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MONTREAL, QUEBEC, CANADA--(Marketwire -
Oct. 19, 2007) - Mackenzie I. Watson, President and CEO of Freewest
Resources Canada Inc. (TSX VENTURE:FWR) (the "Company") today
announces that the Company has signed an agreement with Rockport Mining
Corp. ("Rockport") on their 100%-owned Clarence Stream and
Otter Lake properties (the "Properties"). The Properties are
well-located close to infrastructure, 70 kilometres southwest of the
City of Fredericton in south-western New Brunswick.
Under the agreement terms, Rockport is required to spend $3,000,000 on
exploration and development on the Properties within 12 months of
signing of it, to earn a 30% vested interest in them. Rockport would
expend an additional $4,500,000 on exploration and development within
48 months of signing of the agreement, to earn an additional 20%
interest in the Properties (50% cumulative)
Upon Rockport earning a 50% interest in the Properties, it may elect to
earn an additional 15% by funding the Properties through to a
feasibility study. Rockport also undertakes on a best-effort basis to
assist Freewest in financing its share of capital costs required for
production as outlined in the feasibility study.
The Clarence Stream property comprises 11,296 hectares and
is located 10 kilometres from the former-producing Mount Pleasant
tin-tungsten-molybdenum-indium. Freewest has identified two distinct
deposit clusters containing ten gold deposits. The clusters known as
the proximal and distal deposits contain 43-101 compliant Mineral
Resources. Roscoe Pestle Associates (RPA) calculated an Indicated
Mineral Resource of 648,000 tonnes at an uncut grade of 7.30 g/t gold
(152,000 ounces of gold) as well as an Inferred Mineral Resource of
540,000 tonnes at an uncut grade of 6.58 g/t gold amounting to 115,000
ounces of gold. RPA also estimated antimony Mineral Resources of
126,000 tonnes averaging 2.30% antimony or 6,395,000 pounds of antimony
in the indicated category.
Rockport Mining Corp. is a well funded private, St. Andrews, New Brunswick
based mineral exploration Company.
Rockport will be funding an aggressive first-year, $3,000,000
exploration program at Clarence
Stream under the
operatorship of Freewest. Their objective is to increase the project's
resource base to the million ounce-plus range, at an accelerated rate.
Freewest's recent drill program successfully demonstrated the potential
at depth in the Central Zone locale, featuring intercepts of 47.28 g/t
gold over 2.00 metres, 6.59 g/t gold over 7.00 metres and 6.90 g/t gold
over 2.00 metres (see Freewest news release of October 3, 2007).
Previous drilling at the Central Zone and on all other parts of the Clarence Stream property has been
shallow, generally above the 100-metre level.
Roger Dahn, Rockport's Senior Vice President of Exploration and COO
stated, "Rockport will build upon Freewest management's vision of
creating New Brunswick's
first large-scale gold mining operation. We are excited about the
excellent potential of increasing the resource base and our strategic
partnership with Freewest. The project fits within Rockport's
accelerated growth strategy of effectively adding to the asset base of
the Company. As well, this joint-venture has consolidated our
advanced-stage holdings in the Mount
Pleasant area where Rockport has already established
projects totalling some 2000 mineral claims including the
Pughole-Whopper property where Geodex and Teck-Cominco are currently in
the earn-in stage".
Freewest Resources Canada is a Canadian-based mineral exploration
company focused on acquiring, exploring and developing quality gold,
base-metal and uranium properties. Exploration is focused on these
commodities in classical geological settings with established mineral
endowment within Eastern Canada.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
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