Rimfire and Northgate Commence Drilling at Boulevard, Yukon
23 September 2008 - 2:00PM
PR Newswire (US)
VANCOUVER, Sept. 23 /PRNewswire-FirstCall/ -- (All figures in
Canadian dollars) Rimfire Minerals Corporation, TSX-V:RFM, is
pleased to announce that in partnership with Northgate Minerals
Corporation, TSX:NGX, drilling has commenced at its new gold
discovery on the Boulevard Property. The Boulevard Property is
located approximately 135 kilometres south of Dawson City, Yukon.
Gold bearing mineralization, including 7.04 g/t gold over 6.0
metres, was discovered in two of three trenches over a 300 metre
trend (see Rimfire news release PR08-12, August 20, 2008). The
diamond drilling program will consist of 4 to 6 holes averaging 150
metres in length and is expected to be completed by mid-October.
The current program was initiated after this summer's discovery of
gold-bearing mineralization in trenches testing anomalous
arsenic-antimony-gold soil geochemistry at the Boulevard. Chip
sampling from the first trench (TRBV08-01) yielded 7.04 g/t gold
over 6.0 metres. One hundred metres southeast, trench TRBV08-02
returned 6.43 g/t gold over 2.0 metres. Gold mineralization is
hosted in strongly sericite-clay altered schists with disseminated
pyrite, arsenopyrite, stibnite and specular hematite that envelopes
quartz and massive stibnite veins. Additional soil sampling
undertaken in conjunction with trenching has now expanded the
target to an area of 2.0 by 0.4 kilometres. Drilling will aim to
test mineralization encountered in the trenches at depth. Soil
sampling and a reconnaissance IP geophysical survey has commenced
to help expand the target, as well as refine drill hole locations
along trend. This program is being conducted under an exploration
alliance agreement with Northgate Minerals signed in December,
2005. The Boulevard Property is held jointly by Rimfire and
Northgate, with each company having funded the initial $330,000 in
targeting and exploration that led to staking of the property. To
date, Northgate has funded approximately $435,000 of the required
$1.5 million in exploration expenditures to earn an additional 10%
interest (for a total of 60%) in the property. This news release
has been reviewed by Mark Baknes, M.Sc., P.Geo., VP Exploration of
Rimfire Minerals, a Qualified Person for the purpose of National
Instrument 43-101. 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. Rimfire currently has in excess of two years
of operating capital, and finances approximately 80% of its
exploration through option and joint venture agreements. 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.
Northgate Minerals Corporation is a mid-tier gold and copper
producer with mining operations, development projects and
exploration properties in Canada and Australia. The company is
forecasting 385,000 ounces of unhedged gold production in 2008 and
is targeting growth through further acquisitions in stable mining
jurisdictions around the world. Northgate is listed on the Toronto
Stock Exchange under the symbol NGX and on the American Stock
Exchange under the symbol NXG. Forward-Looking Statements: This
news release contains certain "forward-looking statements" and
"forward-looking information" under applicable Canadian and U.S.
securities laws. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "expect," "intend," "estimate," "anticipate," "believe," or
"continue" or the negative thereof or variations thereon or similar
terminology. Forward-looking statements are necessarily based on a
number of estimates and assumptions that are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Certain of the statements made herein, including any
information as to the future activities of and developments related
to the business activities of Northgate Minerals Corporation
(Northgate) and its subsidiaries, the market position, and future
financial or operating performance of Northgate, are
forward-looking and subject to important risk factors and
uncertainties, many of which are beyond the corporations' ability
to control or predict. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements. Such factors include, among others:
gold price volatility; impact of any hedging activities, including
margin limits and margin calls; discrepancies between actual and
estimated production, between actual and estimated reserves and
resources and between actual and estimated metallurgical
recoveries; costs of production, capital expenditures, costs and
timing of construction and the development of new deposits, success
of exploration activities and permitting time lines; changes in
national and local government legislation, taxation, controls,
regulations and political or economic developments in any of the
countries in which either corporation does or may carry out
business in the future; risks of sovereign investment; the
speculative nature of gold exploration, development and mining,
including the risks of obtaining necessary licenses and permits;
dilution; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property. In
addition, there are risks and hazards associated with the business
of gold exploration, development and mining, including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion losses
(and the risk of inadequate insurance or inability to obtain
insurance, to cover these risks), as well as the factors described
or referred to in the section entitled "Risk Factors" in
Northgate's Annual Information Form for the year ended December 31,
2006 or under the heading "Risks and Uncertainties" in Northgate's
2006 annual report, both of which are available on SEDAR at
http://www.sedar.com/, and which should be reviewed in conjunction
with this document. Accordingly, readers should not place undue
reliance on forward-looking statements. Neither corporation
undertakes any obligation to update publicly or release any
revisions to forward-looking statements to reflect events or
circumstances after the date of this document or to reflect the
occurrence of unanticipated events, except in each case as required
by law. DATASOURCE: Northgate Minerals Corporation CONTACT: Ms.
Keren R. Yun, Director, Investor Relations, Tel: (416) 216-2781,
Email: , Website: http://www.northgateminerals.com/
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