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Rimfire Welcomes New Partner Rubicon

Rimfire Welcomes New Partner Rubicon

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 02/28/07 -- David Caulfield, President and CEO of Rimfire Minerals Corporation (TSX VENTURE: RFM) ("the Company") wishes to welcome new partner Rubicon Minerals Corporation to the Goodpaster District, Alaska.

On February 26, 2007, ex-Goldcorp Chairman and CEO Robert McEwen announced that the Alaskan holdings of his privately-held company, Evanachan Limited, will be transferred to Rubicon Minerals Corporation, a TSX and AMEX-listed Canadian junior explorer, in exchange for 31,428,571 Rubicon shares. Evanachan's Alaskan holdings include an option to earn up to a 70% interest in Rimfire's Goodpaster District landholdings (see Rimfire news release dated January 9, 2007). Rimfire owns 182,320 acres of core ground in the District, adjacent to and on trend with the recently commissioned Pogo Gold Mine, operated by Teck Cominco and Sumitomo. It is expected that the Pogo Mine will produce between 350,000 and 500,000 ounces of gold annually.

"We welcome Rubicon to the Goodpaster District," stated Mark Baknes, VP Exploration for Rimfire. "Rubicon's technical team is widely respected and will be a strong partner in our exploration of the Pogo Area."

Rimfire is one of the most experienced exploration groups with respect to exploration of the Pogo area, having 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 after recent gold discoveries in the District, including new gold zones discovered by Teck Cominco over a 12 kilometre trend on the Pogo Property.

Under terms of the agreement that will be transferred to Rubicon from Evanachan, Rubicon must complete expenditures totalling US$4.8 million in exploration over 6 years to earn a 60% interest in the group of five properties. Upon vesting, Rubicon 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.

Poncho Property Drilling Update

Rimfire has suspended drilling at the Company's Poncho Property near Tonopah, Nevada until such time as another drill contractor can be secured to finish the program outlined in the January 18, 2007 news release. The previous contractor was unable to reach the planned target depths (approximately 800 feet) due to equipment limitations, and as such the contract was terminated. Another contractor will be hired to restart drilling as soon as possible to complete the program.

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.

Contacts:
Rimfire Minerals Corporation
David Caulfield
(604)669-6660

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

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