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 30 th 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@example.com . Neither the TSX Venture Ex change 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.)
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV