Freeport Resources Inc. - New Developments at Notakwanon, Labrador

TSX Venture Exchange:        FRI 
Shares Issued:        10,839,600 
Fully Diluted:        13,972,100

VANCOUVER, May 2 /CNW/ - FREEPORT RESOURCES INC. is pleased to provide an
update on its Notakwanon property (23 claims, 6 sq km). These claims are near
the major structural boundary which runs through the Voisey's Bay nickel
deposit approximately 25 km to the northwest. In September 2000, Inco Ltd.
staked a 250 sq km claim block around Notakwanon. Inco's first year assessment
report on its adjacent claims has recently been released by the Government of
NL. It notes, "The occurrence of troctolitic breccias with Tasiuyak Gneiss
inclusions and disseminated sulphides is a characteristic of the Voisey's Bay
deposit."
Inco's report also includes data from an audio-magnetotelluric (AMT)
survey extending about 600 metres inside the eastern boundary of Freeport's
claims. The survey was coincident with an extensive granite breccia unit with
associated troctolitic rocks. The primary AMT anomaly, Anomaly "A", extends
across Freeport's property boundary. To view the AMT map, please visit:
http://files.newswire.ca/419/Notakwanon_may105.jpg
Anomaly "A" is described as a more conductive zone within a larger
relatively conductive unit which underlies much of the AMT survey area,
suggesting correspondence to a specific geological unit. The report notes,
"Given that the depth is not well-estimated from the field data, follow-up
with large loop TDEM may be justified." Inco's Year 4 work report submitted to
the Government of NL last November reportedly consists of ground geophysics
(UTEM survey) over the adjacent claims.
In September 2004, Consulting Geologist Dr. Sheila Watters visited the
Notakwanon property to ground check several areas of interest. To summarize,
proximity to the regional suture, the rock types and presence of sulphides are
seen as encouraging, particularly in light of new results from work by Inco.
Dr. Watters is the Qualified Person who has reviewed this news release. To
view the geology map, please visit:
http://files.newswire.ca/419/Notakwanon_may105.jpg
Work is planned for mid-July 2005, to be based on closer review of AMT
and 1995 airborne magnetic/EM survey data. An expanded work program would
include geological mapping and lithogeochemistry to assess significance of the
AMT anomaly in the northeast part of the property, and possibly a large loop
TDEM survey. As noted in Freeport's May 25, 2001, news release, contacts in
the east-central portion of the claims appear relatively steep, with a dynamic
intrusive environment that may indicate proximity to a feeder zone of the
generally flat-lying intrusion.

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


Respectfully submitted,

"Brenda Clark"

Brenda Clark, MAIBC
President


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