Inmet Signs Farm-In Agreement On Barmedman Project

VANCOUVER, BC - Rimfire Minerals Corporation reported that Inmet Mining Corporation has signed a Farm-in agreement on the Barmedman Property, in New South Wales, Australia. Under the terms of the agreement, Inmet can earn a 60% interest by funding at least $5 million in exploration on the property over four years, including $400,000 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 agreement. All figures are in Australian dollars. The Barmedman deal marks the second option agreement between Rimfire Minerals Corporation and Inmet Mining.
The Barmedman Property is located in a corridor within the Lachlan Fold Belt characterized by regionally-extensive alteration and clusters of both copper-gold porphyry and high sulfidation occurrences and deposits. Within this corridor Rimfire has identified a 0.5 km by 2.4 km Induced Polarization (IP) chargeability anomaly coincident with a copper-gold Mobile Metal Ion (MMI) geochemical anomaly. This IP anomaly occurs in an area of no outcrop and deep overburden cover and has not been tested by previous drilling. Rimfire and Inmet are planning to conduct diamond drilling to determine whether the IP chargeability anomaly reflects buried copper-gold mineralization. A preliminary diamond drilling program consisting of 1200 metres of drilling in four holes is planned for March-April of 2009. In addition, further geochemical techniques, such as MMI geochemical surveys are being contemplated to investigate the entire 388 km2 property.
The Barmedman Property was one of nine exploration licenses acquired in 2007 based on targets identified in a Neural Network study conducted within a 120,000 km2 area of interest in New South Wales, Australia. Rimfire completed IP geophysical surveys and MMI geochemical surveys over the core of the Barmedman Neural Network target in 2008. Recent drilling adjacent to the Barmedman tenement by Goldminco Corporation has identified numerous porphyry copper-gold prospects. Management believes that these discoveries attest to the mineral endowment of the belt and the potential for similar mineralization on the Barmedman Property held by Rimfire.
Rimfire Minerals has completed its 2008 diamond drill program which tested the Trounce target on the Walmer property located in New South Wales Australia. The Trounce prospect is a small outcropping of silicified sediments with quartz - pyrite veining and stockwork. Two of seven grab samples from the showing returned gold values of 2.4 and 3.6 g/t gold and the remaining five assayed from 0.21 to 0.61 g/t gold. Based on the grab sample results and the ability for a low cost diamond drill program due to accessibility, Rimfire felt it would be practical to drill the prospect in order to determine sub-surface geology and prospect potential. The drilling program consisted of 286.6 metres of drilling which returned no significant results and no future work is planned at Trounce.
The companyÕs address is 1350-650 West Georgia Street, Vancouver, BC V6B 4N9, (604) 669-6660, fax: (604) 669-0898, email: [email protected], www.rimfireminerals.com.