TSX Venture Exchange: FRI
Shares Issued: 16,831,232
VANCOUVER,
Feb. 8, 2012 /PRNewswire/ - 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
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.