Rimfire Minerals Corporation: Rimfire Partners With Robert McEwen to Explore Alaskan Properties
Rimfire Partners With Robert McEwen to Explore Alaskan Properties
VANCOUVER, BRITISH COLUMBIA — (MARKET WIRE) — January 09, 2007 — David Caulfield, President and CEO of Rimfire Minerals Corporation (”the
Company”), is pleased to report that Evanachan Limited (”Evanachan”), part of the McEwen Capital group of companies (http://www.mcewencapital.com), has signed an option agreement to explore the Company’s strategically located portfolio of Goodpaster District properties in east-central Alaska. Evanachan is a private company wholly-owned by Robert R. McEwen, Chairman and CEO of US Gold Corporation and Lexam Explorations Inc., and former Chairman and CEO of Goldcorp Inc.
The Goodpaster District is anchored on Teck Cominco/Sumitomo’s Pogo Gold Mine (4.5 M oz. in reserves and resources) which commenced gold production in 2006. Rimfire is the largest landholder in the District, with claims covering 738 sq. km (182,320 acres) surrounding and on trend with Pogo.
“Evanachan has the vision to recognize that the Goodpaster could represent North America’s next gold district and that the opportunity to secure a foothold in an emerging play is indeed a rare opportunity,” stated David Caulfield, President and CEO of Rimfire Minerals.
Evanachan has agreed to fund a total of US$4.8 million in exploration over 6 years to earn a 60% interest in the group of five properties, including a $230,000 reimbursement of the Company’s 2006 exploration expenditures. Upon vesting, Evanachan may obtain a further 10% interest in the properties by completing a feasibility study, and at Rimfire’s election, may obtain an additional 5% (for a total of 75%) by providing a project financing loan to be repaid from the Company’s free cash flow upon production.
Rimfire has maintained a presence in the Goodpaster District since 1998 when the Company first acquired a land position following Teck Cominco’s initial public disclosure of the Liese Zone discovery at Pogo. These holdings were expanded in late 2005 (see news release dated January 19, 2006) after recent gold discoveries in the District, including new gold zones discovered by Teck Cominco over a 12 kilometre trend on the Pogo Property. Rimfire’s 2006 field program investigated the 442 sq. km (110,000 acres) claim package staked in 2005 as well as high priority targets generated in previous programs. A total of 243 silt, 1403 soil and 158 rock samples were collected. Analytical results from this program will be used with existing data to target exploration for 2007.
About Rimfire
Rimfire Minerals Corporation is an aggressive, well-financed mineral exploration company with a portfolio of highly prospective gold and silver properties in western North America. Rimfire is partnered with Newmont Mining Company, Northgate Minerals Corporation, Fronteer Development Group, Cangold Limited, American Creek Resources Ltd., McEwen Capital Corporation, Arcus Development Group Inc. and BWG Mining.
On behalf of Rimfire Minerals Corporation
David A. Caulfield, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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