Freewest Resources Canada Inc.

Published : January 25th, 2010

To apply for final order from Court on January 26

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January 25, 2010
Freewest Resources - Press Release


Freewest Shareholders Approve Arrangement with Cliffs Natural Resources Inc.



- Freewest to apply for final order from Court on January 26

- Arrangement expected to close on January 27


MONTREAL, QUEBEC--(Jan. 25, 2010) - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that its shareholders approved a previously-announced Arrangement with Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) at a special meeting of Freewest shareholders held today in Montreal. Of a total of 159,808,069 Freewest shares voted, 131,247,614 shares (82.13%) were voted in favour of the Arrangement with Cliffs while 28,560,455 shares (17.87%) were voted against.

The Arrangement was also approved by a majority of the votes cast by Freewest shareholders, excluding the votes cast by Mackenzie I. Watson and Ronny Kay, two of Freewest's executive officers and directors, as required by applicable Canadian securities legislation.

The Arrangement with Cliffs provides that Freewest shareholders will receive, for each Freewest share, a fixed amount of CDN$1.00 in Cliffs shares, based on a five-day volume weighted average trading price of Cliffs' shares on the New York Stock Exchange. If, as expected, the effective date of the Arrangement is January 27, the volume weighted average trading price of Cliffs' shares on the New York Stock Exchange for the relevant five-day period, from January 15 to January 22, as converted into Canadian dollars, is $49.70. As a result, Freewest shareholders will receive 0.0201 of a Cliffs share for each Freewest share, or approximately 20 Cliffs shares for every 1,000 Freewest shares.

As previously announced, Freewest will apply to the Ontario Superior Court of Justice (Commercial List) for a final order in respect of the Arrangement tomorrow, January 26. If the final order is granted by the Court, it is expected that the Arrangement will become effective on Wednesday, January 27. Freewest expects that its shares will be delisted from the TSX Venture Exchange shortly thereafter.

"We are very pleased that our shareholders approved the Arrangement with Cliffs with a strong majority," said Mackenzie I. Watson, President and Chief Executive Officer of Freewest. "We look forward to completing the transaction with Cliffs later this week".

About Freewest

Freewest is a mineral exploration company actively exploring for gold, base-metals and chromite within eastern Canada. Corporate information can be accessed on the Internet at http://www.freewest.com . Freewest's shares are listed on Tier 1 of the TSX Venture Exchange under the symbol FWR.

About Cliffs Natural Resources Inc.

Cliffs Natural Resources (NYSE:CLF)(PARIS:CLF) is an international mining and natural resources company. It is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, Cliffs' colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Cliffs is organized through three geographic business units:

The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil.

Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.

Forward-Looking Statements

This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Freewest Resources Canada Inc. ("Freewest"). Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Freewest will derive therefrom. In particular, no assurance can be given as to whether the proposed plan of arrangement with Cliffs Natural Resources Inc. will be completed. Forward-looking information is based on the estimates and opinions of Freewest's management at the time the information is released and Freewest does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.


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.


CONTACT INFORMATION:
Freewest Resources Canada Inc.
Mackenzie I. Watson
President and CEO
(514) 878-3551 or 1-888-878-3551
Fax: (514) 878-4427
info@freewest.com
http://www..freewest.com




   
   
FEATURED LINKS

Freewest Resources Web Site

Freewest Resources IR HUB


   


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Freewest Resources Canada Inc.

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CODE : FWR.V
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Freewest Resources is a gold and copper exploration company based in Canada.

Freewest Resources holds various exploration projects in Canada.

Its main exploration properties are LIZAR, SUNGOLD, LAROSE PROPERTY, GEORGE RIVER, BARRY - URBAN (WINDFALL), DALHOUSIE, CLAW LAKE, GOLDEN RIDGE, VERNEUIL TOWNSHIP, MC FAULD'S LAKE, CLARENCE STREAM, PLASTER ROCK, CROON LAKE and CAN-FER in Canada.

Freewest Resources is listed in Canada. Its market capitalisation is CA$ 191.3 millions as of today (US$ 190.3 millions, € 135.2 millions).

Its stock quote reached its lowest recent point on December 05, 2008 at CA$ 0.12, and its highest recent level on December 18, 2009 at CA$ 0.99.

Freewest Resources has 214 900 000 shares outstanding.

