Freeport Defines High Molybdenite Zones in Q's Adit 2

TSX Venture Exchange: FRI

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VANCOUVER, May 8 /CNW/ - FREEPORT RESOURCES INC. announces two molybdenite-enriched zones have been defined in Adit 2 of its Q claims. Previous work focussed on fluorite mineralization, and moly was not pursued to any degree. These newly discovered molybdenite zones are each about 50m (165') long and occur along shear structures, with elevated Mo values from 0.0167% - 0.191% MoS(2). Both molybdenite and fluorite correspond to zones of fracturing and schistosity, identified in structural mapping of the adit as well as high resolution air photographs. The north-east, structurally more complex part of the adit is characterized by faults and local scale folding, and is of most interest. Please see map: http://www.freeportresources.com/i/maps/Q-Adit-2-MoS2.gif and visit our new website, now live, at: http://www.freeportresources.com.

Over six hundred Adit 2 pulp samples representing the entire length of the 369 m (1211') adit were analyzed. They were collected during the drilling and blasting of Adit 2, prepared and then stored at the site since the 1980's. The "rounds" (or central portion of the adit) and the flanking "ribs" are essentially underground bulk samples that reflect the cross-section and length of the adit (approx. 4.2 m x 3.0 m x 369 m). Results from the north-east part of Adit 2 include:

                               MoS(2)%      Mo ppm         m        Feet
                                         ((x)1.6681
                                        equals MoS(2))

Adit 2:
North ribs:                    0.037         223          12         39
South ribs:                    0.035         210           6         20

3+00W drift:
Rounds:                        0.025         152          21         69

East drift:
North ribs:                    0.026         155          36        118
South ribs:                    0.028         169          42        138

Northeast drift
 (end of Adit):
West ribs:                     0.038         227          18         59
East ribs:                     0.026         158           6         20
South ribs:                    0.025         151           9         30

End:
West ribs:                     0.028         166           9         30
Note: calculated averages of 3 metres long segments

2007 field work identified molybdenite in core from a number of drill holes as well as samples from both adits. This is of significance as molybdenite (MoS(2)) had previously been reported only in Adit No.2, approximately 279 metres (915 ft) east of Adit No.1.

Samples collected from Adit 2, driven into the same general area of mineralization, have Mo values considerably higher than DDH results - out of 562 samples, over 15% have between 0.0167% to 0.191% MoS(2) (100 to 1143 ppm Mo). Such a difference leads to the question if larger volume samples from "ribs" and "rounds" collected during the driving of the adit give more representative results than small samples of BQ core drilled 25 years ago with possible issues related to molybdenite loss during drilling and core recovery.

3D Modelling

3D computer modelling of previous drilling and underground workings is underway for a better understanding of the spatial distribution, grade and volume of molybdenite and fluorite mineralization. A drill hole location map and a detailed digital map of Adit 2 based on work by structural geologist Dr. P. Read are underway. The 3D diagrams will eventually be used to study distribution of alteration minerals and mineralization found in drill core as well as in both adits.

Landholdings and Access

Freeport's Q property is located on the north arm of Quesnel Lake near Horsefly in the Cariboo region of BC, easily accessible by barge and well serviced by trails and logging roads. Because of widespread molybdenite in Adit No. 2, Freeport acquired a 2 km zone around the original workings and now holds 48 units (12 sq.km., 4.6 sq.mi.).

Freeport has just staked the Q-Z: a new 29 unit (7.3 sq.km., 2.8 sq.mi.) block of claims over a molybdenum anomaly originally staked by Cominco Ltd. on behalf of Bethlehem Copper Corp. and the Molybdenum Belt Joint Venture. It is about 8 km southeast of the old Eaglet workings. As outlined in a 1981 assessment report, anomalous Mo (molybdenum) in soil samples reaches 116 ppm Mo, in close proximity to a Cretaceous intrusion which coincides with a major fault. The zone identified is "approximately 2000 m x 500 m in size", with "a smaller anomaly ... which may be an extension of the larger central anomaly" (6560' x 550'). Most molydenite deposits in B.C. are related to Cretaceous intrusive activity.

Freeport now seeks involvement of a major company to further develop the Q and Q-Z properties. Z.D. Hora, P.Geo. is the Qualified Person who has reviewed this release. For more information, please see news releases dated 2008.03.11, 2007.08.01 & 01.26, 2005.12.15 & 06.29, and the BCGS article, "Eaglet Property Revisited: Fluorite-Molybdenite Porphyry-like Hydrothermal System" at http://www.em.gov.bc.ca/DL/GSBPubs/GeoFldWk/2007/05-Hora-Eaglet19668.pdf

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 and base metals, and gemstones.

Freeport Resources Inc.

Brenda Clark, MAIBC

President & CEO

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