TSX Venture Exchange: FRI
Shares Issued: 14,226,232
VANCOUVER,
July 25, 2011 /PRNewswire/ - Freeport
Resources Inc. is pleased to provide an update on developments at
its Spanish Mountain claims, which are largely surrounded by a
multi-million ounce gold project held by Spanish Mountain Gold Ltd.
("SMGL") (SPA-TSXV, formerly Skygold). SMGL recently closed a
$20 million financing, and released a
Preliminary Economic Assessment (PEA) in December 2010. Gold mineralization is
proven to extend on Freeport's
claims, which are on strike and less than half a mile from the
proposed open pit. See map at
http://www.freeportresources.com/i/maps/SMG-pit.gif. Spanish
Mountain is road accessible and close to several operating
mines.
SMGL's pit is based on $950/ounce gold. Plans to enlarge it
substantially to reflect higher gold prices were discussed at a
June 24, 2011, CIM presentation in
Vancouver. Step-out drilling is also planned east and west of
the pit to identify extensions of the bulk minable gold-bearing
zone.
According to SMGL, broad zones of argillite and
greywacke favourable for sediment-hosted gold correspond to IP
geophysical targets called 'resistivity lows', seen over the
proposed pit and continuing onto Freeport's claims. See map at
http://www.freeportresources.com/i/maps/resistivity-pit.gif.
Freeport's sampling returned
strongly anomalous gold, with over 400 ppb in soil and up to 0.13
g/t in weathered pyritic argillite and greywacke that appear
identical to the mineralized horizon on SMGL's adjacent
claims. Gold values could be expected to increase below the
weathered surface. The mineralized host rocks identified on
Freeport's property have not been
drill tested at depth. SMGL drilling has extended up to
Freeport's boundary in several
locations.
Zdenek Hora,
M.Sc., P.Geo., is the Qualified Person who has reviewed this
release.
Freeport Resources, founded in 1981, is a
mineral exploration company with a portfolio of promising,
diversified properties, from precious and base metals to industrial
minerals. Please visit our website at www.freeportresources.com,
view our powerpoint presentation at
http://www.freeportresources.com/i/pdf/Hutton2011.pdf, or email
info@freeportresources.com for more information.
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. The company
seeks Safe Harbour.
Freeport Resources Inc.
Brenda Clark, MAIBC
President & CEO
1-888-275-7335 (toll free tel.)
(604)-275-7335 (tel.)
SOURCE Freeport Resources Inc.