Freeport reports on molybdenum potential of the Q claims

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

VANCOUVER, June 29 /CNW/ - Freeport Resources is pleased to provide an
update on its Q claims (16 units) in the Cariboo region of B.C. The Q covers a
large fluorite deposit where over 22,000 metres of diamond drilling took place
twenty years ago, with 126 surface, 9 underground holes and 2 adits completed
by Eaglet Mines. That work identified eight distinct flat-lying lenticular
zones mineralized with fluorite and accessory silver, molybdenum, and lead,
varying in thickness from 3 to 30 metres, with an average of 8 metres. In
1984, Eaglet Mines published mineral reserve estimates of 24,000,000 tonnes of
fluorite, averaging 11.5% CaF(2) with silver, molybdenum and lead by-products.
These historical estimates have not been verified by Freeport.
Freeport Resources is filing an assessment report this month with the BC
Ministry of Energy and Mines summarizing work done since staking the Q. The
report includes assay results from duplicate samples from drill holes
completed in 1983-85, with 426 ICP (31 and 34 elements) as well as fluorine
assays. These results, together with 60 detailed lithological drill hole logs
completed by structural geologist Dr. P.B. Read, provide a strong basis to  
re-evaluate the deposit and the mineralization type. At the Q, large-scale
potassic feldspar alteration is believed to result from intense hydrothermal
activity, suggesting a possible porphyry deposit at depth.
Freeport plans to re-analyze material from Adit No. 2, especially samples
from the raise in a molybdenite zone reported by Eaglet Mines: A September 24,
1984, press release notes a commercial grade molybdenum concentrate was
prepared from Adit No. 2 ore, with calculated recoveries of "one-half pound Mo
per ton" for the Feasibility Study. In this context, it should be mentioned
that molybdenum prices were US$ 3.40 per pound in 1984. Since the present
prices of MoS(2) are almost 9 times higher (US$ 30 per pound), the Q claims
have potential to become an attractive Mo prospect.
Z.D. Hora, M.Sc., P.Geo., is the Qualified Person who has reviewed this
news release.

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,

                            "Brenda Clark"

                            Brenda Clark, MAIBC
                            President


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