Jason Weber, President and CEO of Rimfire Minerals Corporation ("Rimfire") (TSX VENTURE:RFM), is pleased to announce the Company has reached an agreement with Jaguar Minerals Limited ("Jaguar") (ASX:JAG) to enter into an option/joint venture arrangement to explore Jaguar's Springfield gold project in the Lachlan Fold Belt of New South Wales, Australia. The Springfield gold project lies 12 km south-southeast of the historic mining town of Gulgong and 80 km to the northeast of Newcrest's Cadia Valley porphyry copper-gold mining complex (28.5 Moz gold and 3.8Mt copper). Rimfire's pursuit of the Springfield project was a result of its Lachlan Fold Belt studies (see News Release PR06-17, Oct. 3, 2006).

"We look forward to working with Jaguar Minerals in advancing the Springfield project," states Jason Weber. "There are many reasons why we are excited to be exploring Springfield not the least of which is a very high ranking in the BWG Neural Network study."

Highlights of the Springfield project include:

- The Gulgong area has produced over 500,000 ounces of alluvial gold from 1872-1927; the source of rich placers have not been adequately explained by the bedrock mineralization found to date.

- Gold mineralization found to date at Springfield is hosted in late Ordovician volcanic rocks which have been intruded by co-magmatic monzodiorite and monzonite to syenite intrusives, a setting that is permissive for copper-gold porphyry mineralization of the Cadia-Ridgeway type.

- The property hosts the Springfield gold deposit where previous work (1989-1990) had defined a resource of 1.44 Mt at 1.43 g/t gold (60,000 oz) using a 0.5 g/t cut-off based on 63 shallow drill holes (total 1916 m). The mineralized resource is hosted in altered syenite and was only delineated to a depth of 60 metres. This resource is quoted for historical information and should not be treated as a current reserve or resource. The reader is cautioned that the resource estimate does not conform to National Instrument 43-101 requirements for reporting reserves and resources and has not been verified by the issuer's qualified person and should not be relied upon.

Initially, it has been agreed that Rimfire can earn a 51% interest in the Project by spending $1,000,000 on exploration over four years. Following this, the parties will either continue exploration together under a joint venture agreement, or Jaguar may elect not to contribute, allowing Rimfire to earn 100% of the project by spending $5 million in exploration on the Project. Upon definition of a JORC compliant gold resource of 500,000 oz Jaguar shall be issued 100,000 common shares of Rimfire Minerals Corporation ("RFM"). Upon definition of a JORC compliant gold resource of 1M oz Jaguar shall be issued 500,000 common shares of RFM. Should Rimfire receive cash and/or share payments as a result of a subsequent option/joint venture with a third party, Jaguar is entitled to 25% of the proceeds. Should Rimfire decide to sell outright its interest in the project prior to earning 100% of the project, Jaguar would receive 40% of all proceeds. If Rimfire exercises the 100% option and decides to sell any interest, Jaguar would receive 15% of proceeds.

Lachlan Fold Belt Work Progress: During the past four months, Rimfire has made good progress on its Lachlan Fold Belt properties. Surface exploration programs have been undertaken on five (Barmedman, Walmer, Mt. MacDonald, Goulburn and Gollan) of Rimfire's nine wholly owned exploration licenses. This work has included geological mapping, rock chip sampling, soil and silt geochemical surveys and Induced-Polarization geophysical surveys. These exploration licenses were selected on the basis of the BWG Neural Network study which incorporated geological, geophysical (gravity, magnetic and radiometric), geochemical, lithological, structural, Landsat, topographical, and drilling databases. Results of this work are being compiled and evaluated in order to select targets for drilling later in 2008.

This news release has been reviewed by David Caulfield, P.Geo., a Qualified Person for the purpose of National Instrument 43-101.

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. 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

SOURCE: Rimfire Minerals Corporation

Rimfire Minerals Corporation Jason Weber (604) 669-6660 Rimfire Minerals Corporation David Caulfield (604) 669-6660 (604) 669-0898 (FAX) Email: [email protected] Website: www.rimfireminerals.com