Northgate and Rimfire Join Forces to Explore RDN Property
PR04-08 - Vancouver, Canada (March 25, 2004): David Caulfield, President and CEO of Rimfire Minerals Corporation announces that Northgate Exploration Limited has been granted an option to explore the Company's RDN project, a precious metal enriched massive sulphide target, 40 km north of the Eskay Creek Mine in northwest British Columbia.
The agreement allows Northgate to earn a 51% interest in the RDN by funding $5 million in exploration and making staged cash payments amounting to $200,000 over three years. An additional 9% interest in the project may be acquired by funding all expenditures through to the completion of a feasibility study. Rimfire will be project operator until Northgate has vested their 51% interest.
Christopher Rockingham, VP Business Development and Exploration for Northgate commented: "We are excited to have the opportunity to work with Rimfire, a group with a record of grass roots discovery, who have proven that careful systematic exploration work leads to success. This agreement also demonstrates Northgate's continuing commitment to exploration in British Columbia and our belief that there are more high grade deposits to be discovered."
"We feel that Northgate will make an excellent partner based on the expertise in the Eskay Creek region that they bring to the table," stated David Caulfield, President and CEO of Rimfire Minerals. "Northgate's Exploration Manager, Carl Edmunds, was an integral member of the exploration team at the Eskay Creek Mine for both International Corona and Homestake Canada Inc. His comprehensive knowledge of this deposit type will be a valuable asset as we explore the RDN Project."
Under this agreement, Northgate is committed to fund at least $1 million in exploration in 2004. The program will focus on testing drill-ready targets defined by previous operators. This marks the fifth diamond drilling program planned for Rimfire projects in 2004, including two by AngloGold in Alaska at the ER and Eagle projects, one with partner Cangold Limited at the Thorn Project in northwest BC, and one by Serengeti Resources at the Tide Project, in the Stewart region of BC. Total expenditures on Rimfire projects are expected to eclipse $4.0 million in 2004.
Rimfire is an aggressive, well-financed mineral exploration company with a portfolio of highly prospective gold and silver properties in British Columbia and Alaska. Partners include AngloGold (U.S.A.) Exploration Inc., Newmont Mining Company, Northgate Exploration Limited, Cangold Limited, Stikine Gold Corp., Serengeti Resources Inc. and Western Pacific Gold Inc.
On behalf of Rimfire Minerals Corporation
"David A. Caulfield"
David A. Caulfield, President
rimfire.bc.ca
Mention of the above press release turned up on the NXG Yahoo! message board. It takes a lot of sifting to find the occasional useful item.
Phil |
