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Freeport Receives Hutton Bulk Sample Approval; Arranges Private Placement
TSX Venture Exchange: FRI Shares Issued: 13,476,232 VANCOUVER, Aug. 13 /CNW/ - Freeport Resources...
About this update from Freeport Resources Inc.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange: FRI\nShares Issued: 13,476,232\n\n\nVANCOUVER, Aug. 13 /CNW/ - Freeport Resources Inc. is very pleased to\nannounce regulatory approval for bulk sampling at its Hutton Garnet Beaches is\nbasically complete, with the final permit received today. This landmark\ndevelopment is the result of over a year's work. Selection of suitable barges\nis subject to availability and well underway. Collection and processing of the\n5,000 tonne bulk sample will confirm logistics for commercial-scale\nproduction.\n\n\nThe Hutton project consists of several garnet-rich 'bayhead' beaches\ncreated by marine reworking of offshore glacial deposits; heavy minerals are\nwashed ashore to collect between headlands projecting out into the sea.\nFreeport's extraction concept intends to work with natural processes, removing\nsand in areas of accumulation to minimize visual impact. Importantly, annual\ntonnage for full scale production is minor in comparison to the volume of\nonshore and offshore sand at the site, with South Beach about 1.8 km and North\nBeach just over 2.2 km in length. As geologically 'young' deposits, formed\nafter the last ice age, their garnet grains are quite angular, with few\ninclusions. Hutton garnet has performed well in many abrasive waterjet tests\nand is considered of a high quality. Target markets are eastern North America\nas well as Europe.\n\n\nThe company is also evaluating various long-term funding options,\nincluding 'angel investors' interested in development of projects in\nNewfoundland & Labrador, and is encouraging interested parties to contact\nFreeport directly.\n\n\nPrivate Placement\n-----------------\n\n\nThe company is presently arranging a non-brokered private placement, with\nup to 1,000,000 flow-through shares at $0.11, with a non-flow-through warrant\nfor a two-year term, at $0.15 in year one, and $0.25 in year two. The funds\nwill be used towards the Hutton project, as well as several others in NL and\nBC. The private placement is expected to close before August 21, 2009, and is\nsubject to regulatory approvals. The securities issued under this private\nplacement are subject to a four month hold period from the closing date.\n\n\nZdenek Hora, M.Sc. P.Geo., is the qualified person who has reviewed this\nrelease. Freeport Resources, founded in 1981, is a junior mineral explorat...