Freeport Finds Molybdenite in Q's Adit No. 1



    TSX Venture Exchange:  FRI
    Shares Issued:  13,166,232

    VANCOUVER, Aug. 1 /CNW/ - FREEPORT RE

SOURCES INC. is very pleased to announce that recent field work has verified molybdenite in samples from both adits and in core from various drill holes. This is of significance as molybdenite (MoS(2)) had previously been reported only in Adit No. 2, approximately 279 metres (915 ft) to the east of Adit No.1. Because of a large-scale potassic alteration zone and the presence of molybdenite, the Q is now being evaluated as a possible molybdenum (Mo) porphyry. Preliminary metallurgical testing of Adit No. 2 samples by Dr. Bern Klein of BC Mining Research Ltd. resulted in a successful initial molybdenite concentrate (see Dec.15/05 release). Current work at the Q is focussed on both the genesis and extent of mineralization. The Q claims encompass a large fluorite deposit extensively worked by Eaglet Mines from 1973-85. Lead-zinc, molybdenum and strontium mineralization are also encountered. As the relationship between the different types of mineralization at the Q is not well understood, a mineralogical and petrographic study of samples collected this past month is underway. The study will make use of various laboratory methods to gain a better understanding of the nature of the deposit and the relationships of individual economically interesting minerals. 2007 work is also expected to include 3D computer modelling of previous drilling and underground workings. Analysis of samples from previous exploration programs continues. Chip samples from the full extent of diamond drill hole S11-81, drilled near the mouth of Adit No. 2, have been submitted for assay, and will be analyzed for presence of molybdenite (MoS(2)) as well as fluorspar (CaF(2)). Should results warrant, this hole can easily be re-entered. Previous observation of S11-81 core indicated significant visible molybdenite at 26.5 m (87 ft) depth. To briefly summarize previous results released January 26, 2007, about 25% of some 500 Adit No. 2 pulp samples have anomalous molybdenum, from 100 to 1143 ppm. Because of widespread molybdenite in Adit No. 2, Freeport has acquired a 2 km zone around the original workings and now holds 48 units (12 sq.km., 4.6 sq.mi.) on the north arm of Quesnel Lake. The Q is NE of Horsefly in B.C.'s Cariboo Mining District, easily accessible by barge and well serviced by trails and logging roads. Freeport now seeks involvement of a major company to further develop the property. Zdenek Hora, P.Geo., is the Qualified Person who has reviewed this release. 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 metals, and gemstones. 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: Freeport Resources Inc., Brenda Clark, MAIBC,
President & CEO, 1-888-275-7335 (toll free), (604) 275-7335 (tel.),
freeportresources@shaw.ca


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