MONTREAL, QUEBEC, CANADA - Jan. 28, 2008 - Freewest Resources Canada Inc. (TSX VENTURE:FWR) announces that it has acquired a 100% interest in 29 mining claims located in the Stanhope region of southern Quebec and in the state of Vermont. The claims were acquired through staking.
In connection with the acquisition of the claims, Freewest will issue 200,000 shares to the person who staked the claims at a deemed price of $0.235 per share, representing the closing price of Freewest's shares on the TSX Venture Exchange on January 25, 2008. The issuance of the shares is subject to regulatory approval, including that of the TSX Venture Exchange.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the shares to be issued will be subject to a four-month hold period.
Freewest also announces that, due to current market conditions, Freewest will not proceed with its previously-announced private placement in a maximum amount of $2.1 million, through PowerOne Capital Markets Limited, as agent. Freewest has approximately $7.5 million in working capital and will re-evaluate in the future the advisability of a private placement in light of market conditions.
Freewest Resources Canada Inc. is a Canadian-based mineral exploration corporation exploring for gold and base-metals within Eastern Canada. Corporate information can be accessed on the Internet at www.freewest.com. Freewest's shares are listed on the TSX Venture Exchange under the symbol FWR.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news 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
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