Freeport Closes Financing & Outlines Plans for 2012
08 Feb, 2012, 10:20 ET
TSX Venture Exchange: FRI
Shares Issued: 16,831,232
VANCOUVER, Feb. 8, 2012 /CNW/ - Freeport Resources Inc. (TSXV-FRI) announces closing of its previously disclosed private placement, with a total of $521,000 raised and finders fees of $25,000 paid. Another private placement is anticipated this spring. Please refer to news releases of November 18, and December 28, 2011 for further information. The proceeds will be used to test a bulk loading strategy at the Hutton garnet beaches, a high-grade heavy mineral sands project on tidewater in Labrador, eastern Canada. With a NI43-101 Prefeasibility Study completed (2004), the Hutton is at an advanced stage, with a 5000 tonne bulk sample recently released from Environmental Assessment. Pilot plant work, based on processing 100 tonnes of garnetiferous sand collected already from the site, is commencing.
Work underway in BC includes comprehensive assaying of Adit 2 samples from the Q fluorspar-molybdenum property to outline fluorspar distribution. The Q is a "Developed Prospect" with substantial non-NI43-101 historical fluorspar resources identified in the 1980's. Due to significant reduction in fluorspar exports from China, increasing global demand has spurred a search for new sources - such as the newly re-opened Burin mine in NL, the only operating fluorspar mine in Canada.
Systematic sampling is also planned at Freeport's Spanish Mountain gold property, where anomalous gold was previously identified. These claims are on strike with a proposed open pit gold mine less than half a mile away on the adjacent property. Elevated tungsten prices justify property reassessment of Freeport's Red Rose mine, a past tungsten-gold-copper producer. Interpretation of recent airborne geophysical data is planned with field follow-up. Zdenek Hora, M.Sc., P.Geo., is the Qualified Person who has reviewed this release.
Freeport Resources is celebrating its 30th anniversary as a publicly traded mineral exploration company. On this landmark event, we would like to thank our long-time directors, advisors, consultants and shareholders for their contributions. Freeport explores a diversified portfolio of Canadian properties, from precious and base metals to industrial minerals, at varying stages of development, from grass roots to former producers. For further information, please visit www.freeportresources.com , and review our Hutton and Spanish Mountain presentations at http://www.freeportresources.com/i/pdf/Hutton2011.pdf and http://www.freeportresources.com/i/pdf/spanishmt2011.pdf or email [email protected] .
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.
For further information:
Freeport Resources Inc.
Brenda Clark, MAIBC President & CEO
1-888-275-7335 (toll free)
(604) 275-7335 (tel.)
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