Rimfire buys Cangold's 51% interest in Thorn

Rimfire Minerals Corp (C:RFM)
Shares Issued 25,607,251
Last Close 4/11/2008 $1.29
Monday April 14 2008 - News Release

Also Cangold Ltd (C:CLD) News Release

Mr. Jason Weber of Rimfire reports

RIMFIRE PURCHASES CANGOLD'S 51% THORN INTEREST

Rimfire Minerals Corp. has purchased Cangold Ltd.'s 51-per-cent interest in the Thorn gold-silver-copper property. Rimfire now has sole ownership of the 170-square-kilometre property, subject to 3.5-per-cent underlying net smelter royalties.

"Cangold has been a great partner at Thorn, however, their management's geographic focus has shifted to take advantage of their strengths in Mexico," stated Jason Weber, president and chief executive officer. "Our team feels that the geologic setting, intensity and breadth of alteration and mineralization identified to date indicate a district-scale, high-sulphidation, gold-silver-copper system. We have regained full control of the Thorn so we can bring in a new partner to aggressively explore the project."

The Thorn property covers a large mineralizing system centred on a 60-square-kilometre late Cretaceous volcanic centre, 130 kilometres south of Atlin, B.C., and 50 km north of the past-producing Golden Bear gold mine. To date, 20 precious metal occurrences have been identified on the property, including quartz-sulphide, copper-gold-silver-bearing veins, breccia-hosted silver-lead-zinc-gold mineralization, copper-molybdenum porphyry mineralization, and sedimentary replacement gold-silver-zinc mineralization. Together with the wholly owned Kizmet property, Rimfire now controls the key targets in an underexplored epithermal district with excellent potential for precious metal discoveries.

Cangold and Rimfire explored Thorn from 2002 to 2005. Highlights of these exploration programs include:

• Discovery of high-grade, gold-silver-copper-bearing quartz-pyrite-enargite-tetrahedrite veins. This style of mineralization is similar to that mined at Barrick Gold's 6.3-million-ounce El Indio gold deposit, Chile;
• Precious metal-bearing alteration associated with high-sulphidation veins cover an approximate area of 6,000 by 6,000 metres as indicated by outcrop exposure, airborne resistivity data and induced polarization surveys;
• Demonstrated 3,700 metres of total strike length in six vein corridors, with high-grade mineralization intersected in drilling;
• Just three holes in the Talisker vein corridor, with 500 metres strike length indicated by geophysical data, yielding intersections of 4.44 grams per tonne gold, 407.9 g/t silver and 2.95 per cent copper over 4.2 metres (THN05-37), and 4.48 g/t gold, 65.3 g/t silver and 0.65 per cent copper over 3.6 metres (THN04-29);
• Oban breccia (breccia-hosted, silver-lead-zinc-gold mineralization) averaged 173 g/t silver, 1.2 g/t gold, 1.5 per cent lead and 1.5 per cent zinc over 25.2 metres in drilling. High-grade mineralization on surface returned 6,149 g/t silver, 3.48 g/t gold, 42.97 per cent lead and 3.45 per cent zinc from massive sulphide boulders;
• Bonanza-grade gold (265 g/t gold and 631 g/t silver) from a barite float sample has not yet been traced to a bedrock source. Highly anomalous stream-sediment samples have yet to be followed up;
• 2,000- by 500-metre, multielement soil (talus fines, defined by greater than 50 parts per billion gold) anomaly remains largely unexplained at the Outlaw zone, a gold-silver-zinc target.

Management will be seeking a partner to advance the Thorn through further drilling of drill-ready vein targets and further groundwork to prepare early stage prospects for drilling.

The terms of the purchase of Cangold's interest in the Thorn are $100,000 cash upon signing of the agreement, and 100,000 shares of Rimfire upon exchange approval of the sale of the Thorn interest. Should Rimfire subsequently find a partner to explore the project, Rimfire will pay 25 per cent of any third party cash or share payments to Cangold. Upon commercial production, Rimfire, at its election, would issue a further 250,000 shares or pay $1-million cash to Cangold provided that Rimfire still holds at least a 10-per-cent interest in the project.

This news release has been reviewed by Mark Baknes, MSc, PGeo, a qualified person for the purpose of National Instrument 43-101.

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