Rimfire Signs Agreement on Boulevard Property
23 Julio 2009 - 12:30PM
Marketwired
Rimfire Minerals Corporation (TSX VENTURE: RFM) is pleased to
announce that, together with Northgate Minerals Corporation (TSX:
NGX), it has entered into an agreement granting Silver Quest
Resources Ltd. (TSX VENTURE: SQI) an option to earn a 100% interest
(50% from each Rimfire and Northgate) in the Boulevard Property,
located 135 kilometres south of Dawson City, Yukon Territory.
Rimfire and Northgate have been exploring the Boulevard region
since October 2005 under an exploration alliance targeting
Intrusion-related gold deposits.
Under the terms of the agreement Silver Quest can acquire a 100%
interest in the property by making staged cash payments totalling
$200,000 ($40,000 upon regulatory acceptance), the issuance of an
aggregate of 1,000,000 shares (200,000 upon regulatory acceptance)
and work commitments of $3,000,000 ($200,000 the first year) over a
five year period. Rimfire and Northgate retain a 2% net smelter
royalty ("NSR") on the property, with Silver Quest having the right
to buyback 0.5% of the NSR for $750,000. In addition, should Silver
Quest complete a 43-101 compliant resource estimate on the property
in excess of 1,000,000 ounces of gold in an indicated category,
they will be required to make a one-time bonus payment of an
additional 1,000,000 shares of its capital stock to Rimfire and
Northgate. All cash and share payments are to be split between
Rimfire and Northgate.
Silver Quest will also purchase from Rimfire and Northgate
certain data pertaining to soil, silt and rock sampling completed
in areas around or near the property. If Silver Quest acquires open
ground by staking within defined areas, it will be required to
issue additional common shares, up to a maximum of 500,000, and the
additional property, if any, will be further subject to a NSR in
favour of the two partners. Silver Quest would be entitled to
buyback 1% of the NSR for $1,000,000.
Rimfire Minerals Corporation has recently entered into a
definitive agreement with Geoinformatics Exploration to combine the
companies to form Kiska Metals Corporation. The focus of Kiska will
be the advancement of the Whistler copper-gold porphyry project
located 150 kilometres northwest of Anchorage, Alaska. In addition
to the Whistler property Kiska will hold an extensive portfolio of
highly prospective exploration projects throughout North America
and Australia. Shareholders will vote on the proposed merger on
July 30th, 2009.
About Rimfire
Rimfire Minerals Corporation is an aggressive mineral
exploration company with a portfolio of highly prospective gold and
copper properties in western North America and Australia. Current
and former partners include AngloGold Ashanti Limited, Barrick Gold
Corporation, Newmont Mining Company, Inmet Mining Corporation,
Northgate Minerals Corporation, Fronteer Development Group Inc.,
Rubicon Minerals Corporation, American Creek Resources Ltd., Island
Arc Exploration 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 Rimfire Minerals Corporation Jason Weber
(604)669-6660 (604)669-0898 (FAX) info@rimfire.ca
www.rimfireminerals.com
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