MONTREAL, QUEBEC, CANADA--(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.
For more information, please contact
Freewest Resources Canada Inc.
Mackenzie I. Watson
President and CEO
514-878-3551 or 1-888-878-3551
514-878-4427 (FAX)
info@freewest.com
www.freewest.com
or
Rockport Mining Corporation
Henry A. Miller
Chief Executive Officer
506-529-8206
506-529-8595 (FAX)
