Freeport's Red Rose Mine Assessed for Gold-Tungsten



    TSX Venture Exchange: FRI
    Shares Issued: 13,476,232


    VANCOUVER, July 24 /CNW/ - FREEPORT RE

SOURCES INC. (TSX-V: FRI) is evaluating its past-producing Red Rose tungsten mine for gold: Bonanza grades of 49.0 - 63.8 g/tonne (1.43-1.86 oz/ton) were reported, with samples representing 49 m (160 ft) strike length along Adit No. 1 averaging 19.2 g/tonne over 0.7 m (0.56 oz/ton over 2.1 ft). The Red Rose property consists of 15 crown grants 100% owned by Freeport, accessible by an unimproved road leading to the provincial highway. The Red Rose was one of the most important mines of the prolific Rocher Deboule mining camp in the Omineca Mining District, BC. It produced over a million kilograms of tungsten with copper, gold and silver by-products from 1942 to 1954. Ore was transported to a mill in the valley below the mine's extensive workings by an aerial tram. The workings included 12 levels and sub levels, multiple raises, 4 access adits and an inclined shaft following the vein from the 600 level down to the lowest level (1100). Importantly, the lower levels were only partially mined (800-1100), with some 57,700 tonnes of ore estimated remaining, including 13,600 tonnes at approximately 1.9% WO(3) (BC Government Minfile 093M 067). Although these historical reserves have not been verified by Freeport and are not NI 43-101 compatible, they are of some interest to ongoing exploration efforts. Low tungsten demand in 1954 after WWII prompted closure of Red Rose. Scheelite is the main tungsten ore, occurring in a pegmatitic vein composed mostly of quartz and feldspar. Molybdenite, chalcopyrite and gold are found locally. The vein fills the Red Rose shear. It was mined over 60 to 120 metres, from the surface down to the 800 level (335 metres). Freeport's two hole drilling program in 1987 intersected the extension of the vein at the 1450 level, proving its continuity well below the known workings. Freeport has recently completed detailed review of historical literature and a compilation report is underway. Although past work concentrated mainly on tungsten, the Red Rose Shear has known copper-gold and silver-lead-zinc showings. The shear is open both north and south of the mine and remains largely unexplored. Sampling both north and south of the mine is recommended, especially along the shear zone where some of the most interesting gold values have been found. Zdenek Hora, P.Geo., is the Qualified Person who has reviewed this release. For further information, please visit our website at www.freeportresources.com. Freeport Resources, founded in 1981, is a junior mineral exploration company listed on the TSX Venture Exchange. Freeport has landholdings in Labrador and B.C., with a special focus on industrial minerals, precious and base metals, and gemstones. Freeport Resources Inc. Brenda Clark, MAIBC President & CEO THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. %SEDAR: 00006031E

For further information:

For further information: Brenda Clark, President & CEO, 1-888-275-7335
Toll free, (604) 275-7335 Tel, freeportresources@shaw.ca

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