploration
strategy."
Rimfire acquired seven properties (approximately 345 square
kilometres) after the 2007 announcement of Geoscience BC's $5.75
million QUEST (Quesnellia Exploration Strategy) geophysical survey
of the Quesnel Trough. The properties are located 15 km south of
Prince George to 40 km northeast of Fort St. James, BC. This
portion of the Quesnel Trough is largely covered by glacial
overburden but is prospective for porphyry copper-gold deposits
similar to Mt. Polley, Mt. Milligan, and Serengeti Resources'
Kwanika copper-gold discovery.
In 2007, Rimfire conducted a detailed helicopter airborne
magnetics survey over its seven target areas greatly improving the
resolution of the magnetic high anomalies on each of the targets
which were followed up with reconnaissance programs in 2008.
Alteration, consistent with porphyry-style copper-gold
mineralization and anomalous copper in rock samples and copper-gold
in soil samples were obtained from several different target
areas.
Xstrata will carry out a surface exploration program consisting
of Induced Polarization geophysical surveys and geochemical surveys
over all seven target areas in 2009. Xstrata will act as operator
and fund the exploration programs.
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, Xstrata Canada
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: 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.
Contacts: Rimfire Minerals Corporation Patrick Moodie (604)
669-6660 (604) 669-0898 (FAX) Rimfire Minerals Corporation Jason
Weber (604) 669-6660 (604) 669-0898 (FAX) info@rimfire.ca
www.rimfireminerals.com
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