TSX Venture Exchange: FRI
Shares Issued: 14,226,232
VANCOUVER, Nov. 18, 2011 /CNW/ - Freeport Resources Inc. (TSXV: FRI) is
pleased to announce it will undertake a non-brokered private placement
to raise up to $1,060,000 from issuance of up to 5,000,000
non-flow-through and 300,000 flow-through shares, to be issued at a
price of $0.20 per share. The first tranche of $300,000 has been
received. Closing is anticipated to occur on or before December 15,
2011. Securities will be subject to a four month hold period and
TSX-Venture Exchange approval. A 5% finder's fee on the
non-flow-through shares is payable. Proceeds are for working capital
and exploration of Freeport's 100%-owned properties in Canada:
Spanish Mountain Gold: A sampling program is planned to outline a gold anomaly discovered
previously. Three airborne geophysical anomalies prospective for gold
called 'Resistivity lows' extend from a proposed gold mine adjacent to
the west. New gold estimates from the proposed mine considerably
increase the potential value of Freeport's claims, less than half a
mile from the pit.
Hutton Garnet Beaches: The Hutton is an advanced stage marine garnet placer project in eastern
Canada. Because of high grades and uniform sizing, the beach sand
performs like a hardrock garnet concentrate, favourably impacting
project economics. A NI43-101 compliant Prefeasibility Study has been
completed, and a 5000 tonne bulk sample was recently released from
environmental assessment. Pilot plant implementation, production-scale
sampling and additional environmental studies are planned.
The Q (fluorspar-molybdenite): Planned work includes re-analyzing Adit 2 samples for fluorspar (CaF2) and ancillary minerals with potential economic interest. Results will
be used to develop a new open pittable deposit model. The Q has
historical non-NI43-101 compliant tonnage estimates of 24 million
tonnes grading 11.5% CaF2 (Eaglet Mines). Strong world fluorspar
markets recently resulted in the reopening of the Burin mine in NL, the
only CaF2 producer in Canada and the USA.
Red Rose Mine (tungsten gold): Red Rose produced tungsten with gold and copper by-products until the
1950's, closing due to lack of demand with ore remaining. Tungsten
prices are at all-time highs, warranting property re-assessment.
Interpretation of recent airborne geophysical data is planned with 2012
Zdenek Hora, M.Sc., P.Geo., is the qualified person who has reviewed
this release. Freeport Resources, founded in 1981, is a mineral
exploration company with a diversified portfolio of Canadian
properties, from precious and base metals to industrial minerals.
Please visit www.freeportresources.com, and view new Spanish Mountain and Hutton presentations at http://www.freeportresources.com/i/pdf/spanishmt2011.pdf and http://www.freeportresources.com/i/pdf/Hutton2011.pdf, or email email@example.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
The company seeks Safe Harbour.
SOURCE Freeport Resources Inc.
For further information:
Freeport Resources Inc.
Brenda Clark, MAIBC President & CEO
1-888-275-7335 (toll free)
(604) 275-7335 (tel.)