Drilling Commences at the RDN

Vancouver — Rimfire Minerals (RFM-V) reports that Barrick Gold (ABX-T) has kicked off a 3,000 metre drilling campaign at the RDN Project, in northwest British Columbia, 40 km northwest of the Eskay Creek gold-silver mine.

Earlier this year Barrick inked a deal with Rimfire whereby Barrick could earn a 75% interest in the property, in return for $1.5 million in exploration expenditures. Once vested, Barrick is required to fund all exploration and engineering until a positive decision to mine has been reached.

Exploration is focused on Eskay-equivalent stratigraphy at the RDN property. Previous work delineated target areas by anomalous soil geochemistry, specifically gold and arsenic plus or minus silver, copper, lead and zinc. In addition targets were also identified by the presence of gold-bearing, footwall feeder-style quartz-sulphide veining.

Barrick will continue to test the Wedge Zone, where drilling last year intersected strong footwall-style alteration and mineralization. Mineralization hosted within this alteration includes pyrite, sphalerite, galena, chalcopyrite, and importantly, sulphosalts (tetrahedrite/tennantite). This alteration and mineralization, combined with chalcedonic quartz, orpiment, pyrobitumen and elevated mercury are characteristic of shallow marine precious metal-rich systems such as Eskay Creek.

The major will also test the Jungle anomaly which represents a 100-by-450 metre gold-arsenic soil anomaly that overlies favourable stratigraphy. A boulder sample taken from this area assayed 25.4 grams gold per tonne. Two holes drilled in 1999 did not reach target depth, but one did intersect 5.19 grams gold over 1.1 metres.

Meanwhile, at the Rimfire’s Thorn project in northwest British Columbia, First Au Strategies (FAV-V) intends to fund a 450-metre drill program. First Au stands to earn a 51% interest in the high-grade gold-silver-copper epithermal vein target in return for $1.2 million in exploration expenditures, $190,000 in cash and 250,000 shares by the end of 2004. Rimfire states that the property hosts 17 mineralized vein showings. Earlier this year prospecting within a soil geochemical anomaly identified a new zone; dubbed the Oban Zone. A float sample from this zone assayed 6,149 grams silver, 3.5 grams gold, 40% lead and 3.5% zinc. Rimfire states that 2 holes will target the I zone; two holes will be collared in the Tamdhu zone and 1 hole will test each of the MP Vein and the L zone.

In March of this year, AngloGold (AU-N) optioned two properties from Rimfire in the Goodpaster district of Alaska, in the vicinity of TeckCominco and Sumitomo’s Pogo Gold deposit. AngloGold stands to earn up to 70% interest in the two properties (Eagle and ER-Ogo-Fire) by making staged cash payments totalling US$100,000 per property and conducting US$900,000 in exploration expenditures per property. AngloGold is currently completing mapping, prospecting and soil and rock geochemical surveys to identify drill targets.

Stikine Gold recently optioned the William’s gold project in north-central BC from Rimfire. Stikine intends to perform ground-based induced polarization surveys as well as prospecting and mapping, in order to refine targets for diamond drilling in 2003. The William’s gold project hosts two styles of mineralization; high grade gold in quartz-carbonate-sulphide veins and low grade, disseminated and fracture-controlled mineralization that is peripheral to high-grade veins. Previous operators drilled the property in 1983 and 1984. Results included 2.0 metres grading 35.0 grams gold, 4.0 metres averaging 11.0 grams gold, and 2.0 metres averaging 24.8 grams gold. A number of lower grade intercepts encompass the high-grade material including 148.7 metres averaging 1.17 grams gold.

During the spring this year, Rimfire staked the Adam property. The property hosts a coincident copper-gold soil anomaly as well as numerous reported gold showings. Rimfire believes the property hosts excellent potential for copper-gold porphyry-style mineralization. The junior will initiate a field program to test the project’s potential in mid-August.

Rimfire purchased a 100% interest in the Tide property from Newmont Canada, a subsidiary of Newmont Mining (NEM-N). The property is subject to a 1.5% net smelter royalty and a three year first right of refusal. It is situated 36 km from tidewater at Stewart, BC. and is host to a large polymetallic mineralized system in the heart of the Stewart-Unuk-Iskut metallogenic belt. Initial fieldwork last September identified massive sulphide vein float that assayed 105 grams gold and 598 grams silver. Rimfire is currently in advanced negotiations with a third party to option the property.

At present, Rimfire has 12,184,621 shares outstanding and over $1.1 million in working capital.