Freeport Receives Fluorspar Results for Q Project (Eaglet)

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VANCOUVER, March 14, 2012 /CNW/ - Freeport Resources Inc. is pleased to announce encouraging preliminary assays received for its Q fluorspar project in central BC.  Analyses indicate a similar range of CaF₂ values to those used to calculate the historical fluorspar resource (Eaglet Mines, 1984), with about a quarter at 10% CaF₂ or above, with values up to 23%. Of about 500 pulp samples submitted for analysis, representing the full extent of Adit 2 - some 1200 feet in length, results from about half have been received.  The samples were analyzed for fluorine, and converted to CaF₂.  The new results are significant as no fluorspar data was previously available for the Adit, which contains several fluorspar zones included in historical non NI43-101 estimates.  It permits a much better understanding of the 3D spatial distribution of fluorspar and grades in the Adit and the overall deposit, in comparison to original results from vertical diamond drill holes only.

Several hundred of the samples were also analyzed for 55 elements on an exploratory basis.  Results to date confirm presence of minor pyrochlore (Nb) and REE carbonate, previously identified in several mineralogical studies.  Two recent BCGS Geological Fieldwork papers are available online at http://www.freeportresources.com/i/pdf/Library/TheQ/BCGeolFieldwork2009-1.pdf and http://www.freeportresources.com/i/pdf/Library/TheQ/BCGeolFieldwork2007Paper2008-1.pdf, summarizing recent work on mineralogy, origin and mineral distribution.  Full evaluation of the analytical results is underway and will be reported at a later date.

The Q is a potentially large resource of fluorspar near Williams Lake.  In 1984, Eaglet Mines estimated 24 million tonnes of 11.5% fluorite ore, including 1.8 million tonnes of 15% ore, defined by extensive underground workings and drilling.  These non NI43-101 estimates are relevant today to give an idea of the Q deposit's large scale. Eaglet's Preliminary Feasibility (completed by Kilborn Engineering Ltd. in 1985) concluded fluorspar prices below US$167 did not guarantee mine viability, based on a proposed 5000 tpd underground mine.  Fluorspar prices in 2012 have been as high as US$600/tonne, warranting re-evaluation of the deposit and as a possible bulk mineable development model.  Freeport seeks an industry partner to advance the project.

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 in Canada, from precious and base metals to industrial minerals. Please visit our website at www.freeportresources.com, email [email protected], or view our powerpoint presentations at http://www.freeportresources.com/i/pdf/Hutton2011.pdf and http://www.freeportresources.com/i/pdf/spanishmt2011.pdf for more information.

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Freeport Resources Inc.
Brenda Clark, MAIBC
President & CEO
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