TSX Venture Exchange: FRI
Shares Issued: 14,226,232 |
|
VANCOUVER,
Nov. 18, 2011 /PRNewswire/ - 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:
| 1. |
|
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. |
| 2. |
|
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. |
| 3. |
|
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. |
| 4. |
|
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 field
follow-up. |
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
info@freeportresources.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.
Freeport Resources Inc.
Brenda Clark, MAIBC President &
CEO
1-888-275-7335 (toll free)
(604) 275-7335 (tel.)
SOURCE Freeport Resources Inc.