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Annual reports of Freewest Resources Canada Inc.
2007 Annual Report
Financings of Freewest Resources Canada Inc.
6/4/2009Completes $5.16 Million Private Placement
2/26/2009Retains Investor-Relations Firm And Proposes To Extend Expir...
12/31/2008Announces Closing of $2,300,000 Private Placement
3/6/2008Announces Closing of $3 Million Private Placement
1/11/2008 Engages PowerOne Capital Markets for Private Placement of U...
12/7/2007Announces Private Placement for a Maximum of $800,000
10/31/2007 Announces Second Closing of $800,000 Private Placement With...
10/23/2007Announces Closing of $500,000 "Flow-Through" Private Placeme...
7/30/2007Announces Closing of $1 Million "Flow-Through" Private Place...
Option Grants of Freewest Resources Canada Inc.
1/21/2009Grants Stock Options
9/2/2008Grants Stock Options
Project news of Freewest Resources Canada Inc.
10/26/2009(Mc Fauld's Lake)Commence Drilling of Prospective Airborne Geophysical Anomal...
10/15/2009(Mc Fauld's Lake)Continues to Generate Excellent Drill Results at Black Thor
9/17/2009(Mc Fauld's Lake)Reports Additional Excellent Drill Results From its 100%-Own...
8/11/2009(Mc Fauld's Lake)Diamond Drilling Activity on Its 100%-Owned McFaulds Propert...
6/30/2009(Mc Fauld's Lake)Resumes Diamond Drilling on Its 100%-Owned McFaulds
6/2/2009Intersects 34.1% Cr2O3 Over 174 Metres at Black Thor
2/5/2009Intersects 30.0% Cr2O3 Over 124 Metres at Black Thor
1/9/2009(Clarence Stream)Intersect 8.24 g/t Gold Over 5.00 Metres in Deeper Drilling ...
12/15/2008High-Grade Chromite Intersections Continue To Outline
12/10/2008(Mc Fauld's Lake)Updates Exploration Activities on Its 100%-Owned McFaulds Pr...
11/26/2008(Mc Fauld's Lake)INTERSECTS 40.4% OVER 46.3 METRES AT THE BLACK THOR CHROMIT...
11/21/2008Resume Diamond Drilling on Its 100%-Owned McFaulds Property ...
11/7/2008(Mc Fauld's Lake)Updates Exploration Activity on Its 100%-Owned McFaulds Prop...
11/6/2008(Mc Fauld's Lake)Updates Exploration Activity on Its 100%-Owned McFaulds
9/29/2008Intersects 110 Metres of Chromite
9/15/2008 Intersects 100 Metres Of Chromite Mineralization In First H...
9/10/2008(Mc Fauld's Lake)Commences Diamond Drilling on its 100%-Owned McFaulds Proper...
5/14/2008(Mc Fauld's Lake)Noront and Freewest to Jointly Explore Key Airborne Geophysi...
3/19/2008 Near Surface High Grade Gold Intersected On Noront-Freewest...
3/6/2008(Mc Fauld's Lake)Interpretation of Airborne Geophysical Surveys Completed on ...
2/29/2008(Clarence Stream) Intersects 7.98 G/T Gold Over 12 Metres in Deeper Drilling ...
1/10/2008(Clarence Stream)and Rockport Set to Resume Diamond Drilling at Clarence Stre...
12/21/2007(Sungold)Partners With a Major Mining Company to Further Explore its ...
12/18/2007(Golden Ridge)Explore its Golden Ridge Property in New Brunswick and Maine
10/3/2007(Clarence Stream)Drilling Demonstrates Excellent Potential for Deep Gold Zone...
8/13/2007(Clarence Stream) Intersects 6.59 g/t Gold Over 7.00 Metres in Deeper Drillin...
6/5/2007(Lizar)Options Lizar Gold-Based Metal Property in Northwestern Onta...
2/28/2007Intersects 12.45 g/t Gold Over 4.50 Metres and 12.51 g/t Gol...
Corporate news of Freewest Resources Canada Inc.
1/27/2010Cliffs Acquisition of Freewest Completed
1/26/2010Obtains Final Order for Arrangement With Cliffs Natural Reso...
1/25/2010To apply for final order from Court on January 26
1/14/2010Reminds Shareholders to Vote for Plan of Arrangement
10/14/2009Attending The World Money Show In Toronto
10/14/2009Finds New Partner in Eagle Hill
2/12/2009CEO Interview February 12, 2009
1/16/2009 Significant Chromite Intersections Returned From Two Additi...
11/20/2008Attending Hard Assets Investment Conference - San Francisco
9/26/2008More Massive Chromitite
8/20/2008Spider and KWG Intersect 45.6 Metres of Massive Chromite
7/22/2008Drilling Resumes on Nickel Chrome Prospect
7/9/2008Updates Exploration Activities on Its McFaulds Project in On...
6/13/2008and Rockport Announce Increase in Mineral Resources
6/11/2008Spider, KWG and Freewest Intersect 30.73% Chrome
4/30/2008and Rockport Continue to Expand Deep Zone and Intersect 17.2...
4/8/2008Spider, KWG and Freewest Provide Drill Update on Freewest Op...
4/2/2008Attend The Calgary Resource Investment Conference April 12 &...
3/13/2008Mackenzie Watson to Appear on BBN TV's Commodities Report
2/4/2008 KWG, Spider and Freewest Start Winter Exploration Program
1/28/2008Freewest Resources Press Release - January 28, 2008
12/20/2007Acquires New Volcanic-Hosted Massive Sulphide Occurrence at ...
11/1/2007New Uranium Corridor on its Thor Property in Northwestern On...
10/22/2007 Spend $7.5 Million to Gold Properties in New Brunswick
10/9/2007Announces Filing of Quest Uranium Corporation Preliminary Pr...
10/1/2007Prioritizes Exploration Targets on its Mcfaulds Property, On...
7/11/2007Acquires Croon Lake Uranium Property in Northwestern Ontario...
5/23/2007Acquires Dalhousie Mountain Nickel-Copper-Vanadium Property ...
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