Freeport Announces Flow-through Financing

TSX Venture Exchange: FRI 
Shares Issued: 10,449,232 
Fully Diluted: 12,927,732

VANCOUVER, Aug. 10 /CNW/ - FREEPORT RESOURCES INC. is pleased to announce
that the Company has arranged in principle a non-brokered private placement of
800,000 units at a price of $0.13 per unit for gross proceeds of $104,000.
Each unit consists of one common share and one share purchase warrant
exercisable to purchase an additional common share at a price of $0.17 for a
period of two years from completion of the financing, which is expected to
occur late August. Insiders are subscribing to 260,000 shares, or about one
third of the offering. All the units consist of flow-through common shares and
share purchase warrants to acquire additional non-flow-through common shares,
and will entitle the purchasers to certain income tax benefits under
applicable legislation.
The proceeds from the placement that consist of flow-through funds will
be used for exploration at the Hutton garnet titanium beaches in northern
Labrador and several other projects in NL and BC. The common shares in the
units and the shares issuable on exercise of the share purchase warrants will
be subject to a 4 month restricted resale period. The offering is subject to
the execution of definitive agreements and the approval of the TSX Venture
Exchange.

Freeport Resources, founded in 1981, is a junior mineral exploration
company listed on the TSX Venture Exchange. Freeport has landholdings in
Labrador and B.C., with a special focus on industrial minerals, precious
metals, and gemstones.

                                     Respectfully submitted
                                     on behalf of the Board of Directors,

                                     "Brenda Clark"

                                     Brenda Clark, MAIBC
                                     President

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